Whether you’ve recently gone through a divorce or you simply can’t afford mortgage payments, there are times where you need to sell your home quickly. Because Long Island homes are always in high demand, you’ll receive plenty of offers. Accepting the first offer and moving on can be emotionally (and financially) tempting. But, as a home seller, you should take measures to ensure that you’re receiving a fair price– nothing less. In this blog post, we’ll detail the difficulties of selling your home to a realtor, and why selling your home for cash is the financially safe decision.
1. Tricky Price Terms
In all realtor transactions, the price that the buyer offers is far from the amount you’ll end up with. There are several ways in which the buyer can maximize the value of the deal, without spending an extra dime. More often than not, these price reductions are at your expense as the seller.
Negotiating down payments can be a major indicator that the buyer is not, in fact, serious about buying at all. Buyers that offer low down payments might be loosely committing to the purchase, while maintaining the option to walk. This can become even more complicated if your house is in disrepair and requires repairs to be livable. When buyers demand that the house’s condition be improved without increasing the offer, this directly impacts your bottom line.
Selling your home to a cash buyer alleviates this stress altogether. Instead of worrying about price complications, a professional home buyer will present a price– which won’t change. It may be a lower price, but there are no hidden fees that devalue your bottom line. And, with a knowledge of the surrounding market, they’ll be able to make this offer immediately.
2. Deceptive Conditions
When you sell your home to a realtor, the contract will be anything but simple. More likely than not, the buyer’s attorney will include several confusing clauses that do not work to your advantage. For example, the buyer may stipulate that their earnest money should be returned in certain conditions. Or, if the buyer is relocating from another owned home, then their offer might be contingent on the sale of that home.
Some buyers might mandate that, for the home’s price to remain reasonable, the sale should include furniture. The contract might also require you to take care of property taxes. Realtor-facilitated home sales are murky waters– and are not suitable for quick sales.
Selling your home for cash, on the other hand, is sure to help you progress in the right direction. Unlike home sale contracts, which ask a lot of the seller, quick cash sale offers are straightforward.
3. Sales That Fall Through
As we’ve mentioned, it’s not uncommon for realtor-arranged sales to fall through. And, this can happen for any number of reasons.
In some cases, the buyer may have overestimated their access to loans. Perhaps they were pre-approved for a loan, but recent credit history changed the tide. Or, it’s also possible that the buyer had a change of heart. They may have gotten cold feet on purchasing your home, or found a home that better suits their needs.
Regardless of the reason, going through this process is difficult. But, for homeowners who need to sell quick– whether they own an out of state property, are renting to tenants, or for another reason– this can be quite an obstacle. Selling your home for cash allows you to avoid the potential for the sale to fall through. Professional home buyers deal with real estate transactions on a regular basis. So, they’re fully aware of what the transaction entails, and whether or not it’s in their best interests.
4. Passing a Home Inspection
When channeling your home sale through a realtor, home inspections are a standard part of the process. The goal of this inspection is to ensure that your home is in a livable and safe condition. And, overall, that there are no hidden structural complications that compromise your home’s value.
In theory, most homes without apparent issues should pass the inspection with relative ease. But, there are plenty of potential issues that can create problems for the eventual home inspection. The presence of mold and mildew can create unsafe breathing conditions. Obsolete electrical panels can also present an issue. A roof with old, rotted shingles may also require some repairs.
While home inspections can uncover some much-needed repairs, this is often the last thing the seller needs. Selling your home for cash allows you to bypass this phase. In most cases, professional home buyers intend to renovate your home for the next occupant. So, cash buyers will not spend money on a home inspection, and will not require you to repair these issues.
Sell Your Home for Cash
During a stressed time in your life, the last thing that you need is another source of frustration. Unfortunately, in the real estate market that we are buying and selling in, complications are inevitable. Selling your home for cash to Atlantic Shores Home Buyers will expedite the home sale process. In doing so, you’ll simplify this home sale process– making money without undue charges.
If you’re considering selling your home, then feel free to give us a call! We’ll send one of our home buying agents right over to make an offer. If you’re interested, then we’ll act right away! Contact us to begin the process today.