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Many Michigan homeowners are currently considering selling their home for cash to a home buyer. A healthy housing market and the overall economic recovery has created the ideal atmosphere to sell residential properties in 2016. Homeowners are seeking the assistance of real estate agents, third party professionals, and home buying companies to quickly sell their home for cash. But which method is the best for a seller? Who should you contact when selling a home for cash in Michigan?
When homeowners put their house on the market, whether with the aid of realtors or by themselves by declaring a For Sale By Owner (FSBO) status, they want to ensure they’re attracting the best buyers for their property. Potential buyers come in varying shapes and sizes: from individual buyers to investment companies and other businesses. Though the differences are stark between a single buyer and a company interested in your home, both buyers have the ability to offer cash to sellers. There are several advantages and few disadvantages to accepting a cash offer for your home, but having the knowledge to discern between a decent offer and great one will give you the freedom to make the right decision for property.
There are several benefits of accepting to accept selling your home for cash; one of the most desirable advantages to homeowners is the speed of the sale. Typically, most cash home sales are completed within a month from the initial offer due to finance pre-approval. Companies and individual buyers with cash are able to accelerate the closing process to a mere seven days. Closing within a week is practically unheard of when selling on market or to buyers that need finance approval.
When you sell your house for cash, you’re effectively skipping the financing process most buyers must sift through prior to purchase. Communicating with a mortgage lender and acquiring a new loan prolongs the closing process by months. Within that time frame, homeowners are losing thousands on the continual payment of utilities, insurance, and possible mortgages. This time period is extended if the potential buyer is unsuccessful in obtaining a loan from one lender and must seek another. With pre-approved cash buyers, sellers needn’t worry about deals falling through or spending weeks waiting for lender approval.
Homeowners selling their house for cash also receive the added benefit of working with experienced buyers. This experience often shortens a property’s time on market in numerous ways. For one, experienced cash buyers will eliminate the homeowner’s need for a realtor by working with the seller directly. Finding a real estate agent and advertising your property can lead to months on the market before a potential buyer notices your property. When you’re willing to sell your home for cash however, cash buyers are already looking for you and, thus, reduce your home’s time on market. Experienced cash buyers also know the selling process and have a firm grasp on the legality involved. They often provide assistance to first-time home sellers by explaining the process in great detail. This assistance and knowledge can slash weeks off the selling process!
Another major advantage to utilizing the services offered by a cash buyer when selling is the convenience of the sale. The selling process can be especially complex when dealing with realtors. Even if you go the FSBO route, the buyer has the option of using a real estate agent. Although hiring a professional isn’t necessarily a bad idea, it’s one that costs time and money for both parties involved. It’s one of the many reasons why cash buyers avoid dealing with realtors.
If you’re looking to sell your home for cash, you often attract buyers willing to skip the contingencies often associated with selling with a real estate agent. These contingencies include asking for inspections, appraisals, or making major repairs to appease potential buyers. For older properties or fixer-uppers, this can consist of many costly cosmetic updates as well as home system replacements. Realtors, at the request of their clients, often make sellers perform these expensive actions before cementing a sale. However, cash buyers will buy dilapidated properties as is, ensuring a faster, more convenient sale.
Arguably the most beneficial component of selling your home for cash in Michigan is how simple the selling process becomes with the right cash buyer. As stated previously, cash buyers are typically experienced with buying properties needing major repairs. They’re also more experienced with closing quickly compared to the average realtor. This added expertise allows the closing to commence without the major difficulties sellers face with a traditional buyer.
Selling your property with cash buyers mean avoiding unnecessary complications. A lot of buyers experience buyer’s remorse after making pricey purchases. For home buyers, this can mean accusing the previous owner of concealing the poor condition of their home. Sometimes, buyers even fabricate an issue to nullify their home purchase. Remorse can manifest in different ways for buyers. But with cash buyers, homeowners can avoid this convoluted conundrum altogether.
Of course, selling a home for cash can have its pitfalls too. Some homeowners will not receive the full market value for their home. This isn’t the consequence of a company sending low ball offers, but more of a standard as-is price adjustment. Cash buyers often need to make those costly repairs homeowners can’t afford to make before selling. So a reasonable lower price for your property is to be expected.
Another disadvantage some homeowners experience when they attempt to sell their house for cash is a buyer being unable to provide proof of funds. If a buyer is unwilling or unable to show proof of funds, they may not be able to purchase your property in a timely manner. Often times, these buyers want to tie up your home to re-sell to other investors to make a better profit and are willing to keep your home off the market for extended periods of time. It’s better to avoid these cash buyers altogether if possible.
Even with the few disadvantages described, contacting a cash buyer is the best option when selling your home. The lack of major repairs, contingencies, and buyer’s remorse make up for possibly receiving a lower price for your property. Also, you can avoid the buyer’s lack of funds predicament by asking for proof of funds via a bank statement or general letter of approval. Sellers don’t have to be stuck paying for a home they no longer want by selling to a trusted cash buyer. With a speedier and more convenient process for sellers, homeowners are able to concentrate on moving without the anxiety of finding the right buyer.
With all the added advantages to selling with a cash buyer, you may be wondering, “How do I sell my home for cash Michigan?” The answer is simple. Contact a reputable home buying agency. With one quick survey, you can be on the receiving end of a fair cash offer within the week! RCI Homes is a trusted cash buyer with more than a decade experience buying homes while offering free selling advice to homeowners in need. If you’re interested in selling to a cash buyer, let us help make your selling process a fast, convenient, and simple experience today!
Selling a home for cash is definitely an option you should consider. Skip the real estate agent fees and hassles. Find out what you can get for your house. Call RCI Homes at 810-202-8704.