Is Selling My House for Cash the Right Choice?
The National Association of Realtors reports that in November 2022, cash house sales accounted for 26% of all home sales. Basically, a cash sale means skipping the traditional mortgage process by selling directly to a buyer ready to pay the full amount from their funds.
In that regard, if you plan to sell a burdensome property quickly, consider partnering with Columbus Property Solutions – a local family-owned real estate firm and trusted house buyers in Columbus. That said, is selling your home for cash the right approach? Yes.
Compared to traditional real estate transactions, selling your home to a cash buyer in Columbus offers several advantages.
Let’s discuss the upsides of such a move, including situations that could make it a more viable option:
Fast Closing
Following the traditional path is like taking a long-haul flight; you have to be ready for a bumpy ride. In fact, the average timeline between listing and selling a home is around 65 days. For starters, you have to work with a lender as the sale is contingent upon mortgage approval.
This is akin to standing in long lines, worrying about layovers, reading outdated magazines, and eating state food – sound familiar? A cash sale is like a smooth and quick ride to your final destination – a closed deal.
Plus, you don’t have to fret about unexpected turbulence if financing falls through. In other words, it’s a more straightforward process, allowing you to reach your destination faster.
Generally, a cash sale can take as little as a week to finalize. Now, imagine facing foreclosure and having an impending mortgage payment. A cash offer lets you seal the deal quickly and can save your credit score.
No Need for Repairs
Preparing your house for the market requires considerable work – repairs, upgrades, cleaning, listing, staging and whatnot. All these take time and money to complete. And despite all the effort, there’s no telling if buyers will be interested.
Also, if you’ve ever dealt with picky buyers, you know they can be a handful. Some outrightly refuse to sign on the dotted line unless you meet their stringent demands, usually at your expense.
Besides, a homeowner intending to offload their property quickly may not have the funds for upgrades or repairs. What’s more, you may intend to relocate or deal with an emergency, implying time wouldn’t be on your side.
Cash buyers are less fussy and don’t require you to make repairs before they can purchase the property. They offer an easy way out; you don’t have to wait for extensive repairs. Acquiring the house as-as also frees you from the hassle of staging and market prep.
Hence, you can accept such an offer and get on with your life instead of incurring unnecessary costs. Even so, note that such buyers adjust prices to account for dilapidation or significant damages. But as long as they make a fair cash offer, you’re good to go.
Fewer Fees
Taking the traditional route often means dealing with various fees and commissions. For instance, you have to pay title and attorney fees, inspection charges, mortgage origination fees, closing costs, marketing expenses, transfer taxes, lender’s title insurance, and possibly a real estate agent’s commission.
These can add up to 6% of the sale price or more. Case in point, if your home is worth $200,000, you may pay around $12,000 in fees – on top of repairs or upgrades.
In contrast, you incur fewer charges when selling for cash in Columbus, Ohio, or elsewhere. Cash buyers are mostly investors, so they don’t need to pay for agents or lenders. They also tend to cover closing costs and help you avoid most expenses commonly associated with selling a property.
Less Hassle and Risk
Without question, the conventional process, much as it accounts for the lion’s share of home sales, is a royal pain in the behind. Do you want an endless stream of strangers tromping through their home, eyeing your belongings, asking awkward questions, and leaving muddy shoe prints on your pristine carpets?
What if you lose some of your stuff? And do you want to keep pretending to be an outsider whenever your agent walks prospective buyers around your home? But wait, it gets better!
You also have to jump through hoops to meet the qualifications set by lenders, take photos, prepare your home to make it look like nobody lives there, and deal with various contingencies. Get the drift? Well, a cash home sale lets you avoid all the hassle and risks by expediting the process and relieving the stress of selling your home.
Whether you recently inherited a home, have a strict timeline to start your out-of-state job, or want to create a new chapter of your life quickly, a cash home sale is the right choice. And as explained, it beats the traditional process – unless you have the time and resources to wait out the listing cycle.
