When you’re selling your Tampa home to a cash buyer – don’t overlook these details!
Let’s be honest, buying a home is a BIG decision. Above all else, you want to feel happy and secure with your purchase, so there are a lot of things you have to consider.
However, one thing that is often overlooked is what happens when it’s time to sell, especially if you sell for cash. You have to ask yourself – do I want to sell my house within a certain time frame? Would I be selling this house in order to purchase a new house? Should I put my own money towards repairs or upgrades for a house I will no longer live in?
Everyone has a different goal and the first step is deciding what yours is.
Time frames are often very important for sellers.
You want to sell your house fast. Well what’s fast? 3 months? 6 months? 1 year? 30 days? An advantage of selling your house to a cash buyer is to have a quicker close. A typical sale can be closed, meaning signed, sealed and funded anywhere from 2 to 4 weeks. This is simply because cash is king, cash is easier therefore cash is faster. Cash eliminates all possible obstacles that are often faced when cash is not available as a method of payment and instead traditional financing is needed. Banks control traditional financing and so they require certain stipulations, there are rules and several other needs which must be met by BOTH buyer and seller before approval and frankly these types of requirements can delay the process of selling and could cause you to lose buyers along the way.
And that’s another thing to remember…
A buyer is just as important as a seller.
Remember back to when you first purchased a house? If you weren’t interested you’d move on to the next, right? What would be some of those reasons why you wouldn’t buy a house? Bad color schemes? Unsightly countertops? Holes in the ceiling? These things would typically scare off a potential buyer as they are looking for their next home. And, they may not want or know how to remedy them; or have the money to make such changes; or could be worried that if there is one repair needed, then there must be more to follow.
For a cash buyer, these are merely tasks to be done. Nothing scares cash buyers as it’s all a matter of time, money and resources. Cash buyers know what it takes to sell to a broader market, what is appealing or trending and how to sell a house quickly.
Now perhaps it is not your own house, but rather an inherited house.
What about inherited houses?
You already have your own home to maintain and upkeep, and either do not need or want an extra house to maintain and upkeep. Often times inherited houses are older and require more repairs and/or upgrades because they have been owned and lived in for a long period of time. Inherited houses also usually come with plenty of legal work that must be acquired, processed, etc. (PROBATE) and once again cash buyers are familiar with these circumstances and can work out such issues on your behalf.
Unfortunately, it is a common misconception that only a desperate seller would sell their house for cash and at a discount, but none of the reasons described above are of a desperate seller are they? Also, once you deduct appraisal fees, realtors fees, commissions, and seller side closing costs- you are already selling for a discount. Which means the cash price is much closer to the money you would actually be walking away with in a finance scenario (just without the headaches of appraisal, inspection, financing approval).
Just ask yourself, what is my end goal? Do your research, weigh the options and with that you can determine whether or not a cash buyer would best suit your needs.
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