If you’re considering selling your home shortly, you need to know the pros and cons of selling your home for cash. Unlike a traditional finance offer, selling your home for cash comes with unique advantages and potential pitfalls that might make it a better or worse choice for your needs. Let’s take a look at these pros and cons in detail.
Benefits of Selling for Cash
Selling your home for cash is oftentimes advantageous, especially if you need to sell your home ASAP.
Most cash home buyers don’t have extensive sales periods and will work to close the deal fast. This means a faster home selling process for you, so you can either relocate for a job earlier than you expected or simply get your house taken off your hands (meaning you don’t have to make more mortgage payments).
No Appraisal Requirements
As a side effect of this, many cash home buyers don’t have appraisal requirements. They will frequently offer to simply pick up your property as-is without doing in-depth inspections. This can be great if you need to sell your home to avoid foreclosure or if your house has a few things that need to be renovated or improved.
Thanks to this tendency, selling a home for cash is oftentimes painless and headache-free for homeowners!
Most cash home buyers have very few (if any) contingencies or requirements to close a real estate deal. They’re usually not fussy and will simply make an offer with the requirement that a title company handles and officiates the transaction.
No Financing Fall-Through Risk
The last thing you want during the long, traditional home selling process is the buyer’s financing falling through. For example, a buyer may make you an attractive offer, only for you to find a few days before close that they were not approved for their loan. That can set you back weeks or months.
With a cash buyer, you know that they have the cash on hand to make the deal, so there’s no risk of the sale being delayed for something like this.
Downsides to Selling for Cash
Although selling your home for cash can be attractive, keep these potential pitfalls in mind before making your decision.
Potentially Lower Profits
For one, selling your home for cash could leave you with fewer profits than if you sold traditionally. A real estate agent can market your home and possibly get a better asking price for it. However, many homeowners end up making about the same amount of money either way after closing costs and paying commission fees for realtors.
You Have to Vet Your Buyer
For another, not all-cash buyers are alike. You may need to vet or investigate your buyer before going through the deal. For example, if you want to know that your cash buyer is from the local area and that will treat the property right, you’ll have to refuse some cash offers from other, less worthy investors.
Selling Your Home for Cash: Contact KC Property Guys
Ultimately, selling your home for cash can be easy, fast, and profitable… especially if you know the right cash home buyer. Fortunately, Kansas City homeowners can contact KC Property Guys if they want to sell their homes for cash ASAP. We’re locals, we know the area, and we’ve been heavily invested in Kansas City for many years. Whether your home needs a bit of work or you are relocating for a new job, we can help.
Contact us today for more information about the pros and cons of selling your home for cash or to get an offer on your property today!