How Is a Cash Home Sale Different from a Traditional Home Sale?
One of the reasons most home sellers choose a traditional home sale is that a real estate professional such as a broker or real estate agent helps them through the process. Sure, there is a lot of work on the seller’s part - home repairs, inspections, negotiating with buyers, and closing. However, they can lean on the professional throughout the sale.
Another reason sellers choose a traditional home sale is because they know very little about cash home sales. As a seller, you may not even know that you can sell your house as-is for cash without going through a realtor or listing your house on the market. Below, we look at some differences between a cash home sale and a traditional home sale.
What Is a Traditional Home Sale?
Most sellers go the traditional home sale route simply because that’s what they’ve always done, and everyone around them has always done it. In a traditional home sale, a professional - usually a broker, attorney, or realtor acts as the mediator between you and the buyer. What can you expect in a traditional home sale?
- Schedule an appraisal to determine how much the house is worth.
- Schedule an inspection to see what you need to do to get the house ready for a sale.
- Hire a real estate agent to list the house and do the marketing.
- Stage the house and show it to potential buyers.
- Find a buyer and negotiate the sale price and terms of the sale.
- Close the sale and sign the paperwork.
In a traditional home sale, the average time to find a buyer is 60 to 90 days. Keep in mind that it does not include the time it takes to make repairs and the 30 to 45-day period to close after finding a qualified buyer.
What Is a Cash Home Sale?
If you don’t want to go the traditional route or you can’t find a buyer, a cash home sale is a smart alternative. You sell your house directly to the buyer without hiring a real estate agent or listing the house on the market. A cash sale is a private transaction where you work with the buyer to determine the sale price.
- Contact the buyer directly and tell them about your property.
- Schedule a quick walkthrough of the property (if applicable).
- Get a cash offer from the buyer - usually within a day or two.
- Accept the offer and schedule a close date.
- Sign the paperwork and get paid - either a check or an online transaction.
The average time it takes to sell your house and close in a cash sale is seven to 21 days. Homebuyers can close in as little as a week, depending on the circumstances. However, you rarely have to wait more than a month to sell your house and close.
Why Choose a Cash Sale Over a Traditional Sale?
If you have a home in perfect condition and can find a buyer quickly on the market, a traditional sale may be your best option. However, if you have to make repairs on the house or you are in a financial or legal situation that keeps you from selling the house, there are several reasons why a cash sale is a better choice.
First, you can sell your house as-is for cash. You don’t have to make repairs or home improvements. The buyer agrees to buy the house in its current condition regardless of your situation. Second, you don’t pay for repairs, closing costs, or realtor commissions. You can save thousands of dollars on the sale.
Last, you can sell your house regardless of your situation. You may be going through bankruptcy, foreclosure, divorce, relocation, downsizing, or probate. It doesn’t matter. You can still sell your house to a company that buys houses.
Get a Cash Offer from Local Guy Buys Houses
If you need to sell your house fast, contact Local Guy Buys Houses. Let us look at your property and make an offer. You can sell your house as-is for cash. Call today to get a fast cash offer.