What Selling Your House for Cash Really Means

There are two general types of buyers out there: those that require a lender’s assistance to pay for a house, and those who have enough funds of their own to cover the cost. Those in the second category are often referred to as cash buyers. While not especially rare, these buyers aren’t as common, which can cause some confusion about what selling your house for cash really means.

A Different Sort of Buyer

While some cash buyers are people simply looking for a home to live in (much like those who pay with a mortgage), most are a different sort of buyer. These buyers are far more likely to be looking for homes they can use as an investment. Maybe it attracts someone who has made a business out of flipping houses, or it seems like an ideal property to include in a landlord’s real estate portfolio. Either way, there’s a good chance that you’re dealing with a different sort of buyer.

Fewer Contingencies

Buyers who need a mortgage tend to have a number of contingencies that allow them to back out of buying your home under certain circumstances. In comparison, buyers who pay in cash tend to have fewer. There’s no need for a financing contingency since no financing is necessary. A sale contingency may not be necessary either. That said, there aren’t any guarantees that you won’t be dealing with an inspection contingency. Some cash buyers may still want the property to meet certain standards before they are willing to close the deal.

Faster Closing

Did you know that closing the deal on a house can take anywhere from 30-60 days after you’ve accepted the buyer’s offer? At least, that’s how it works if you’re dealing with a traditional buyer with a mortgage. Cash buyers, on the other hand, tend to close more quickly. The lack of financing cuts down on both the number of steps in the closing process and the amount of paperwork. Closing costs also tend to be lower. If you need a speedy sale, this one factor could save you quite a lot of time.

It’s always a good idea to know what you’re getting into when you’re getting ready to sell your home. If you’ve sold one before, you should be familiar with how the overall process works. While much of what happens is the same regardless of whether you sell to a cash buyer or one who is paying with a mortgage, there are some differences, and they’re definitely worth being familiar with. After all, how else can you expect to make the best decision for your circumstances?

MS Sell Now buys houses with cash! Click here to see how selling to us compares with the experience of selling your house with a local real estate agent to decide which option is best for you!

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