Home owners often don’t realise how risky a process selling property can be.
The issue with the property market, is its fluidity. This can be a great thing for buyers but for sellers, not so much.
The property market being fluid, means that housing prices fluctuate and if you’re a seller who doesn’t catch it at the right time, then you could be in trouble. It doesn’t matter how much you bought your property for ten years ago it’s only going to be worth as much as the current property market deems it to be right now.
This is all relevant to a traditional market-estate agency sale. But have you ever considered alternative methods of sale, and how they could be beneficial?
Today, we’re going to be taking a look at the advantages of selling your house for cash.
There’s No Need for Repairs and Renovation
When figuring out how much a property is worth, one of the first things home owners will do is look at the ways in which they can make their property more valuable. Their first port of call tends to be home repairs and renovation but is it even really worth it?
Selling property traditionally is expensive as we mentioned above. There are estate agent fees to consider, the move itself, and not to mention extortionate legal fees. Place repairs and renovations on top of that, and you’re looking at a whole lot of money and that’s before you even start making improvements on furnishing your new property.
The great thing about selling a property to a cash buyer or cash buying company, is that there then becomes no need for repairs and renovation. The buyer is going to buy it, regardless of condition.
This is a huge plus for those that live in older or more problematic properties as they’d struggle to sell on the traditional market. Without having to put a lot of money into preparations for the sale, instead you get your cash offer.
The Sale is Less Likely to Fall Through
It’s no secret that in a traditional sale, things can go wrong, and it can even result in the sale falling through.
The fact of the matter is, in traditional sales, the buyer is perfectly within their rights to back out up until the contracts are signed, sealed and exchanged. This is usually done right at the end of the process – or at “completion” as it’s often called in the industry and therefore can be hugely problematic for the seller.
Being in a property chain and this happening means that those either side of the sale end up in trouble – and this happening is a lot more common than you’d expect. As we said, buyers are within their rights legally to pull out right up until the last minute.
When it comes to a cash sale, however, this is far less likely. In comparison to a normal sale – which takes six or seven weeks the sale in its entirely can reach completion and close in as little as a week to three weeks.
So long as the company or buyer you’re working with is trustworthy and well reputed, the minute you get that cash, it’s yours and you don’t need to worry. No more sleepless nights thinking about the sale!
Selling a house traditionally can be a long process. Even after you’ve taken a while to find a buyer, the process itself can take as long as eight weeks.
If you’re in a situation where you need to sell quickly such as moving for a job in a time constraint or going through a divorce or even paying off debt then selling for cash puts you at a huge advantage.
The transaction could be agreed upon and you could have the cash in your pocket in as little as seven days. If your circumstances are time sensitive, then it’s a no brainer.
It’s an All Round Easier Process
Last of all, but by no means least, the overall process is all round easier.
It’s as simple as contacting a company or individual, having a valuation, signing the contracts and completing the transaction. It really is that easy.
So instead of it being several months of stress, you can have it over and done with in a time frame as small as a week or two. So long as the company or individual are reliable, then you’re far less likely to find the process a strain.