If you’re new to the idea of selling your house for cash, there’s a good chance that you have at least one or two questions. One of the first questions on your mind might be what it means to sell your house for cash. It’s a good question. After all, most buyers need a mortgage in order to pay for a property.
A Different Sort of Buyer
One of the first things that selling your house for cash means is that you’ll likely be selling your house to a different sort of buyer. While some cash buyers are like traditional buyers in the sense that they are purchasing the house with the sole intention of living in it, most are looking to make money off of the property. They may be purchasing your house to flip it or to rent out for a profit.
What It Means for the Sale Price
Because the intention for most cash buyers is to use the house to make a profit, they tend to be careful about what they offer for it. The fact of the matter is that a majority of cash buyers aren’t going to offer you the absolute best price for your house. Still, you can expect the offer to be a fair one. They want to purchase your house, so they’ll take things like its condition, the location of the property, what repairs are needed, and the value of similar properties nearby into consideration when deciding what to offer. For houses that struggle to move on the market or need a lot of work, the chance for a fair price can be valuable, even if it’s not the highest possible offer.
The No-Lender Difference
Selling for cash means that the buyer already has the money to pay for your home. In other words, they aren’t taking out a mortgage and there is no lender involved. That means that the process of selling your home can go a lot faster. Involving a lender means that closing the deal on your house typically takes over a month. Without one, it can take as little as a single week.
Selling your house for cash can be a strange concept to get used to. While there are similarities between selling for cash and selling to someone with a mortgage, there are some distinct differences. The buyer, the sale price, and the speed can all be decidedly different. If those factors are things that work in your favor, selling your house for cash could be one of the best moves you can make.
Want to learn more about the differences between selling your house to Joe Homebuyer of Eastern Pennsylvania for cash and selling it with a local real estate agent? Click here to learn what we do to make a difference for sellers.