When it is time for you to move into a new house, there are a lot of things to think about, including the sale of your current one. Although it can be difficult letting go of a place where you have memories, you should not feel stress about finding a buyer for your home. There are many reasons that some people choose to sell their home quick for cash. Let’s talk about some of them.
One reason to consider selling to a cash buyer is because you can save money by avoiding a realtor. Part of the sales contract in normal deals usually involves the seller paying for the commission of the agents on both sides of the deal. Although you may still want an agent to represent you, many of these buyers that go without a loan choose to do so without an agent as well, being one less thing for you to worry about. This could mean more money in your pocket, and depending on the sales price of the home, it could be a significant amount more that you could use toward the purchase of your new house or toward some of the other closing costs involved.
Another benefit to this kind of sale is that it usually happens more quickly than if you were to sell to someone getting a loan. There are a few reasons for this. The first is that you do not need to wait for the buyer to get approved for a loan. Because there is not a lender, there are also usually fewer restrictions as far as the closing is concerned. For this reason, you are less likely to have delays. The lack of a loan also means that the deal is less likely to fall through. Many buyers may have to back out of a deal if it turns out that they cannot get approved for the loan amount they originally thought.
The final benefit is that most people that are not getting a loan for a purchase are people that plan to rehab or simply resell the home without putting any extra work into it. Because of these investors, you generally will not need to do any major repairs to the house in order to sell it. This could be another way for you to save not only time but also money.
There are plenty reasons that you may want to sell to someone who has a loan, but there are also plenty of reasons to sell to a cash buyer instead. If you are on the fence, it may be wise to weigh your options and the benefits of each type of sale before you make a final decision on how to proceed.