In the vast majority of cases, people looking to buy a home will do so after obtaining a mortgage for the property. While this is the most common way for people to buy a house, it is still entirely possible to sell a property for cash, and in some cases it may be the preferred means to do so. Here are five reasons you should consider selling your property for cash:
- You can get your money much more quickly
- One of the biggest reasons to go forward with selling your property for cash is that you can potentially close the sale much more quickly. As a general rule, it is much faster to simply sell the property in exchange for an immediate cash purchase rather than waiting for financing to clear. As a result, you can enjoy the benefits of your sale much more quickly.
- You will not be held up by the bank
- A bank or mortgage lender can also potentially impede the sale through other means. For example, if some part of the financing paperwork is improperly filled out, or there is some sort of error in their system, you may be delayed by days or weeks until everything is sorted out. Simply selling your property for cash averts many of these potential delays by cutting out the bank entirely.
- You do not need to worry about financing falling through
- One surprisingly common issue that sellers need to deal with is the possibility that a buyer’s financing will suddenly disappear. Even if they get pre-approval for financing prior to the sale, their circumstances may suddenly change and cause that pre-approval to become invalid. When you sell your property for cash, you avert this possibility entirely, saving you from a last minute financing crisis.
- You can avoid needing to hire an agent
- For most sellers, the process of finding a buyer involves hiring an agent, then putting out advertising to find a prospective buyer. This includes paying the agent a commission based on the sale price of your property. If you take an offer to sell your property for cash, however, you can avoid this entirely, allowing you to keep more of your money for yourself.
- You do not need as many conditions in your contract
- Many real estate contracts have extensive conditions and contingencies, many of which are mandated by the banks as conditions for a mortgage. If you choose to take a cash offer instead, however, you can avoid many of these potential conditions. This can save you both time and money in the long run.
At Liongate Homebuyers, we assist our clients with a variety of services related to buying and selling real estate, including purchasing homes for cash. We have experience handling real estate financing, especially for developers and house flippers. If you are interested in selling your home for cash, please contact us at 516-548-6553, or visit our contact page.
