Are you considering selling your home to cash buyers? A cash home sale is one of the best ways to sell your home quickly, without dealing with a real estate agent or paying high closing costs. Read on to learn about the top nine benefits of accepting an all-cash offer on your home.
Cash Home Buying Process in Tennessee
Cash sales involve a lot less hassle than selling through a realtor. Typically, home sellers who sell to cash buyers go through a simple process. We buy houses Tennessee owners are selling, and here is the three-step process of selling a house to cash buyers like us:
- Call us or contact us online for an offer. We will review the details of your home and set up a time to view your home.
- We will meet you at your house at your convenience and give you our opinion of your home’s value. We can also give you a quote based on the pictures you send us.
- We will close on your schedule, whether you want to get your cash as soon as possible or are willing to wait.
Selling to an all-cash buyer can significantly speed up the home selling process and help you save money. You can avoid paying for renovations, dealing with home showings, and enjoy a faster closing time.
Types of Cash Home Buyers in Tennessee
There are a few types of people who will pay cash for a home purchase in Tennessee. Some of them are real estate investors who want to hold on to your home and sell it for much more than its current market value years later. These investors carefully research different areas and then choose a hot market to invest in.
There are also house flippers. These people often buy houses that are facing foreclosure or have severe damage. They will get the home for much less than the average purchase price and then pay for the home repairs themselves. Once the house is in good condition, they will sell it again for a higher sale price.
There are also iBuyers. iBuyers are larger companies that buy homes directly from homeowners, skipping the traditional home sale process.
Finally, there are people who are simply looking for a new home and are willing to pay cash for it.
Benefits of Accepting a Cash Offer on Your House
Accepting a cash offer on your home is one of the best ways to sell your single-family home quickly. Whether you can’t afford to pay for renovations or simply want to move right away, it might be best for you for the following reasons.
No Fuss and Move Quickly
One of the top benefits of cash transactions is that you can move on quickly. You can skip many steps of the selling process, such as the home appraisal the lender would typically require when taking out a mortgage, as there is no inspection contingency.
If you need the cash quickly for relocation, whether for a new job or personal reasons, selling to a cash buyer is the best way to avoid the fuss and move on.
The Power of Negotiation Is in Your Hands
The power of negotiation is in your hands when dealing with a cash buyer. You can get your full asking price. In a seller’s market, you will find many cash home buyers eager to purchase your home, leading to a bidding war. That gives you all the power.
You also don’t have to pay as many fees. For example, since you won’t be using a real estate agent, you don’t have to pay the real estate agent commission, which could easily be over 5% and eat into your share of the sale.
You Can Sell Your House as Is
If your home needs repairs or renovations, selling it to a traditional buyer will be tough. The bank will want to ensure the house is livable before approving it for a mortgage, automatically disqualifying homes with severe flood or fire damage. People who want to move into your home want to ensure everything is working correctly.
However, cash buyers are usually willing to buy homes as-is, whether they need minor repairs or serious renovations. That will save you a lot of time, effort, and money.
Smooth House Selling
There are so many complications that can drag out the process when selling through a real estate agent. The buyer might find faults in the home and attempt to offer a lower price than before, or the bank might not go through with the loan approval. Selling to a trusted cash seller is quick and easy, as the cash offer process on a house is simple.
No Additional or Unwanted Costs
You also won’t have to deal with additional costs, such as the home appraisal fee. Even if the buyer pays for their own home appraisal, you’ll usually want to get one first to ensure your home is in perfect condition and there are no hidden issues.
While selling to a cash buyer does involve some fees–- for example, you should still pay for a title search and take out title insurance – the costs are much lower.
No Need to Market Your House
Selling your home can be challenging, especially in a market with a lot of competition. You need to take excellent photos that play up your home’s value. You might also need to invest in landscaping to improve your home’s curb appeal. All that can cost money.
You will also have to list your home on sites like Zillow and write a good sales pitch for your home. That’s just the start!
You will then have to entertain potential buyers looking to move in. You might have to host open houses and entertain interested parties. They might ask a lot of questions, try to get the price to go down, and then not go through with the deal. It’s a big headache, and you can avoid all of that by selling your home to a cash buyer.
You Set Your Price
You get to set your own price when selling to a cash buyer. Of course, it has to be reasonable. If your home has extensive fire or flood damage, you can’t price it too high, as the buyer will be the one who has to pay for the repairs.
However, home buyers paying in cash often want to go through with the deal as soon as possible. If they are planning on flipping it or selling it for a lot more years down the line, they will be happy to pay a fair price for your home.
Far Less Stress
Finally, one of the most important benefits of selling to a cash buyer is avoiding a lot of stress. Of course, selling a home is never stress-free if it is a home you are moving out of. You have to hire a moving company to move your furniture or sell it.
However, the closest thing you can get to a stress-free home selling process is selling to a cash buyer. The process can be over in as little as a week, and you can get the money in your bank account before you know it.
Selling to a cash buyer is not for everyone, as it has both pros and cons. If you are not in a hurry and don’t need to move or get cash quickly, you might want to consider using a real estate agent. However, if any of the above benefits appeal to you, selling to a cash buyer might be the right step. Contact us to get started with the process right away.