As recently as just one year ago, almost 25% of homebuyers plopped down cash when purchasing homes. But these days, that number has inched down close to the 15% mark.
If you go to sell your house sometime soon, you might not be too concerned about how a buyer chooses to pay for it as long as they figure out a way to do it. But you should know that there are many benefits of accepting a cash offer on a house.
You should learn about these benefits and consider trying to attract as many cash offers as you can when you’re in the process of selling your home. You’ll appreciate these benefits once you get the chance to enjoy them for yourself.
Check out seven benefits of accepting a cash offer on a house below.
1. Allows You to Sell Your Home Quicker
Are you in a hurry to sell a home?
Maybe you’re facing foreclosure at the moment. Maybe you’re getting ready to relocate for a new job. Or maybe you inherited a home you don’t want.
Whatever the case, one of the biggest benefits of accepting a cash offer on a house is that it’ll speed up the sale of your home. Oftentimes, you’ll be able to sell your home within just a few days when you sell it for cash.
2. Reduces the Chances of Your Home Sale Falling Through
When you’re selling a home, there is nothing more frustrating than accepting an offer from a buyer and preparing to part ways with your house…only to have the deal fall apart at the last minute. But this can happen whenever a buyer needs to secure a mortgage to pay for a home.
By selling your house for cash, you’ll cut down on the chances of it happening to you. You won’t have to worry about a deal crashing and burning at the 11th hour when a buyer is paying cash for your home.
3. Prevents You From Having to Go Through a Home Inspection
Before a buyer takes out a mortgage to pay for your home, they’re going to want to have a home inspection done. During an inspection, a home inspector will check out your house from top to bottom to see if there’s anything wrong with it.
This can be a nerve-racking experience for home sellers. A home inspection could uncover an unexpected problem that can throw a wrench into a home sale.
When you’re dealing with cash home buyers, home inspections aren’t often a part of the process. Cash buyers aren’t all that worried about the condition of your home since they’re often going to do a bunch of work on it anyway.
4. Helps You Avoid Having to Make Expensive Repairs
Prior to putting a home up on the market, many home sellers will spend hundreds and, in some cases, even thousands of dollars fixing their houses up. They’ll take on any number of home improvement projects in the hopes of making their houses look better.
You won’t have to tackle any of these expensive home improvement projects when you sell your house to a cash buyer. As we just mentioned, cash buyers are usually going to come in and do work on the homes they buy themselves.
5. Lets You Steer Clear of the Negotiating Table
Does the thought of negotiating the sale of your home send shivers up and down your spine?
You’re not alone! Most people hate negotiating with a passion, regardless of whether they’re negotiating the price of a home, a car, or something else.
There are some great negotiating tips that you can put to good use if you don’t mind giving negotiating a try. But if you don’t want to worry about negotiating a home sale, you don’t have to do it.
Cash buyers will put their best foot forward when making an offer on a home. There won’t be much room for negotiating even if you want to do it.
6. Cuts Down on Paperwork
If you’ve ever bought or sold a home in the past, you know how much paperwork is involved with doing it. You have to sign your name dozens and dozens of times before you can take ownership of a house or sell it to someone else.
Wouldn’t it be great if you didn’t have to do all this? Well, this is yet another one of the benefits of accepting a cash offer on a house.
There will be some paperwork that you’ll have to look over and sign when you sell a house for cash. But that paperwork will be nothing compared to the paperwork you have to look over when selling a house to someone taking out a mortgage to pay for it.
7. Eliminates a Lot of the Stress Associated With Selling a House
According to a recent report, about 95% of people who sold homes in 2019 said that at least one aspect of selling a home stressed them out. Not knowing whether or not their home would sell was often cited as the most stressful part of all.
Imagine not having to deal with any of the stress associated with selling a house. That would be nice, wouldn’t it?
It can be a reality when you sell your house for cash. It’ll eliminate almost all the stress that would normally come along with selling your home.
Take Advantage of the Benefits of Accepting a Cash Offer on a House
If you’re preparing to sell a home soon, you may want to consider catering to those who are willing to pay you in cash. As you’ve seen, there are so many benefits of accepting a cash offer on a house.
Try putting out feelers and seeing how much cash buyers might be willing to pay you for your home. You may be surprised to see how much cash it could bring in.
Take a look at the articles on our blog for more useful tips on buying and selling homes.