More than half of the households in Cincinnati are renting instead of owning. But it doesn’t mean that many are not opting to buy homes. The average home prices in Cincinnati have consistently gone up despite the pandemic. So you might ask why you would sell your house to Cincinnati cash home buyers. What are the pros and cons of a cash offer on a house?.
Should you sell your home to a cash home buyer? Or are you just going to be ripped off and end up regretting it? There is a growing number of Cincinnati cash home buyers. These are real estate investors who will buy your house and sell it for profit. Like any other industry, many are reputable, but there are also bad apples.
- 1 5 Pros & Cons of a Cash Offer on The House?
5 Pros & Cons of a Cash Offer on The House?
Cash home buyers claim to provide you with an instant cash offer for your house so you can sell your house in just days. This means you get to skip the hassle of a traditional home sale. If you want to know the advantages and disadvantages of a cash offer on the house and compare it against the conventional home sale, and which between the two to choose, then read on.
Advantages of a Cash Offer on a House
We list down the advantages of selling your house to Cincinnati cash home buyers to determine if this is the best option for you.
Most (if not all) cash home buyers can provide you with an instant cash offer for your home so you can know right away how much you can get for your home. You can get rapid offers on some cash buyers while others will first speak on the phone and inspect your property before they make an offer. On both, you will get a final recommendation after a home inspection.
Aside from getting an offer quickly, you also enjoy a faster home sale. This is why many sellers who want to sell soon prefer selling to a Cincinnati cash home buyer. This is ideal for those who need to move or want to make new life plans. Closing can be done as fast as 10 days. This might sound too good to be accurate, but it is possible. You can close within a few days given title work, appraisals, insurance, and inspections are completed.
Skip Repairs or Home Staging
Most cash home buyers buy houses as-is, meaning no need to do any repairs or renovations. This is ideal for homeowners selling their houses because they need money or are losing their homes due to foreclosure.
There’s no need to stage your home or make any effort to look attractive since these buyers are planning to do that themselves. This is why despite the lower offer than the traditional home sale, many still opt to go for a cash offer since it can save sellers a considerable amount of money because they no longer need to invest in making their property more presentable.
Enables People to Sell Despite Difficult Circumstances
Cash home buyers typically buy homes in challenging situations that usually turn off other buyers or when most likely, no lender will approve a buyer’s loan to purchase the property. These are some scenarios:
- Homes damaged by fire or storm
- Properties with title flaws
- Properties with vast amounts of past-due taxes and fees
- Homes with code violations
- Houses in need of major repairs
If the house you are planning to sell falls in the above situation, you might want to consider selling it to a cash home buyer.
Reasons Not to Sell Your House for Cash
Selling your house for cash also comes with a set of disadvantages. So before deciding if this is the right option for you, you should learn of its potential drawbacks.
Lower Purchase Offers
It’s expected for the offers from Cincinnati cash home buyers to be lower than traditional home sale offers. After all, they are buying your property as-is quickly and reselling it for a profit. They will sometimes remodel the house then remarket them. Some cash home buyers renovate and rent out homes they bought. They can’t give you an offer similar to your home’s fair market value because they need to earn from buying your home.
No Competing Bidders
If you get your house listed with a realtor, your home will be marketed to many home shoppers, which means you can get multiple offers. This means the price of your home can go higher if many are interested in buying it. However, with a cash offer, there’s just one offer that you either accept or decline.
Or you can manually search and talk with several cash home buyers to get quotes from them. Their offer will usually be comparable. However, it is still worth it to sell your house for cash if you have lots of home equity or need to sell it quickly in the next couple of weeks.
If you can’t accept the lower offer and have enough time to market your home, like 1 to 3 months, then consider listing it. But if after 3 months, you are still having a hard time finding a buyer, then you can go to a cash home buyer.
Should You Sell Your House to a Cash Home Buyer?
The answer depends. If you need to sell your home fast, selling it to a cash home buyer is a good option. You have to balance the pros and cons of a cash offer on a house. While cash home buyers give lower suggestions, you don’t have to make any repairs, and companies like The Cincinnati Property Twins also take care of the closing costs. Also, keep in mind that listing your house with a realtor means taking 3 to 6 percent of the home sale proceeds for agent commission fees. Selling a home to cash home buyers can save you thousands of dollars in closing costs, too.
To know much cash offer you can get from a reputable Cincinnati cash home buyer, request a quote here.