10 Reasons to Sell Your Home for Cash
Are you ready to put your home on the market but aren't sure where to start? Real estate is busy right now. Finding a real estate agent that's not already overwhelmed with buyers isn't an easy task. You have another option—sell your home for cash. There are many advantages to skipping the real estate market and selling your house to an investment firm specializing in buying and selling homes.
Renovations are Costly
Home renovations can be very expensive, time-consuming, and risky. Homeowners often suffer from sticker shock when they learn the final price. Unfortunately, the materials and labor costs for such projects are high.
Additionally, these aren't do-it-yourself jobs. It's not only about quality work. Your homeowner's insurance, local ordinances, and terms of a sale often require professionals. Even something as simple as rebuilding deck stairs can cause a problem with carrier restrictions and permit requirements.
A firm that buys and sells homes isn't looking for you to make renovations. They'll give you a fair offer based on your home's current condition. This advantage can save you money. If you don't have the funds or the time to make repairs and improvements, you can still get cash for your home.
No Closing Costs
Selling a home is expensive. Before you even add in the agent's commission, the average closing cost is $5,749 with taxes and $3,339 without them. Yes, as a seller, these expenses aren't your responsibility. However, a successful sale is contingent on them being paid at the closing. Real estate agents often suggest the home seller pay the closing costs to move the sale along faster.
What do these expenses include?
Lender application fee
Points to reduce interest
Pest inspection fee
Deed recording fee
Property transfer tax
These are only a few of the several dozen potential costs buyers have to pay to close on your home. It doesn't even include the down payment, which varies depending on the loan type. When you sell your home for cash, you don't have to worry about buyers with enough to close.
Skip the Real Estate Agent's Commission
The most obvious benefit to skipping a real estate agent is the lack of commission. Most people are unaware of just how high commissions can be for homes in specific areas. In Virginia, the average total cost of a real estate agent is 6% of the sale. While that might not seem much, it can add up quickly. For example, a 300,000 sales commission is $18,000. When you sell your home for cash fast in Richmond, VA, you won't pay a dime to a broker.
Avoid Invasive Open Houses
Have you ever met someone who loves preparing for and spending their hard-earned weekend's entertaining strangers that might buy their home? I didn't think so. Open houses are invasive. People you don't know are tromping through your house and critiquing everything from your decor to your housekeeping skills.
Why sell your home for cash? Nobody needs that stress! When you go through an investment company, you only have to worry about one person inspecting your home and providing an offer. Additionally, they don't care about a pile of dirty dishes or untrimmed hedges. You can relax a little more when you skip the real estate market and go straight for the cash offer.
Close the Deal Fast
If the stars align, you can get an offer and sell your home in 30 days. However, delays can persist for months, drawing out the process. This situation can be costly and stressful for people going through a foreclosure, divorce, or need to sell for an out-of-state relocation. By choosing to sell your home for cash, you can skip the long wait. Once an offer is accepted, the investment group can finalize the sale when you're ready.
Get a Qualified Buyer Quickly
Finding a buyer isn't hard. However, one that's qualified and ready to close isn't as straightforward. Homebuyers that need a mortgage often have to meet specific criteria to qualify. Some can get pre-qualified, which can shorten the process. But there's still some waiting on the financial institution to approve the particular loan for your home.
We get it. Times have been tough over the past few years. If foreclosure is looming, you need to sell quickly, or you could lose your home to the bank and get nothing. Worse yet, the foreclosure makes it harder to buy another home and gain access to quality rental properties. Selling a house isn't always quick and easy.
From improvements necessary to improve interest in the home to delays with the homebuyers, it could take months to finalize the sale. If you choose to sell your home as-is for cash, you can prevent foreclosure and make it easier to rebuild your finances.
An appraisal is expensive. If you're trying to prevent foreclosure or sell fast, the appraisal process can slow everything down. Additionally, homebuyers have no other choice than to seek an appraisal as part of their loan application process.
You'll need to wait for the company they choose to complete the appraisal, and if it's low, the lender might decide against the loan, leaving you to start all over again with another buyer. Sure, the potential buyer can commission another appraiser. However, that's costly, and there's no guarantee that it will work.
Some people need the cash. If you're relocating for your job, you don't have time to make updates on the home, wait on appraisals, or stick around for open houses. You have a timeframe that must be met. Choosing to sell your home for cash instead of going through a real estate company can help you achieve what you need—fast cash with no hassle. You're not dealing with a mortgage company or two lenders (yours and the new owner's). The buyer offers a full payment at the time of closing. You don't get less risky than a cash buyer. You know what you're getting and when you're getting it.
Take the check to your financial institution and pay off your remaining balance. You can complete everything in an hour and be on a plane or driving to your next destination before the day's out.
Dealing with all the above is stressful. Many people will tell you selling their home was an experience they never want to have again. The stress starts with the first realtor appointment who goes around their house pointing out what needs to be done before placing it on the market. It doesn't end until the closing is complete.
Skip the costly renovations, closing fees, open houses, appraisal costs, and stress, and sell your home for cash fast in Richmond, VA. We Buy Houses RVA, LLC is a local investor with years of experience renovating and selling homes in the Capitol city of Virginia and surrounding areas. Contact us today for a no-risk, no-obligation offer and sell your home as-is for cash.