In September of 2020, nearly 7 million existing homes were sold in the U.S.
Selling your home is a big decision, but there are a lot of reasons why you might decide to do so.
People typically sell their homes on the market, which can take months and sometimes even years.
What if you don't have the time? Are you wondering “should I sell my house for cash?" Let's take a look at the pros and cons.
Why Sell My House For Cash?
There are a lot of different reasons that you might look for cash buyers in Chicago.
Common reasons that people choose to go this route rather than sell their home on the traditional market are job loss, downsizing, debt, divorce, relocating for a job, or an increasing crime rate in the neighborhood. Another reason people look to get cash for homes in Chicago is when they inherit a house.
The Pros of Selling Your House For Cash
Have you seen signs and websites that say things like “we buy ugly houses in Chicago"? Are you wondering if this is the right path for you? Take a look at the advantages of selling your home this way.
You'll Get an Offer Quick
When you put your house on the market, there's no telling when you'll get an offer. Sure, you might get four offers the same day. You could also, however, wait around for six months or more before you get an offer you see as reasonable.
When you seek a cash buyer, on the other hand, you can get an offer in a matter of days or even sooner. This means you can have the information you need right away to decide whether or not this is the right avenue for you.
Fast Home Sales
Few things are as stressful and drawn out as selling your home to a buyer who is receiving financing from a lending institution. It seems like at any point a million things can go wrong.
On the other hand, the “we buy houses for cash" option means that you don't have to deal with this entire aspect of a house sale. Even in the most ideal situation, selling a house traditionally will drag on for at least a month or two after you've accepted an offer. When you sell your house for cash, the closing can come in days or weeks.
You Don't Have to Make Repairs
Making repairs and improvements before you list your home on the market takes both time and money. It's stressful to have to invest in a home you'll no longer be living in, and it can be disruptive to your life to have your home be a constant construction zone.
When you sell your house to a cash buyer, they are generally buying your home as-is. That means that you are not agreeing as a part of the deal to make any repairs or improvements.
Should I sell my house as-is? It can certainly make sense in certain circumstances. If you don't want to deal with the time, expense, and stress of fixing up a house for the market, selling a home for cash can be a reasonable option.
To be clear, this doesn't mean that you don't have a responsibility to answer questions honestly about the property. While the laws differ in different states regarding disclosure about property issues, you're required in all states to give honest answers when asked direct questions about the state of the property.
No Home Staging, Showings, or Other Annoyances
When people put their house on the traditional market, they typically put in all kinds of money and effort to get it spruced up. This means hiring cleaning services, paying for professional photographers, purchasing home staging services, and having daily life constantly interrupted by showings.
If you sell your house as-is, you don't have to deal with any of that. You can instead sell your house quickly and move on with your life.
Makes It Possible to Sell in Difficult Circumstances
Sometimes, it's difficult if not impossible for people to get financing for certain houses. If the house is structurally flawed, was damaged in a storm or fire, has code violations or illegal conversions, requires major repairs, has title flaws, or has racked up large amounts of fees and past taxes, it can make it incredibly difficult to sell through traditional means.
When you sell to cash buyers, you don't have to worry about what a lender will or won't give out loans for. Your house can be sold as it is, and you don't have to worry about deal after deal falling through.
The Cons of Selling Your House For Cash
There are also some drawbacks to selling to a “we buy houses" company. Let's take a look.
Low Purchase Offers
The offer you receive for your home in cash will be on the lower side. This is because cash buyers are usually purchasing homes as an investment and are factoring in how much they'll have to spend on repairs and improvements.
Things Can Always Still Fall Through
Nothing in this life is completely certain. While there's a lot less room for things to fall through, the deal isn't done until the paperwork been signed, the keys have been exchanged, and the cash is in your pocket.
You Have to Watch Out For Scammers
Not all companies are created equal. Make sure to do your research before selling your house for cash. Unfortunately, there are always people willing to take advantage of people when they see the opportunity.
We Buy Houses In Chicago
For some people, it can make sense to go the “sell my house for cash" route.
If this is you, contact us today to get a fair cash offer!