Owning a distressed house is a significant burden that can overwhelm anyone. The financial and emotional stress can take a huge toll. Putting the house on the market is not straightforward, as its condition is enough to discourage many potential buyers.
Are you in this situation? You can get a fast sale by selling to cash home buyers. In this post, Tennessee’s top home buyers look at why you’re better off selling your distressed house for cash.
Reduced Risk of Sale Falling Through
Selling a distressed house using conventional methods of selling properties can be challenging. A buyer making an offer doesn’t guarantee you’ll complete the sale.
The buyer may withdraw from the sale if they fail to secure financing. They may also decide against purchasing if they have misgivings about the property’s condition.
On the other hand, the risk of the sale falling through is minimal with a cash buyer. The best cash buyers already have the money for the purchase and will consider factors such as property condition before making you an offer.
No Real Estate Commission
If you’re selling your distressed house through the traditional methods, you have to pay a commission to the real estate agent at the close of the sale. This could mean giving up 6% of the sale amount.
With a cash offer, you don’t have to work with a real estate agent, which means more money in your pocket.
No Need for Repairs
Most distressed houses require significant renovations and repairs, and these repairs can be costly. Thus, many buyers will likely avoid the property if they feel it will need far too much work. When you sell to a cash buyer, you won’t have to worry about completing any repairs as you can sell as-is.
The buyer is already willing to buy the house in its current state and will take on any repairs. This is a huge advantage if you don’t have the funds to complete all the necessary repairs.
Possible Sell and Rent
You may have plans of relocating out of state or abroad in the coming months but still need the cash from selling your distressed house sooner. You can negotiate a deal with the cash home buyer to remain in the property as a tenant for as long as you need. You get to avoid the hassle of going elsewhere until it’s time to move.
Lower Closing Costs
Selling a distressed house to cash home buyers often leads to a reduction in the closing costs. The buyer doesn’t need to secure financing from traditional lenders.
Therefore, there’s no need to worry about bank appraisals, mortgage application fees, and other real estate agent fees or related costs. There’s a higher chance of pocketing the property’s market value.
Simplified Selling Process
Selling your distressed house is more straightforward than selling through conventional real estate channels. There are fewer contingencies for you to worry about, as the buyer doesn’t need to secure a mortgage first. Additionally, there’s far less paperwork and legal issues to deal with.
You’ll appreciate the simplicity of the selling process more if you are facing financial difficulties or navigating a difficult time in your life.
Avoid Foreclosure
Are you facing financial difficulties and looking for ways to avoid foreclosure? Selling your house for cash is an excellent solution. Selling to a cash home buyer will ensure you can get a payout instead of losing your home. The funds realized might help pay off your debts, giving you a fresh start.
Fast Sale
The traditional way of selling a house can mean waiting months to complete the sale.
Think about how much time it will take to renovate the house, get started on the marketing, complete numerous house showing meetings to find a buyer, and then wait for the prospective buyer to secure a mortgage. If they fail to secure the mortgage, you’ll return to waiting for a buyer.
You’re guaranteed quick closing time when selling to an experienced distressed home buyer. Many experienced cash home buyers can complete the sale in days.
Get Started on Your Distressed House Sale
Do you have a distressed house you’d like to sell? Are you looking for a local cash home buyer you can depend on for an excellent deal on your property? Contact My Tennessee Home Solution. We have extensive experience in buying distressed houses across Tennessee.
We’ll buy the property as is, and it’s hard to beat our cash deal offer!
Eliminate the high cost of selling a house. Call My Tennessee Home Solution today at (615) 933-5431 to schedule a consultation.