Why you should sell your house for cash
Should you look for offers from cash home buyers?
In today's fast-paced real estate market, you not only have to consider when you sell your house, but also how. As a homeowner in Oklahoma City who is looking to sell your house, you have two main options: selling through the traditional market or selling your house for cash. With increasing borrower interest rates and low housing inventory, cash home sales have been on the rise. According to a report by Redfin, a third of all U.S. homes were bought with cash offers in the past year.
But what is a cash offer, and why is it an option worth considering? Whether you're looking to downsize or relocate, or simply want a quick and hassle-free sale, a cash offer can provide you with a range of advantages. Let’s dive into what it means to sell your house for cash, distinguish between a cash offer and a financed offer, and discover how to sell your house for cash in Oklahoma City.
What is selling a house for cash?
Selling your house for cash means that, when the deal is closed, you receive the full purchase price of your house, typically through a secure wire transfer. This is different than closing with a traditional buyer, where they will provide cash to close—a small portion of the profit you will receive minus any closing costs. Afterwards, the lender sends the rest of the money for the home sale. This can take anywhere from a few hours up to a few days.
On the other hand, cash buyers are often investors or individuals that have access to immediate funds or have loan pre-approval, which leads to a faster turnaround time. This swift process can be a game-changer for homeowners, especially if you're in a hurry to sell your house.
Cash offer vs. financed offer
One of the key distinctions between a cash offer and a financed offer lies in the certainty of the transaction. When you sell your house for cash, there's little concern about delays in your sale or buyer financing falling through due to issues like bad credit history. This financial stability on the buyer's end can provide peace of mind for you as a seller and really streamline the selling process.
Why are cash offers better? Accepting a cash offer lets you:
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Avoid appraisals and contingencies: When you sell a house, you may need to offer contingencies and concessions to sweeten the deal and attract a wider pool of buyers, or to convince a potential buyer to make an offer. And with traditional buyers who need to apply for a home loan, a home appraisal is required by the lender to verify the loan amount. If the appraisal comes back at a valuation lower than your offer, your buyer may back out or you may be forced to sell your house at a lower price.
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Reduce selling costs and agent commissions: When you sell your house for cash, you can avoid paying any real estate agent commissions, which usually come out to around 6%. Many cash home buyers also absorb a portion of the closing costs. This means more money in your pocket from the sale of your property.
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Sell your house “as is” for cash: According to a report by the NAR (National Association of Realtors®), almost half of all buyers want a move-in ready home. On the other hand, cash home buyers are more willing to purchase houses "as is." That means you can bypass expensive and time-consuming repairs and updates that are often necessary in traditional sales.
Why you should sell your house for cash
Selling your house for cash is a choice that depends on your unique situation and priorities. If you're looking to avoid the uncertainties of traditional financing, you may want to sell your house for cash. If speed is your priority, especially in situations like financial difficulties or job relocation, a quick cash offer can help you sell your house on your own timeline.
Whether you're dealing with money problems or simply want a quick, hassle-free transaction, a cash offer can smooth out a lot of selling complications. Cash transactions are simple, and they often bypass the complexities and delays that can come with third parties such as lenders, appraisers, underwriters, and attorneys, reducing the paperwork and documentation required. So, whether it's a need for speed or a desire for simplicity, selling your house for cash can be the home-selling solution you're seeking.
Companies that buy houses for cash
When you're selling your home and looking to get a cash offer, it's good to know the different types of investors that buy houses for cash. There are three main types to consider:
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Trade-in or buy-before-you-sell investors: These companies will buy your current home and help you use its equity to buy a new one, without dealing with typical financial hassles. However, you may not have as much flexibility in your new purchase, and if your sale isn’t successful then you may have to deal with paying two mortgages.
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iBuyers: These home buyers use technology to make cash offers and offer free online valuations through an automated valuation model. While they provide accessibility regardless of physical location and a low barrier to entry, they usually charge a service fee of around 5% to 6%.
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Cash home buyers: Cash home buyers can be individuals or companies that buy houses with cash. Some, like We Buy Ugly Houses®, let you sell your house "as is" for cash. Cash home buyers may fund their own home purchases, and they can often expedite the closing process as a result.
When choosing a buyer, it's important to check their legitimacy through online reviews and consulting organizations like the Better Business Bureau (BBB). As you go through the selling process, it's important to pick the type of buyer that matches your personal home sale goals and your property's unique situation.
Sell your house “as is” for cash in Oklahoma City.
When you're prepared to take the next step, We Buy Ugly Houses is ready to make your home-selling process smooth and efficient. We buy houses for cash. We do this through our 3-step process, which works like this:
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Get a free consultation: Start by reaching out to us for a free, in-person consultation with one of our friendly, local property specialists in Oklahoma City. We will come over, on your schedule, to assess your house's features and condition, explain our process, and get all your questions answered.
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Receive a fair cash offer: Following the initial consultation, we can provide you with a no-obligation, all-cash offer, often on the same day. Our offers are based on local market comparable home sales and your property's current condition. With us, you can sell your house "as is," without the burden of making repairs or offering concessions.
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Schedule a fast closing: If you decide to accept our offer, we can start the closing process. With We Buy Ugly Houses, you can close fast, often in as little as 3 weeks. If that’s too fast, don’t worry. We tailor our closing schedule to each homeowner’s individual needs. We also cover all typical closing costs, and we never charge commissions or hidden fees.
Ready to sell your house for cash? Contact us today to arrange a free consultation to get your cash home sale started in Oklahoma City.
