If you are looking to sell your house quickly, one of your best options is to consider selling your house for cash. Apart from convenience, some buyers also prefer cash purchases over installment/rent-to-own properties because it would benefit them in the long run — they wouldn’t have to worry about paying for loan interests, which can actually make their purchase more expensive!
However, not all people can afford to buy a house for cash. This is why professional home buying companies like us exist — to serve sellers who want to sell in cash, but have difficulty finding private buyers. Nevertheless, selling houses for cash has become increasingly popular over the last few years. In fact, it has contributed to over 20% of the total U.S. real estate sales since 2009; and by the end of 2020, more than 35% of total sales were made up of all-cash sales!
Benefits of Selling a House for Cash
People have varied reasons for wanting to sell their homes for cash — relocation, medical emergency, death of co-owner, risk of foreclosure and bankruptcy, change in investment plans, safety concerns, and other reasons equating to the need for money.
But don’t get us wrong, selling your home for cash may not always be your best option. You have to think about whether selling your house for cash satisfies both your current situation and your plans for the future. We can help you deliberate whether this really is your best option; but for now, here are the top advantages if you do decide to sell your Georgia house for cash:
No Planning and Timing Needed
If you open your house to buyers who need financing to purchase your home, you’ll have to depend on your buyer’s timeframe. Supposing your buyer has agreed with your price after the 10th negotiation, but an emergency happened on his/her end that now disallows him/her to continue purchasing your house, what happens? You go back to square one and wait again for another potential buyer to develop interest. Remember also that traditional buyers have contingencies that protect them from any liability when the sale doesn’t push through.
On the other hand, if you’ve sold your house as well and agreed to an installment plan, you also run the risk of not getting paid in the middle of your buyer’s payment term if ever he/she develops an issue with the lender. Now, if you consider selling your house for cash, you don’t have to deal with all the uncertainties. All you have to do is set a price for your home, prepare your documents, inform us when you’d need the cash, and we’ll prepare all the necessary paperwork for you!
Fast Home Offers
Whether you sell to a private individual or to a direct home-buying company like us, you will most likely have a faster cash offer than selling to a buyer who needs financing. This is because a buyer’s lender will have to appraise your house and do a background check before coming into terms with the buyer. If you directly sell to an individual cash buyer in Georgia, you can receive counter-offers in an instant.
The risk here, perhaps, is that most of these cash buyers are scrupulous with their price offers. If you can’t agree within their range, they’d most likely back out. You can try looking for an individual cash buyer in Georgia. However, if you are not satisfied with their offer, call us at Spire, and let’s see how much we can offer you for your Georgia home!
No Extra Selling Expenses
When selling or purchasing a house the traditional way (on the market), both you and your buyer will each have to spend before you finally close the deal. On average, you (as the seller) will have to spend around twice more than the expenses of the buyer. The good news is, there are ways where you can cut your seller expenses, such as: doing targetted house repairs, staging the house yourself, not offering concessions, list property under FSBO, and the like.
If you’re open to selling your house for cash with a professional home-buying company like us, you can sell your Georgia house as-is and forego paying for agent commissions, escrow fees, appraisal fees, and other closing-related fees!
Avoid the Consequences of Foreclosure
Did you receive a Foreclosure Notice of Default? Do not panic. There are still ways to keep your home or continue living in your home if you really want to. For example, you can speak with your lender and have your mortgage plan modified, or you can ask the bank to allow you to live in the same property after foreclosure.
While it is true that banks may allow you to remain in your property even when it’s foreclosed, you might want to consider selling the house for cash way before your lender will apply for judicial foreclosure. If you sell your Georgia house for cash, you can pay off your remaining debt with your mortgage lender and maybe even have enough money to support you as you look for another home. Additionally, you won’t have a very bad record if you ever apply for another real estate loan in the future.
Retire From Landlord Responsibilities
If you are a landlord, it doesn’t just involve collecting tenant rental fees. You’d have to think about creating a good relationship with your tenants so they will take care of the property, maintain a safe physical environment for your tenants, and be familiar with Georgia tenant rights to avoid any violation.
If the time comes that you cannot manage all of these anymore, you can consider selling your property for cash. Letting go of your property doesn’t always mean evicting your tenants as well. If you find an investment cash buyer who is open to retaining your tenants, then you’d only need to introduce their new landlord to them without creating any stress in your relationship. The only disadvantage that you can encounter when selling a house with sitting tenants is when your tenants are protected under the Rent Act of 1977 — your buyer will most likely offer a lower value if this is the case.
To put it bluntly, selling your Georgia home traditionally on the market will require a long waiting time additionally because of the paperwork. You’ll need to draft and revise purchase contracts, go over contingency documents from your buyer, write disclosure statements, review appraisal reports, and the like. What’s even more tedious about this is regardless of how far you’ve come with your paperwork, the buyer can still back out.
If you wish to sell your Georgia house without too much paperwork, sell it for cash. This way, the hardest document you’ll need to do is only the purchase contract and title-related documents. Furthermore, if you really want to avoid drafting a single document, explore our services at Spire Property Solutions because we take care of all the paperwork for you!
How to Sell Your House for Cash in Georgia
If you’re open to selling your house for cash, you can explore our Georgia Cash for Houses Program. It only involves five general stages, which you can complete within seven days or less. These include:
1. Get in Touch With Us
2. Get an Initial Offer
We will ask you for some documents to help us create an initial valuation of your house. This can include its official title, correspondences, maintenance/renovations documents, original purchase contracts, previous receipts, and the like. Give us a few days to craft an offer for you, or you can also tell us when you need the money so we can adjust the timeframe accordingly.
3. Tell Us What You Think of the Offer
Once you’ve received our offer, we highly encourage you to go over all the details and see whether our price is reasonable enough for you. If you feel like it’s not enough, try giving us your price, and let’s see if we can do something about it.
4. Sign Important Documents
Once we’ve agreed to the price, give us a few hours or days to lay down the necessary closing documents. You don’t have to worry about preparing them because, again, we will take care of that for you with the help of our legal counselors!
5. Get Your Money
When you’ve penned down your signature, all you need to do now is wait for your money to arrive.