Fast-track your sale: tips for selling your home for cash
Category General News
While properties come in all shapes and sizes, sellers are often united in one area - an effortless and speedy sale is of the essence. Whether you're relocating, need funds in a jiffy, or simply want a swift transaction, it can come down to choosing between either a bonded offer or a cash offer. Choosing the latter can cut out endless waiting periods and the potential of financing falling through. Sounds exciting? Great, let's dive into cash sales!
What is a cash offer?
This is an all-cash bid for your property, without any restrictions from a mortgage loan or other financing. And no, the buyer won't show up with bags of cash - this is a perfectly legal sale where the buyer has enough bank funds to make an offer. They are often those who have recently sold their homes, looking for a second property, or are investors eyeing up a lucrative flipper home or buy-to-let opportunity. Sometimes buyers will also make a cash offer if they want to stand out in a competitive bid for a highly sought-after property.
What are the benefits of a cash sale?
Should you accept a cash offer for your house? It's a question sellers often ask, especially if they get a cash bid lower than their asking price. Here are some of the pros of selling for cash to consider:
Speedy process: Cash sales are great if you're under time constraints to move or need access to funds. Because the buyer doesn't have to secure their financing, they can close on the deal quicker. You also won't have to deal with restarting the sale process if your buyer's financing falls through.
Guaranteed sale: With cash sales, the risk of the sale falling through due to issues with financing is eliminated. Changes in the market, employment, and unexpected debt can prevent your buyer from qualifying for a loan and putting a halt in their plans.
Fewer complications: The sales process is simpler as you won't have to deal with valuations and home loan approvals that can slow down the process. This will also be less stressful as there are fewer papers to sign and fewer parties to deal with.
Flexibility on the closing date: Because you're not dealing with a buyer who needs to wait for mortgage approval, cash sales often come with the possibility of a flexible closing date, tailored to suit your needs.
Although there are significant benefits to cash sales, you have to take your unique situation into account. It's important to work with a property practitioner who has experience in fielding cash offers and helping you make a great deal.
How to secure a cash sale for your home
You can make it known you're after a cash offer in your property listing and marketing. Beyond this, here are ways to entice these buyers and ensure the sale goes through.
Price it right: In cash sales, buyers are typically looking for a good deal. Consider getting a valuation done by a local area expert to ensure your pricing is competitive yet fair.
Enhance curb appeal: First impressions matter. Make sure your property looks inviting from the outside, especially for any photo or video marketing that would bring in buyer interest. A tidy garden, fresh coat of paint, and clean windows can go a long way in attracting cash buyers.
Depersonalise and declutter: Cash buyers often want to move in or start letting quickly. Help them visualise their life or investment in your home by removing personal items and clutter.
Get a home inspection done: Consider doing this before listing your property to give a cash buyer greater confidence in your property. An inspection can help you address any potential issues upfront and speed up the sale process.
Disclose everything: Be open about any issues with the property. This builds trust with potential buyers and can expedite the sale process.
Market aggressively: Use multiple channels to advertise your property e.g. portals and classifieds, social media adverts, and property brochures. The faster you can reach potential buyers, the quicker you can close the sale.
Hire a professional: An experienced property professional can help you sidestep any scams and also negotiate on your behalf.
Be ready to show at any time: Cash buyers often want to move quickly. Be prepared to show your home at short notice or be available to answer any questions they might have. It's good to have the information they need about your home at your fingertips.
Add cash sale experts to your team
A cash sale isn't just about closing a deal quickly- it's also ensuring you walk away from the closing table with satisfaction, confidence, and the knowledge that you've made the right decision. Trust in the team at Kellaprince Properties to help you attract cash offers, pinpoint good deals, and negotiate on your behalf. To get started, list your property for sale or simply reach out to our practitioners with any questions you have on your mind.
Author: Kellaprince Properties