4 Ways A Fast Cash Buyout May Be Good For Your House And Your Wallet
Posted on: 16 December 2016
If you are trying to sell your home, you might be wondering if selling it to a cash buyer who buys houses fast is a good idea. In many cases this is a great option and can actually save you money, if you plan ahead and know that you are going to be doing a cash buyout from the beginning. Here are some ways that a fast cash buyout can save you money.
1. You Avoid Real Estate Commission
If you know from the beginning that you are going to be doing a cash buyout, you can avoid hiring a real estate agent. Usually if you hire a real estate agent and the buyers have an agent, you will be paying about a 6% commission to the real estate agents. If you don't have agents on either end, you can save a great deal of money. Thus, even though the price of the house is less when the buyer purchases it, when you factor in the amount that you saved in the commission, it is not much of a loss.
2. No Closing Costs
When you purchase a house with a mortgage lender, you have to pay a great deal of extra fees and closing costs. These are the costs that it takes to process the loan. It is quite normal for the seller to offer to pay closing costs for the buyer, which can be thousands of dollars. When you take this out of the amount you need to sell the house for, you will save a good deal of money.
3. You Save Time
Time is money, especially when you are selling a home. The longer your house sits on the market, the more money you lose. This is especially the case if you are trying to buy a new house, are paying rent or mortgage in two places, and are trying to get out of your current mortgage on the house. Some houses can sit on the market for months without selling, but when you use a fast-cash buyer you can sell your house within days, thus saving you time and money.
4. No Improvements To The House
If you know you are using a cash buyer, you can avoid having to make any improvements to the house. Don't worry about repainting, fixing the broken cupboard, or doing anything else. You know you are going to sell it for less, so save your money and let them flip it themselves.
As you can see if you plan ahead, you can make a cash buyout work for you. For more information, contact a company like House Hunters Real Estate Investments.
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