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The Six Advantages of a Cash Offer on Your House
Need to sell your house? If you’re like most homeowners, there’s a good chance you’re feeling a little stressed and maybe even a bit overwhelmed about the time and effort required to prepare for the sale.
From cleaning and staging to repairing things, making small renovations, and sitting through dozens of showings, there’s a lot of work involved in selling a home the traditional way. But working with a realtor or selling FSBO aren’t your only options.
If you’re willing to accept a cash offer on your house, you can sell it in a matter of days — with minimal hassle and stress — and walk away with a cash lump sum in hand. Why would you do this? What are the advantages of taking a cash offer on your house? Read on to find out.
You’ll Save a Considerable Amount of Money on Fees
When you sell a house with a realtor, you’ll end up losing thousands of dollars from the sale to agent commission fees and closing fees. In Ohio, average realtor commissions range from 5%‒6%, which can take a sizable chunk out of your total sale price.
For example, if you sell a home for $230,000 (the average sale price in the Cincinnati area), you’ll pay between $11,500 and $13,800 in total commissions to your agent and the buyer’s agent. Closing fees will run you another 1.6% to 3.3% of the total sale price, which equates to $3,680 to $7,590. If you were the homeowner in this example, you’d pay a total of $15,180 to $21,390 just to sell your home.
When you sell to a cash home buyer, you don’t pay any commission fees whatsoever. There aren’t any hidden fees, and closing costs are built into the buyer’s offer, so the offer you see is the amount of cash you’ll get.
The Sale Is Far Less Likely to Flop
When you sell a home with a realtor and finally accept an offer, there’s always a chance the pending deal will fall through at the last minute. And yes, it’s common for real estate deals to run into hiccups that either prolong the closing process or cancel it altogether.
Just a few of the reasons a pending sale might fall through include:
- The buyer’s financing application gets denied.
- A home inspection reveals major issues the buyer isn’t okay with.
- The appraisal was lower than the home’s actual value.
- A contingency agreement falls through because the buyer can’t sell their existing house.
When you sell your home for cash, you don’t have to worry about any of the issues listed above. Cash home buyers have the capital on hand to purchase your house for fair market value in cash. Since your buyer doesn’t need to qualify for a mortgage, and cash sales are typically “as is,” the chance of this type of sale falling through at the last second is super low.
You Can Sell Your Home in a Fraction of the Time
Working with a cash home buyer eliminates many of the most time-consuming steps required during a traditional sale, so most cash home sales close in a couple of weeks max. Some even close in a matter of a few days if the home seller is in a bind and desperately needs to get out from under their mortgage.
Compare that to the average time it takes to sell a house with a realtor in the Cincinnati area — about 75 to 90 days — and it’s easy to see how a cash sale offers a huge advantage here.
There’s No Need for a Home Inspection
When you sell with a realtor, your buyer or their financing company will almost certainly require a professional home inspection. If there’s anything wrong with your house, the inspection will reveal it, and you’ll have to fix it before the sale can move forward. Your buyer may even choose to back out of the deal if the inspection reveals larger problems, which will, of course, make the sale take longer.
When you sell to a cash home buyer, there’s no inspection necessary. Your buyer will perform a quick walkthrough of the property to assess its condition (which factors into its fair market value), but that’s it. Even if there are glaring issues with your home, a cash buyer will still purchase the property.
No Expensive Repairs or Renovations Are Necessary
When you sell your house to a cash home buyer, you’re selling it in as-is condition, which means you don’t have to do anything to fix up the property. You don’t have to perform any repairs, renovations, or even cleaning, and you certainly don’t have to stage it.
Most cash home buyers are willing to purchase all types of houses, regardless of their condition. If your home is outdated or needs expensive repairs, and you’re not crazy about investing time and money into fixing the place, accepting a cash offer is probably your best option.
A Cash Offer Can Help You Avoid Foreclosure
If you’re behind on your mortgage and need to avoid foreclosure, selling your house for cash is probably the best way to do that. Since a cash sale can close in a matter of days, it’s the fastest way to sell a home, catch up on your missed mortgage payments, and move on with your life.
Even better, a cash offer, unlike a short sale, won’t impact your credit score negatively. If you’re really in a bind, many cash home buyers can even work with your lender to negotiate a deal that works for all parties.
Ready to Sell Your Cincinnati Home for Cash?
Curious how much you can get for your Cincinnati-area home? Get in touch with our team at We Buy Houses Cincinnati to get a free, no-obligation cash offer! When you work with us, you can have an offer in hand within 24 hours and cash in your pocket within a matter of days. To get started, call or text us today at 513-878-1677 or request an offer online, and we’ll be in touch right away!
