The very fastest way to sell your home is to sell it for CASH. Selling to a cash buyer is great because then you don’t have to wait for the buyer to qualify for a loan or any of those hoops. Another benefit is a cash buyer can cover all closing costs, taxes or back payments, or other fees it will take to close the deal.
In most situations a non-cash buyer will need a month or more to close on a sale. Much of that time is taken up with simply waiting for the lender to approve their loan and drawing up paperwork. Also worth noting, lenders require a home inspection, appraisal and oftentimes repairs -all of which are not limitations to cash buyers. Because of these freedoms, a cash buyer can close almost immediately.
The advantage of a fast cash sale goes to homeowners with lots of equity that want or need money fast. For homeowners with little or no equity, a fast cash sale is not the best option, because typically fast cash buyers are real estate investors who want to turn around and sell the house for a profit. Keep in mind the cash buyer is also paying for :
- Closing costs on purchase
- Commissions on resale
- Closing cost on resale
- Monthly costs until home is resold
- Repairs or remodeling
When all is said and done the above expenses usually come out to about 15% or more of the house’s value, which is why most cash buyers can afford to buy a house for only about 65% to 75% of its market value just to make a relatively small profit. So to you, the homeowner, the disadvantage of a fast cash sale is your house is likely to sell for less than it would in a traditional sale.
Call us today and find out about additional options available to you. There are 10 options for homeowners who are behind in payments or facing foreclosure. Or if you just want to sell fast, we can put you in touch with investors who specialize in fast cash sales and regularly buy houses in the Houston, Dallas, Austin, Corpus Christi and San Antonio areas.