Life happens. One day you are a happy homeowner settling down with family members, and the following month you need to sell and downgrade and sometimes even move. Sickness can lead to a stoppage of mortgage payments that may lead to foreclosures. Loss of jobs and the death of the breadwinner can also put you in a tight spot financially, and the only way is to sell your house for cash, then start from the bottom up again. The good news is that there is a significant percentage of property buyers who are cash buyers. Going through traditional property sales with countless transactions brings added stress for sellers looking for a quick sale, but selling your house to a cash offer service could solve your financial problems.
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1. Faster Closes
When you have a medical emergency for life-saving treatment with short notice to get money and need to sell your house, opting for cash sales is ideal as they generally close faster. In traditional sales, it takes not less than a month for a deal to complete. Cash offers typically take two weeks to close; a sale to a cash offer service takes shorter with a competitive offer within 24 hours. The faster you get a closing period, the quicker you get money to deal with your emergency.
2. Fewer Fees
When dealing with a foreclosure, all back payment has to be made in a lump sum, and the next payment is made in 30 days without fail. When looking to sell your house, the aim is to save as much money as possible before foreclosure. Buying and selling traditionally come with many fees, and most are necessary for lenders and mortgages. A cash offer service ensures that sellers can escape the cycle since the buyers offer cash and don’t require mortgages. Time is also saved on the documentation period before a confirmation comes through. Sellers also escape real estate fees since they are selling the homes on their own instead of using agents.
3. Fewer Intermediaries
Circumstances change over time, and the only valuable thing you may have left is the equity of your home. Selling your house for equity can help you downgrade to something more suitable and still have enough cash in hand to live a comfortable life. Cash offers use considerably fewer people and take fewer steps for the deal to be complete, as fewer things are taken into consideration. In fact, with the house being sold as-is, the buyers will not be expecting you to make significant improvements for sale, saving money in the process. Fewer intermediaries, especially when selling to a cash service, means fewer fees are paid, leaving enough money from the sale.
4. No Lending Issues
Traditionally a sale can fall through when the buyer is denied a mortgage. With the deal not closed, sellers have to go back to advertising the home, which takes time. If you have time constraints and need to sell your house to free up equity for debt payment, lending issues of buyers being denied buying homes can accumulate even more significant debts. When selling your house for cash, the buyer will seal the deal immediately, and chances of dropping out of the agreement due to financial constraints are eliminated.
5. Less Negotiation
When selling your home for cash, you usually have a solid non-negotiable price in mind. With no room for negotiations to reduce your financial problems caused by consumer debt or a lower income, selling for cash is easier since it’s possible to get an offer that matches your price or is slightly above your asking price.