Are you in limbo between selling your Atlanta home and keeping it, and you don’t know why it’s hard to decide? No matter how marketing ads and real estate professionals tell you how easy and fast it is to sell your home on the market, in reality, selling a home can trigger anxiety, worry, and tension. This is because there truly is no guarantee when and how much you’ll sell the property until you’ve closed a deal.
Breaking this down further, selling on the market means that your timeline is dependent on your buyer’s timeline, and there’s the possibility of them backing out of a deal even after months of you waiting and working on their concessions. Simply put, there’s no easy way around the swirling emotions of targeting an on-the-market/retail buyer.
However, there is a way to sell your Atlanta home fast and not get caught up with those blood pressure-raising feelings. That is through selling your home off the market and onto a professional home buyer who buys houses for cash in Atlanta.
Let us run through the biggest reasons why selling to a professional cash buyer is better.
People who are ready with cash are often buyers who really are actively looking for a property and are willing to buy it ASAP. They are buyers who don’t want to waste time and can be aggressive with competition, especially when they’ve fallen head over heels with your house. Hence, if a buyer comes at you with an all-cash offer, be careful not to turn them off because once you’re given the offer verbally, it’s most likely a closed deal already.
Furthermore, a cash offer is a sure money. Mortgage lenders can be risky for home sellers, especially if the lender has a reputation of not sticking through the financing. If something happens to your buyer’s mortgage lender (like the company permanently closing without insurance), you can be left hanging as well with your payments.
A cash offer means that your buyer has the capacity to buy your home without getting a mortgage. This means no inspections, appraisals, waiting time for credit evaluation, and “what ifs” about not getting approved.
There will also be no mortgage-dependent contingencies. If you’re not familiar with that yet, a mortgage-dependent contingency basically means that the purchase of your home will only move forward if your buyer’s mortgage application is approved. Otherwise, the buyer will withdraw their proposal.
The bottom line here is, there are no intermediaries with an All-Cash offer, placing you faster and closer to the final phase of the deal.
Appraisals are required and done by mortgage lenders like banks. Because a cash buyer won’t have to apply for a mortgage, this means that no appraisal will have to occur. An appraisal can be helpful for homebuyers because it would confirm whether or not your home has been priced fairly. Consequent to this, if the appraised value is way lower than your sale/list price, that may hurt your reputation as a seller.
On a side note, if you want to avoid this kind of faux pas, you can have your home re-appraised before setting your final listing price. This way, you won’t risk having your buyer, and their mortgage lender shocked over a price that’s way below or above the expected.
Most all-cash buyers don’t require so many contingencies, especially professional home buyers like Spire. To recall some of the common contingencies in a home sale transaction:
- Home Inspection Contingency – if your buyer requests for the repair of certain things following a formal inspection, you’ll have to deliver, or the contract will be null and void.
- Mortgage Contingency – as mentioned in the earlier paragraphs, a mortgage contingency provides that the purchase of your home will only push through if your buyer’s mortgage application is approved.
- Appraisal Contingency – an appraisal contingency follows that if the appraised price is far from the indicated sales price, then the buyer will have to cancel the contract or offer.
- Title Contingency – a title search is essential in every real estate transaction to find out whether your title is legal, has other liens, has the right boundaries, or has any other heirs that could claim/dispute the sale. If the buyer finds out that the title has too many liabilities, he/she can, again, cancel the transaction.
- Home Sale Contingency – this is one of the most dreaded contingencies among home sellers because it means that the buyer will not push through unless his/her original residence is sold. The money accrued from the sale of their home will be the money that will be used to buy your home. And what if the buyer fails to sell their home or decides not to sell it anymore?
Imagine the amount of weight lifted without all these contingencies!
Nonetheless, as much as finding an all-cash buyer seems difficult or nearly impossible, cash buyers are more common than you think! Talk to us at Spire Home Buyers, and let’s see how much we can offer for your Atlanta home. We buy houses in Atlanta for cash, and we buy them as is! Learn more about our services by calling (678) 318 -1801 or leave us with your contact information below, and we’ll get back to you as soon as possible!