When you’re looking to sell your house, there isn’t really a perfect way to do it — only better ways. Every method, from auctions, traditional sales, and selling a home for cash, come with pros and cons.
Pros in Selling to a Cash Buyer
Expedited and Easy Sales
One of the best things about selling direct to a buyer is the speed in which the sale can take place. At Property Spot, our sister company, you’ll get an offer on your home in 24 hours or less. That means you can sell your house in less than a week if you want! This speed can be a lifesaver to some homeowners who are facing financial difficulty or foreclosure.
Property Spot can do this because they don’t require a home inspection. They simply evaluate your home while talking with you. In some cases, they will swiftly send out a representative to look at your home as well.
Closing is faster than traditional sales too because you get to pick the closing date when you accept Property Spot’s offer. If you’re not looking to move that quickly, our offer is still on the table. If you accept it, you can move out whenever you need to, even if it’s in six months from now.
No Worries About Buyer Financing
Unlike the traditional home sale, there is no waiting on buyer financing. In other words, you don’t have to worry about a buyer securing a mortgage. In a traditional sale, this is a huge concern, as it could kill the sale entirely if the potential buyer can’t secure it! When someone is buying a home in cash, you don’t have to worry about any of that.
Creative Solutions
When it comes to traditional sales, you’re stuck with one option, however, if you sell your home for cash, you open the door to some financial solutions you would not have otherwise had. For example, if you’re underwater on your mortgage, some investors will take over your mortgage altogether.
Not all homebuyers are looking to buy your home outright too. Ask your potential cash for home buyers about seller carry-back, and other flexible financing solutions too!
No Construction or Repairs
When you sell a home for cash to Property Spot, you won’t be liable for any home repairs. We mean that too — if your entire kitchen needs an overhaul, if your basement is leaking, or if your garage is starting to fall apart, you don’t have to fix it to get a fair offer.
Unlike traditional buyers, real estate investors don’t see those as burdens. They see the potential of the home and the land, not the shortcomings. That potential is their investment, not yours. So you can sell your home without spending money on costly repairs and renovations.
Able to Sell in Difficult Circumstances
Many real estate investors will buy homes even if there are difficult circumstances to navigate with the sale.
For example:
Homes with title flaws
Homes with large amounts of past due taxes and fees
Properties with illegal conversions or code violations
All of those would be a hard sell on the traditional market, but don’t matter to many real estate investment companies. Property Spot is interested too, regardless of these issues too!
Cons in Selling to a Cash Buyer
There are a few cons with selling your home for cash as well.
Market Value
When you sell your home for cash, it’s unlikely you’ll get the top market value for it. This is true in both the traditional market and when you’re selling to a real estate investor. Many prospective buyers in the traditional market feel comfortable offering less because it’s easier for the seller to take cash for their home.
When it comes to real estate investing, they are typically only interested in older homes and distressed properties, meaning they won’t be worth as much as their modern counterparts. This will drop the market value, so offers will naturally be lower.
Licensing
Real estate investors do not need a license to buy your home. If you’re buying from an individual, it’s likely that you won’t be able to look up reviews, their past history, or their business, assuming they have one. Because of this, you may not know anything about the person or entity offering to buy your house.
Unfortunately, there are scams out there and people who give other investors a bad reputation. You will have to do thorough research when selling to a cash home buyer to ensure that they are a credible business, one that will not take advantage of your potentially vulnerable situation.
This isn’t always the case. Reputable companies like Property Spot are properly licensed and partnered with reputable companies — like the BC Team — so sellers know exactly who they’re working with. You can learn more about Property Spot by going to their website or giving them a call at 480-400-7792.