Is Selling Your Home for Cash a Good Idea?

The time has come to sell your home and you are wondering whether it is a good idea to make a deal with a company or individual who is willing to pay cash for it. The traditional way to sell a home has always been to enlist a real estate agent, list and then wait for offers so that you can choose the one that appeals most to you. While this process has its pros there are many people who are now choosing cash home sales and you may wondering whether this really works or whether there is a risk that you may get scammed.

When it comes to selling your home there are two things that you want – you want to sell it at a profit (if it is at all possible) and you also want to sell it fast. Cash home sales offer both these advantages. So long as you choose a reputable company you can be sure that you will sell your home fast and they will give you fair market value based on the prevailing property market as well as the current condition of the property. Here are some other benefits of cash home sales:

  • You don’t have to pay an appraisal fees – if you choose to list your home you will need to have it appraised by a professional so that he can come up with a fair market value for it. You will need to pay this person and here is what you need to keep in mind – appraisals are not cast in stone. An appraisal is the opinion of an individual or a company about the value of your property. It is often based on the comparable value of similar properties in your neighbourhood which is then adjusted based on the condition of your property. If you choose to do a cash sale you will not have to go through this step or pay an appraiser – the buyer will give you an offer and if you are happy with it the sale is finalized.
  • Cash home sales are fast because the buyer is offering you cash. Many people looking to buy a new home usually have to find a lender and even if they have the money to finance a mortgage the process may take a long time. If you get a cash offer there are no lenders involved and as soon as you agree on a price and sign the right paperwork the money is transferred to your account.
  • Another reason why cash home sales are faster is that there is no closing period. If you get a buyer who buying through a loan you have to wait for between 30 and 45 days before the sale can be completed. If, however, you sell for cash all that is needed is a home inspection and contingencies. Based on these you will be made an offer and if you are happy the transaction can be completed in as little as 7 days.
  • Selling your home for cash means that you don’t have to worry about what condition it is in. For many, when the time comes to sell their property one of the things they have to plan for is extensive repairs – buyers will not be interested in a property that is dishevelled. A cash buyer is just the opposite; he is willing to take the property off your hands regardless of its condition because he knows that he will pay for all repairs.

Selling your home for cash is not a bad idea but you need to make sure that you have the right home sale company.