While the youngest generation of home buyers have been slow to pick up the slack, there’s still no lack of growth in the housing market. IF you’re trying to sell your Utah home for cash, you’ll find that there are lots of interested buyers who want to have a place to hang their hat in the state. Along with all of the great vistas, Utah is a gateway between the various parts of the country that makes it appealing for lots of potential home buyers.
When you’re looking to sell your home, here are five reasons you should take cash offers.
1. Skip The Fees
One of the most maddening parts of selling a home in Utah is dealing with all of the fees. You’re going to be asked to pay out thousands just to list your home, let alone having a broker and then selling it.
When you sell a house the traditional way, you’re going to be on the hook for so many fees, your head might spin. However, when you skip out on a real estate agent, you get to keep that money in your pocket.
Commission for a real estate agent can take a huge bite out fo how much you’re selling your home for. If you worked hard to improve your house and make it sell for 10% more than you paid, that can feel like a win. When you have a real estate agent taking 6% just for pounding their sign into your lawn, you might feel a little bit ripped off.
Selling to a cash buyer means that you won’t be dealing with a middleman. You won’t have to pay for a real estate agent nor for any of the costs that they introduce.
Agents will bring in closing costs, which can cost thousands. Then there are appraisals, inspections, and holding costs which will dig further into your potential profits.
When you’re waiting for a sale to close, you’re going to have to keep paying the mortgage, for property taxes, and for insurance. On top of that, you might have to keep paying for upkeep, including landscaping fees and other maintenance. This is an unnecessary expenditure you can skip when you make a cash sale.
2. Make It Uncomplicated
When you’re working with a standard buyer, selling your home the standard way, you’re going to have to do a lot of waiting. There will be a lot of back and forth, papers to sign, get notarized, and then time will be spent waiting for a response.
Buyers who can’t buy a home with cash will need financing. That means that you’ll all have to be waiting for a bank to get back to you about whether or not the buyer qualifies. Once a transaction is complete, you’ll have another ten steps go to through before you sell your house.
If the buyer doesn’t qualify for your house, you could have taken your home off the market for no reason. That means your sale will be delayed, you’ll be waiting to move into your new home, and you’ll be going through the process all over again.
It’s hard to tell when you’re going to have a smooth or difficult process with a buyer unless they come to the table with cash. Then you know it’s going to be smooth and simple.
3. As-Is Sales Are Permitted
When selling a house, you have to do a lot of work in advance if you want to tell a bank that it can be moved into immediately.
The bank will send an appraiser by and see how much the house is worth. They’ll include an inspection that will look into every nook and cranny to see what work needs to be done before a sale.
If there’s some ductwork, roof work, or plumbing to be fixed, it could be weeks or months before you can make a sale.
When you sell to a cash buyer, they can agree to take the home as-is. No one will have to be relied on to see whether or not it’s worth them loaning money to a buyer. The buyer will lay their cash on the table with the agreement that whatever they see is whatever they get.
4. No More Waiting for Money
If you’re dealing with bank financing, you could agree to a sale on paper and have handed over the keys all without having a dime in your pocket. Since the sale is being handled by a bank and the transactions are all wrapped up with them, they hold on to the money.
You might be required to give the Utah home over to the buyer before you get paid. You don’t have to worry about ups and down in the market when you make a quick deal with a cash buyer.
Cash buyers won’t leave you in the lurch like this. When a cash buyer makes an offer on a home, they can have everything in writing within hours. Following that, they can close on a home in just five days.
They’ll be kicking their feet up in their new place and you’ll be off on a new adventure in less than a week when you make a cash sale. You’ll also have the money in your pocket right away, which is a big plus.
5. You Can Be Hands Off
When you sell to a cash buyer, you don’t have to handle any of the selling processes. The buyers will be handling all of the details to get the deal settled.
You can skip the stress of staging your home or having to show people around at all hours of the evening. You can get the house sold without any stress or headaches.
When you make a cash sale, you make a stress free sale.
Selling Your Utah Home For Cash is Smart
If you’re considering selling your Utah home for cash, the benefits are clear. Selling a home can be a headache but if you sell to a reasonable cash buyer, you could walk away with more than a broker could promise you.
If you don’t think you can sell your home because taxes would be too high, check out our guide to find out why you’re wrong.