If you ask any homeowner intending to sell their home, they’ll tell you they want to get it over with ASAP (yesterday even!). But unless you’re lucky enough to get a buyer willing to pay in cash, you may have to wait it out.
For a start, you can get a cash offer from a reputable firm like Christopher Ellyn Homes, close in a week, and begin a new chapter of your life. That aside, is a cash offer the best option for you as a seller? Well, it depends on your situation.
Let’s examine a few scenarios whereby taking a cash offer may be worth considering. We’ll also point out a few pros of following this path.
1. You’re in Sticky Tax Situation
The IRS has been breathing down your neck since you neglected to pay your taxes. You try to appeal for clemency, but Uncle Sam doesn’t budge. Oh well.
Suddenly, you have a light-bulb moment, “What if I sell my house and use the profits to pay off my debt.” Bingo!
Ending up in a tax situation is not how you planned things out, but luckily, selling your home for cash can help you overcome the challenge. An all-cash offer enables you to close the deal fast and settle your debt – implying you’ll no longer be in the government’s crosshairs.
2. A Foreclosure is Imminent
Life happens – a spouse loses a job, you lose a loved one, a divorce turns your life upside down, an illness drains your bank account – the list of challenging situations is endless. Before you know it, foreclosure looms over your head, and all you can think of is holding on to your equity.
Cash offers come in handy during such moments. You might try to cling to your home, but if you do, chances are you could lose it all. In such a catch-22 situation, selling your house for cash can help you repay the remaining debt. And with some of the proceeds, you can start life anew, free of debt and stress.
3. You Need to Relocate
Finally, the higher-ups have approved the promotion you’ve been anticipating for ages. Right on! But there’s a catch – your new role will be in another city or state. This implies you have to move, given that you need to start work in a few weeks.
Well, you could keep the house and rent it out, but that’s a hassle in itself – not to mention you’ll have to keep paying the mortgage while you look for reliable tenants. Besides, listing a house, waiting for buyers, hosting an open house, scheduling inspections, and juggling the closing process takes time – a resource you don’t have. Taking a cash offer eliminates such hurdles, allowing you to close quickly, get to your new job, and possibly buy a better home in your new location.
4. Your Home Has Seen Better Days
Okay, you didn’t neglect your home, but it’s been showing its age over time. For instance, the floor tiles could be cracked, the walls chipping, and the roof leaking – which has impacted the foundation and other aspects of the house. Repairs are inevitable but will cost a tidy penny, at least based on your back-of-the-envelope calculations or quotes from contractors.
Considering you don’t have the funds, selling your home for cash can be a feasible option. Plus, deep down, you know the house will be a tough sell given its condition. This implies you’ll have to knock off some of the asking prices and wait weeks before anyone takes it off your hands.
Luckily, a cash offer could come to your rescue. What’s more, you don’t need to repair the home to make it attractive to potential buyers or go through the hassle of selling it.
5. Your Listing Has Expired
While this might be a bitter pill, your home could be on the market for weeks or months without attracting a buyer. The frustration becomes too much to bear, and you’re ready to get it over with.
At this point, listing your home again is not an option. You’re fed up with cleaning, staging, and hosting open houses, the whole nine yards. Truthfully, you’d rather avoid the headache. Besides, listing a home is not cheap, and the competition for buyers is generally stiff.
Why not get a fair cash offer and call it a day? Well, think of it as an exit strategy, letting you move on with your life without worrying about the house.
A cash offer could be a great option if you’re facing some of the above situations. That said, it may not be for everyone – some sellers prefer the traditional route. Hence, weigh all your options before settling on a selling strategy. In so doing, you can get a great deal and reset your life.
All You Need To Know About Cash Offers: Why To Sell A House For Cash?
All You Need To Know About Cash Offers: Why To Sell A House For Cash?