Everyone knows that the house selling and buying process is a complicated one. That’s why many people choose to hire realtors to help them throughout the entire process. When selling your house through the traditional selling process, there are many documents and legalities.
This isn’t your only option, though. Have you ever thought of selling your home for cash? When you sell a house for cash, you can skip many of these hassles. In the guide below, you’ll find several benefits of selling your house to a cash buyer.
Continue reading to learn more!
1. Skip House Repairs and Improvements
When you’re selling your house to a buyer who’s purchasing your home through a lender, you’ll need to focus on certain repairs and home improvement projects. There are certain repairs and improvements that offer a high ROI (return on investment) and can help you sell your home quickly for a better price.
However, these repairs and improvements take time and money. When you sell to a cash buyer, they’ll buy your home as-is. This means you can skip unnecessary repairs.
2. Pass Up on House Showings
Another aspect of selling your house traditionally is having to schedule house showings. You’ll need to set up days and times when you’re available to have potential buyers walk around your house. You may even need to do this several times before you find the right buyer.
When you sell to a cash buyer, you can pass up on house showings completely. All you need to do is set up one meeting with your cash buyer at the property and that’s it!
3. Pay Your Back Taxes
Do you owe back taxes to the IRS? If you’ve ever made partial payments or skipped out on paying your taxes altogether, then you most likely owe back taxes. You can pay your back taxes when selling your house for cash.
As DougHopkins explains, when you sell your house for cash, you can tap into any trapped equity. If you’re able to sell your home for enough cash, then you can use a portion of the money to pay your back taxes and still have money left to buy a new house.
4. Speed the Process Up
When you sell to a buyer using a lender, there is a long process you must go through. It can take 30-60 days for a mortgage to be underwritten. Then, you must also consider inspections, pre-approval for the loan, and loan finalization.
Because of all the steps a buyer must go through when using a lender, the closing process can be lengthy. When you sell to a cash buyer, you speed up the process and reduce stress and the risk of a deal not going through or a buyer backing out last minute.
Selling Your Home For Cash Might Be Your Best Option
If you need to sell your house quickly and don’t have time or money to spend on repairs and improvements, then selling your home for cash might be the best option for you. Always take your time to weigh the pros and cons of all available options before making a final decision.
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