If you are getting ready to put your house on the market, you may be exploring different options for finding a buyer. One option is to sell your house as-is for cash to a local home buyer in Detroit, Michigan. A cash sale is a private transaction between you and the buyer. You don’t hire a real estate agent and do not list your house on the market.
Since you are selling your house as-is, no repairs or upgrades are necessary. A cash home sale can be a great option if you need to sell your house fast and don’t have time for a traditional home sale. However, are there any drawbacks to a cash home sale? Below we look at the pros and cons of selling your house for cash to a company that buys houses.
Sell My House for Cash Pros
There are several advantages to selling your house for cash.
1. No Selling Expenses
It can cost thousands of dollars to sell your house if you need to make major repairs. Other selling expenses include realtor commissions and closing costs. Many of these expenses can eat into your profits, making it difficult to get ahead selling your house. A cash sale eliminates these expenses because you don’t hire a realtor, and you don’t have to repair your house. The buyer also pays closing costs.
2. Sell Your House Fast
After you repair your house, show the property, negotiate with buyers, and close the sale, selling your house can take several months. However, you may not have several months to sell your house. A cash sale allows you to close the sale within seven to 21 days, giving you more flexibility to sell your house fast. It’s an ideal option if selling your house is a time-sensitive issue.
3. Sell Your House for Any Reason
You may be unable to sell your house if you are going through financial or legal hardship. For instance, you may need to sell your house fast to avoid foreclosure but can’t find a buyer. When you sell your house as-is for cash, a house-buying company can purchase your house regardless of your situation. They work with motivated sellers in situations like bankruptcy, foreclosure, probate, or divorce.
Sell My House for Cash Cons
With all the advantages of a cash home sale, there are also some drawbacks.
1. Low Selling Price
One of the disadvantages of selling your house for cash is that you will likely have to drop the price of the house. One of the main reasons for this is that buyers are looking to profit off the property at resale, or they will have to spend money on repairs and home improvements. However, you can work with a house-buying company in Detroit that will not lowball you.
2. Only One Cash Offer
The idea behind a cash sale is that you work with a single pre-qualified buyer who can guarantee the funding for the house. However, you may not have the opportunity to see what people are willing to pay for your house. You may get a higher offer or better-selling terms if you work with multiple potential buyers. Multiple buyers competing for the same house can turn into a more beneficial situation for you.
3. You Could Get Taken Advantage Of
Many cash buyers look for motivated sellers in stressful situations such as foreclosure, bankruptcy, probate or divorce. Cash home buyers know sellers are desperate to unload the property and will take virtually anything for the house. So, it’s easy to get taken advantage of. The best way to keep this from happening is to establish your lowest sale price and negotiate your terms. Also, don’t get desperate or emotional.
Sell My House for Cash in Detroit, Michigan
If you need to sell your house fast, contact M1 Home Buyers. We buy houses as-is in Detroit, Michigan. Our house-buying company will make you a fair cash offer based on your home’s current market value. To learn more about the benefits of a cash home sale, call 248-397-5800 to get a fast cash offer.