Getting paid cash for a house in Sarasota is an excellent choice for anyone needing to get rid of their home quickly, and especially if that house isn’t attracting buyers needing a mortgage loan. Mortgage lenders often don’t sign off on loans for homes not up to local building codes or if the seller owes more than the home is worth, so cash offers can be a better route in those and other such cases.
If you are thinking of accepting cash for a house in Sarasota, you might note a few things you won’t need to do, and which can make the sale easier and less stressful overall. These are also good reasons to consider accepting a cash offer in the first place, rather than even trying to sell your home to other buyers! Discuss all this information with a real estate agent or lawyer as needed, so you know you’re making the right decision for your home, and to ensure a smooth transaction whatever your decision.
1. Cash for a House in Sarasota Means No Repairs
Making repairs to a home before putting it on the market often results in finding more buyers and receiving higher offers, as new homeowners don’t want to take the time or money needed to make repairs after they move in. However, if you’re getting cash for a house in Sarasota, your buyer will typically make an offer for the home as-is, knowing that it needs repairs and might not even be up to local building codes.
While needed repairs typically mean a lower offering price, a home seller might be willing to accept a lower bid in exchange for being able to walk away from the home without managing those repairs! Some homeowners simply cannot manage repairs on their own or might not have the funds to pay a contractor or might need to relocate quickly and don’t have the time for those repairs. Whatever your reason for needing to sell a home in disrepair, don’t assume your cash buyer will need those fixes done before closing on your property.
2. Accepting Cash for a House in Sarasota Means No Waiting!
When working with most buyers, a seller will need to go through a lengthy closing process. A buyer’s mortgage lender will need a home inspection, and buyers might schedule additional inspections for problems not covered in a standard inspection, such as mold or pest infestation.
A buyer might also need a lengthy escrow, to pull up various records on the home, consult with their real estate lawyer, and the list goes on. However, when accepting cash for a house in Sarasota, your buyer might close on the home in as little as 10 to 14 days!
Cash buyers might not need to schedule as many inspections as private buyers; they are often skilled at inspecting for signs of damage or for whatever information they need, or they might work with an inspector who can report back to them quickly if not even the same day they meet with you. Cash buyers also don’t need to wait for mortgage approval and other such paperwork! In turn, you won’t need to wait for your cash when you work with a cash versus traditional buyer for your home.
3. No Marketing Worries When Taking Cash for a House in Sarasota
Selling any product means just that; you must make a potential want to buy your product and, in the case of a home, choose your property over another house down the block! Marketing a home in a tough real estate market can be downright exhausting for homeowners, as you need to stage the home, ensure it’s clean and presentable, get pictures taken, and find the right outlet for your marketing materials.
When you take cash for a house in Sarasota, however, you typically don’t need to worry about making it look so pretty or even presentable, and you don’t need to worry about listing it through various outlets and hoping it will compete! This can alleviate quite a bit of stress for home sellers, especially if your home isn’t updated and “pretty,” and can’t necessarily compete with comparable houses in your neighborhood.
4. Cash Selling Means No Real Estate Agent Commissions and Fees
Real estate agents and lawyers provide valuable services to their clients; both can offer expert advice on the many details involved in selling a home, while an agent can find buyers, work with sellers to present the home properly, and negotiate offers. In a traditional market, those services are typically well worth their fees!
However, accepting a cash offer for a home means no real estate agent and, in turn, not having to pay their commissions and fees. While only you can decide if foregoing their services is the right choice, for homeowners who need cash in their pocket quickly, managing a sale on your own for cash can be the more lucrative choice!
5. Cash for a House Means No Worrying That the Offer Will Fall Through
When selling your home on the open market, there is always a worry that an offer will fall through, and for a variety of reasons! A buyer might see their mortgage application get denied because of a sudden change in their credit rating or unexpected employment issues, or they might withdraw their offer because of something found during a home inspection.
Buyers might also add a contingency to their offer that they sell their own home first. While a seller can back out of the contract and shop for other bids if a potential buyer doesn’t sell their home within a certain timeframe, this “escape clause” doesn’t help sellers who desperately need to get rid of their home!
When getting paid cash for a house in Sarasota, there is little to no risk of the contract falling through. A cash buyer will do their due diligence with title searches and home inspections, and don’t need to worry about a mortgage loan or selling other properties first. Not having to worry about losing a deal is one excellent reason to consider a cash offer for your home, along with the many other reasons why cash buyers are sometimes a better choice than selling your home on the real estate market.
