If you’re struggling to make ends meet, selling your property can be a way out. However, selling a house takes too long due to mortgages and paperwork. According to a report by Ica Mortgage Technologies from December of 2021, it takes 54 days on average to close a purchase loan!
You probably don’t have the luxury of time, so what if you could skip the purchase loans? Selling your house for cash allows you to do that, providing you with funds super fast. Keep reading to learn more about that option.
Selling my House for Cash
Selling for cash merely means that the offer doesn’t require securing a mortgage or involve a loan processing period, so it’s less time-consuming than a traditional house sale.
At Aksum Lets, we can offer you a vast network of property investors with cash funds looking to close deals quickly. So, if you have a property in Liverpool or New Castle that you want to sell fast, you know who to call!
You can dial our Liverpool phone number 01514590059 or fill in the online form. Be sure to include all the information and pictures you can, and we’ll give you a budgeted offer.
Why Sell Your Property for Cash
Let’s talk about why selling your property for cash might be your best option.
No Repairs Needed
You can choose to sell your property “as is.” That means you can announce you aren’t going to make repairs to the property before selling it. Instead, our investors will buy the property and conduct the repairs themselves. So, they’ll calculate the cost of repairs needed and deduct that from the offer.
Such a low maintenance sale is undoubtedly a draw when you’re running low on cash as it is and can’t afford pricey repairs. In other words, you don’t have to worry about landscaping, repainting, roof repairs, and more.
In comparison, a traditional buyer may be unable to purchase your property in its current condition because their loan program has strict guidelines that render your property ineligible. In fact, they may be unwilling to buy the place if it isn’t in tiptop shape, demanding that you make repairs or completely turning away from the property.
Guaranteed Deal
The certainty of a sale for cash is undoubtedly a major advantage. When you’re in financial trouble, a solution that might work isn’t enough. Financed deals come with a risk factor.
For instance, the buyer might not get approved for the loan, or the contract price might be higher than the appraisal. Indeed, The American Guild of Appraisers states that there’s an increase in the misalignment of appraised values and contract prices.
Fast Closing
With no lenders or banks involved, you can close for cash in a few weeks or even days! We’re talking ten days to two weeks. Accordingly, selling for cash presents a solution to your financial woes! This is much shorter than the duration of a regular financed sale (where a lender can take about 60 days to clear a mortgage).
Fewer Fees
You may argue that an investor won’t pay you as much as a financed buyer, but don’t forget to factor in all the fees that accompany the latter. For example, there are many concessions, prep work, upkeep, staging, and commissions for listing and buyers’ agents.
Less Stress
Many people find the traditional sale process stress-inducing. That’s expected with its appraisals, staging, showings, post-inspection repairs, contingencies, and more. But, since you’re already struggling with finances, it doesn’t make sense to add more to that stress. Selling for cash allows you to speed through the process and obtain your funds.
Steps of Selling for Cash
Typically, the selling for cash process is as follows:
Requesting an Offer
You request an offer by filling in our online form, meaning that you don’t need to do stagings or showings. And be sure to mention whether you’re open to making repairs or looking to sell “as is”. Also, detail your selling timeline, and give us some information about the property and photos of it.
Evaluating the Property
Our investors will give you an offer based on the information and photos you’ve provided. They might send a representative to conduct a home tour. Last but not least, the home’s condition, price point, location, and more are factors that dictate the offered price.
Reviewing the Contract
You can now review the contract thoroughly. Not only should you look at the price, but you should also review the terms of the agreement.
For instance, does the investor require an inspection, a house appraisal before closing, or something else? Also, when is the closing date, and does it align with your financial commitments? Finally, if you’re satisfied with the contract, you can sign it.
Tip: Before signing the contract, you can ask for proof of funds. This way, you can have peace of mind knowing that the potential buyer has the funds needed for the transaction.
Conducting Inspections
As mentioned, inspections and appraisals may be part of the process (depending on the terms you agree to). If they are, this is when the potential buyer conducts them.
Closing
Now, you can close in and sign the closing documents. Also, the cash buyer might do a title search to ensure there aren’t any claims or judgements against the property. Overall, the entire selling process should take about two weeks, so you can secure the funds you need fast.
Selling a House Fast for Cash – Final Thoughts
Ultimately, we hope you’ve found selling for cash a suitable option to handle your financial challenges. This way, you can skip loan approvals and jump right to the part where you obtain your funds! If that interests you, be sure to call us at 01514590059 or fill in the online form, and we’ll give you an offer.