Pros and Cons to Keep In Mind
If you need to quickly sell a house, it is essential that you do your homework and educate yourself about the process. Part of this is weighing the pros and cons.
Pros of Selling a House Quickly
Speed is one of the top advantages when you forgo conventional sales processes – and the exceptionally long periods of waiting they entail! With a company that buys houses for cash, you can receive an initial offer (or ‘offer in principle’) within 24 hours. Upon your decision to continue, you move through valuation, report, title search and completion within about 21 days, give or take a day or so. Compare this to the average 4-6 months it takes to complete a sale with a non-cash buyer. Can you afford to wait that long? Do you want to?
You Can Access Cash Quickly
Another top benefit of using a ‘we buy any house’ company is that at the end of this short three-week period or so, the cash buyer deposits funds into your account. This is safe and secure – but you will then have access to the money you need to pay off your mortgage, make a down payment on another property, fund retirement or whatever your unique goal is for the next steps in your life.
Your Home Can Be In As-Is Condition
As much as we love the programme, not everyone has Kirstie and Phil coming to the rescue with a Love It or List It budget to make their home into a showpiece. The reality is that if you want to move, and need to do so quickly, if you are facing repossession or if you have inherited a property that requires extensive maintenance you may not have the funds necessary to completely overhaul the home and get it into its best shape.
This can be a significant detriment on the market as buyers may not want to take on issues like leaky plumbing or faulty roofs. With a buy any house situation, however, you can sell your house as is. The vast majority of homes do generate an offer which can help you get out from under a burdensome ‘money pit.’
You Can Get Offers/Sell In Cool and Cold Markets
Another aspect to consider is the market itself. When it’s hot, it’s hot. And when it’s cold… your house may sit for months without a single offer. If you cannot afford to wait it out then it is worth exploring the idea of a fast cash sale.
Expenses are Minimised
Estate agents, staging, repairs, solicitors, valuation experts, RICS reports – the list of expenses associated with selling a home can be long and extensive. When you sell quickly, you avoid these and work on saving money for your next move.
You Can Avoid Repossession
There are unfortunate situations in which a home just becomes too expensive to operate and maintain. Through job loss, illnesses and other life circumstances, it can be too difficult to pay the mortgage. If you are in danger of repossession, you can opt for a cash sale to relieve that stress, pressure and burden.
Cons of Selling Your Home Quickly
We must always look at both sides of the story, as it were. What are some potential drawbacks of selling fast with a cash home buyer?
There Is Less Competition for Your Home
You will most likely get an offer, and quickly. But you will get an offer – not ten. In a hot market, this may seem a detriment. In a cold market, however, it can be a godsend. It is up to you to weigh this and make the best decision given all of the factors involved.
Offers Are Typically Less Than Market Value
A cash home buyer will typically offer less than market value; reputable, experienced companies with strong financial backing can extend offers of about 80-85%. Again, though, it is important to consider what buyers will actually pay; in many cases, homes listed in a conventional way do not sell for asking. Owners must decide if they want to accept a smaller amount. All things considered, 80% of market value without the expense of repairs, estate agents, solicitors, etc., may be well worth it for you.
As-Is Condition Can Lower Value
It is true that damage and other problems with the house will impact value. This is true on the market as a whole as well. On the other hand, escaping from a problematic home with a laundry list of issues may be worth accepting a lower offer. Again, it is up to you and what is right for your circumstances.
Factor in the advantages and potential disadvantages so you can make the best decision for you, your family and your life.