Homes are expensive, and most people don’t have the resources needed to buy a home outright with cash. However, cash home-buying companies only buy with cash, which gives them an advantage. If you have never sold your home for cash before, you may not be aware of all of the benefits that come with this method.
Cash is a liquid asset, which is very beneficial for you. Liquid assets can be used for anything you need, are readily available to you, and don’t have any restrictions placed on how they are used. When you are in the process of moving, the more liquid your assets are, the easier it will be for you to keep everything squared away financially and purchase your next property. In the long run, liquid assets like cash do tend to lose some of their value, due to inflation, so don’t plan on keeping a lump sum of cash for a long time.
When you sell your home for cash, you can be sure that your home sale is going to go through. Financing is the traditional way that most people obtain the money they need to buy a home, but this route can leave you and your property vulnerable to a failed sale throughout the entire process. Financing is preapproved before an offer can be made, but it isn’t finalized until the end of the closing process, and any changes to the buyer’s financial situation could cause them to have issues with their financing. When cash is involved, you don’t have to worry about a lender or financing, or anything like that. Cash home-buying companies obtain the cash they use to buy your home from the sale of other homes, so there is a constant stream of cash that they can use, without having to work with a lender.
Making a cash sale when selling your home allows the process to move much quicker than otherwise. One of the things that tend to tie up the closing process and slow everything down is the time it takes a buyer to shop around and secure financing for their mortgage. While you can set some kind of time frame, you really aren’t in control of this part of the process. On the other hand, if you sell to a cash home-buying company, they already have the cash on hand. They don’t need to sell something to obtain their cash, nor do they need to work with a lender. You can simply sign the papers, take the cash, and walk out the door with a complete sale.
These benefits can make your life a lot easier when you are working to sell your home. Make sure you do your research and consider your situation to figure out if selling to a cash home-buying company is the right move for you.
Interested in learning more? Click here to learn about our home buying process!