If you’ve been thinking about getting the ball rolling for a home sale in Tulsa, Oklahoma, it’s possible that you dragged your feet particularly because of the work that goes into preparing a home for sale. Right now can feel like an uncertain time to sell, since you don’t know how much work you want to put in but may need to really sell the house hard to get the offer you want.
This climate has become a better one for selling your home for cash than in the past few years, and there are a few reasons why. It’s still not for everyone, but here are some of the advantages of accepting a cash offer on your home.
Sellers Are Clear and Make Negotiation Simpler
Many cash buyers who are trying to purchase real estate in your area will already have an idea of what they are willing to pay for a home like yours. They may approach you with a price rather than making you start the dance of negotiation. When homeowners realize they can leave their home with substantial profit due to the home’s value increasing while they lived there, even after paying off their mortgage, the easy offer to take is the one right there that already has a price and all the process outlined.
As-Is Offers Save You Hassle and Give You a Timeline
Many cash buyers for homes are prepared to do some rehab on the house, and rather than asking you to make the home move-in ready to their specs they would prefer to just make the changes themselves. They are often willing to take possession of the home as soon as you remove your belongings and do the work it needs. They also may have flexibility on when exactly the move-out happens – if they are purchasing the home to rent it out, they may be willing to allow you to live there while you settle arrangements for where you will live next.
Less Steps Where a Deal Can Fall Through
One of the hard parts about selling directly through the typical residential real estate sale process is that so many things can cause a deal to fall through: a buyer backs out after making an offer, or their loan falls through, or the inspection makes them decide to terminate the agreement. Cash buyers are typically doing their due diligence prior to making you an offer, or else the process is simpler due to the lack of loans involved.
Cash Buyers See Long-Term Profits, Not Short-Term Interest Rates
The final good reason to consider a cash buyer is particularly due to the high mortgage interest rates right now. When interest rates were 3% or even lower, there were so many people trying to buy a house that you could often get a bidding war started for a good home. However, when those buyers chilled out due to higher rates, cash buyers still are around, since their capital still is available with or without bad interest rates. They are focused on how they can turn that home into either a flip for a profit or a rental, and both of those things are possible even in a market with high interest rates, making them a good source of potential buyers for you.
