Since you’re reading this blog, it’s safe to assume that you’re trying to sell your property. There can be a number of reasonswhy you’re selling it, maybe your house is a bit small for your family or the neighborhood isn’t suitable for you. However, selling a property requires a lot of work, and if you’rea busy person then it’ll create extra pressure on you.
That’s why many homeowners want to sell their property via cash offer. One of the benefits of selling a property via cash-offer is that it reduces paperwork and shortens the process. But there are pros and cons to it that you need to consider.
In this article, I’ll talk about a few pros and cons of selling your property via cash offer.
Pros & Cons of Selling Your Property for Cash
You have set the right price for your house and listed it on a high traffic real estate website. But according to realtor.com, it can take up to 65 days to sell a house. Again, once you’re under contract and if the process goes smoothly, escrow can take 40 to 50 days. But if you’re unlucky then it can go longer than that.
However, if you want to quickly sell your property, traditional ways won’t be an ideal way to go. In this case, you’ll go for a direct online homebuyer, and it’ll shorten the process. If you’re lucky, you can sign an offer within a week.
2. No Need to Worry About Contingencies
When you’re trying to sell your property in a traditional way, it will have to come with contingencies such as home inspection contingency, mortgage contingency, appraisal contingency, etc. As a result, the process will be lengthier, and you may have to cancel the deal.
But with an all-cash deal, you can forget about the contingencies.
1. Less Money
One of the biggest disadvantages of an all-cash deal is that you’ll get less money compared to the traditional way. So, if you’re planning to get the top dollar from your property then an all-cash deal may not be the right way to go.
Investors always want to buy the property at a low price and sell it at a higher price. If the investors don’t do this then they may not be able to stay in business.
But if you consider all the expenses of setting up your place, commission of the real estate agent, etc. then an all-cash deal can be the best option.
If you’re dealing with a reputed real estate company then it’s not a concern. But if the real estate investor isn’t well known then you should do some research because the investor may not have all the cash and if that is the case, you’ll be in big trouble. That’s why before going for an all-cash offer, you should read some online reviews and check their trustworthiness.0