31 Aug 3 Reasons To Sell My House for Cash In Todays Market
Many people wonder, “should I sell my house for cash?” There are many reasons to consider selling a house for cash and we will try to give some scenarios why someone might need to sell for cash. Whether you inherited a property, have too many repairs, or live out of state, selling a house for cash is the solution to many homeowners problems. So let’s jump right into “3 Reasons to Sell My House for Cash in Today’s Market”:
In most cases when you are looking for a cash offer on your house there will be some repairs that need to be done. Whether it be water damage, fire damage, termites, mold or any other repairs they will be a significant expense when considering a cash offer. Many homeowners do not want to invest money into their house because that will hurt their bottom line when selling for cash. A simple water leak repair can cost $5,000 which many owners would not want to put into their house. There could be an outdated kitchen or bathroom that home sellers might consider repairing, however they don’t know whether or not the buyer will like the repairs they made, which will make it an unnecessary expense for the seller. In addition, some homeowners inherit a house from their family and might be in another state, this can also be an unexpected expense if they did not want to own the house. They would be more interested in selling for a fair cash offer rather than put money into a house that they will not live in.
Avoid Fees and Closing Costs
One of the biggest setbacks of selling a house in a traditional transaction are the fees owners have to pay. Homeowners sometimes overlook fees that will eat away at the money they are expecting to receive at closing. One of the biggest fee expense is the realtor, which usually charge up to 7% of the total purchase price in some states. Not only do they take so much money, but realtors generally overprice homes which then sit on the market for months taking away time from seeing your money. Another expense you can expect are the title search, lawyer and closing costs, these typically run about 4% of the total sale price. These fees are usually seen in a typical home sale transaction, however when you sell your house for cash you should generally expect the purchaser to take care of the closing costs and you would not have to utilize a realtor and pay the high fee. In addition, most home sales include a transfer tax that is usually paid by the seller of the house, typically transfer taxes are around 1%-2%, but can go as high as 4% in certain states. To find out what your state charges for a real estate transfer tax you can click here. So in total if you decide to sell the traditional method, you will be paying an average of 15% of the total sales price in fees, however if you decide to sell for cash you can expect a number closer to 5%.
When you decide to sell a house for cash you will be saving time and money. There is no waiting for the buyer to get financing or a mortgage to close on the property, they usually have enough money to close on the house in as little as 7 days. Although you might get a little less money for the house, it will save you the anxiety and stress of waiting on someone to be qualified to get a mortgage and potentially lose the sale if they don’t. It usually takes about 1-2 months for a well qualified individual to get a mortgage on a house. So after you agree on a price and write up contract you will have to wait and see whether or not the buyer can close on the house, this will add significantly more time for closing to happen. When you are in a rush to sell a house, this method will keep you from selling fast. While you are waiting for closing to happen you will have to pay the taxes, maintenance, and utilities which is shedding away at your sales proceeds. With a cash offer, you can expect an offer on your house within 48 hours and we can work on your time frame, whether you need to close in 14 days or 2 months we make the process smooth for you.
Here we went over why it might be beneficial to sell your house for cash. Not only will you be saving money on repairs, you can have your house sold in as little as 7 days, with the money in your bank account! You can contact us here at Homeonomy to find out more about the process or get a fair cash offer on your house. There is no obligation to sell and getting an we do not charge anything to get you an offer on your property. Whether you live out of state, are behind on payments, or just want to sell your house for a quick cash settlement, let Homeonomy be your first stop.