Selling a house for cash eliminates a lot of lengthy, stressful and expensive complexities. A cash sale is hassle-free, quick and beneficial. Compared to the uncertainty of a traditional listing, a cash deal isn’t going to fall through. There are fewer hurdles to get past. There is no mortgage contingency, because the buyer doesn’t need to take out a loan. Eliminating the bank makes a big difference. The bank is reluctant to provide funds if there is sufficient collateral to cover the loan. They require a thorough home inspection, ensuring that the roofing system, electrical system, plumbing system, heating/cooling system, appliances, septic and foundation are sound. The inspector verifies the health and safety of the living environment. Anything from an unpermitted renovation to identification of pest infestation or mold can undermine the results and qualification for funding. In most situations, the bank demands a list of repairs. That’s when the haggling begins. The buyer will either ask the seller to take care of the repairs at their own expense or to lower the sale price to cover them. Either way, the seller is losing a share of the profit they hoped to make. After months of showings and open-houses, it’s possible for the deal to fall apart because the seller and buyer can’t come to an agreement. Once a compromise is reached, there is still a great deal of paperwork to complete. There are also expenses such as the realtor’s commission, appraisal fees and closing costs. A cash sale greatly minimizes the investment of both time and money. When I sold my Jacksonville home, I contacted a smaller cash home buyer. I liked that the company is family-owned and local. They’ve been buying homes in the area for nearly twenty years.
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