Has your house been sitting on the market on Long Island? Do you need to sell your home quickly due to foreclosure, divorce, job loss, or inherited property or any other reasons? During these instances, you may find yourself asking how can I sell my house fast on Long Island? One of the quickest and more efficient solutions when faced with these situations, is to sell your house for cash. And besides getting cash for your house there are other advantages to selling your house for cash.
Five Reasons You Should Sell Your Home For Cash On Long Island
1) A Cash Sale Can Save Money
Selling your house for cash has become a more attractive option, even if the offer is lower than a traditionally priced one. For the simple fact that a cash home sale has a better chance of closing.
Of course, when selling your house for cash, you will not need a real estate agent’s services. So the 6% agent fee that comes with selling your home with an agent is eliminated. Utilizing the cash sale option means you will be dealing directly with the buyer, bypassing the need for a realtor and their charges. So when you sell a house for cash, commissions are one expense you won’t have to account for.
So you may be thinking that selling your house on your own would save you money too, but selling a house on the market is not easy. Understanding the real estate market is key to completing a home sale by yourself while getting the best possible price. Selling on your own also means you will be responsible for the repairs, paperwork, negotiations, buyer vetting, showings, and everything else that goes along with selling on your own. You may go through all the trouble of selling on your own to walk away with the same amount as a cash sale
2) Get An Instant Buyer And Some Security
There is no guessing game involved when selling your house for cash. Too frequently, with traditional sales, the offer is accepted, but the buyer fails to qualify for the loan or runs into some other difficulty. Selling your home in the traditional way can be frustrating for sellers going through the stressful process of marketing, finding a buyer, and finalizing the sale. Even qualified buyers can fall short, financial situations can change or they may not have been completely honest in their loan application. When funds are on hand, which is the case for a cash buyer, fewer sales fall through.
If you go the for sale by owner route, make sure to always get proof of funds before accepting an offer. Unless the buyer shows proof of funds, consider a potential buyer not to be qualified to purchase your home. Too many innocent sellers fall prey to real estate fraud, so make sure to work with a reputable buyer or cash home buying firm.
3) Speed Of Sale
When selling your house for cash, the process is much quicker than the traditional route.
A cash buyer already has the funds to purchase, unlike the average buyer who has to secure financing before purchasing. And if the buyer can’t get financing squared away, it just causes further delays for you to sell your home. Selling to a cash buyer allows the sale to proceed without being contingent on the buyer selling their house first or waiting on buyer financing.
Cash homebuyers don’t need 30-45 days to close since they don’t rely on bank financing to close. They can even work with a short escrow period (often less than 7 days). With a short escrow, there are a few necessary things that need to be complete before closing, like a home inspection and title work. But aside from that, the process is so much quicker. Which, in turn, means cash in your hand a lot quicker too.
4) Less Hassle
Selling your house for cash requires less hassle and the opportunity to sell the property as-is. Cash buyers don’t mind purchasing properties that need repairs or renovations. When purchasing as-is, the cash buyer will take all the necessary repairs into account and pay accordingly. They typically have a lot of experience with fixer uppers and understand the home repair process. Selling as-is can be a massive relief for people who want to move ASAP or don’t have time or extra money to get their house ready to put on the market.
In a cash sale, there is no need for a time-consuming and expensive third party appraisal. Selling a house without cash requires more parties to be involved. Which, in turn, creates a more stressful selling experience.
Also, the amount of hassle involved selling your house is dependent on the choices you make. Getting counsel from a real estate attorney or additional paperwork can mean more security on your part but usually results in additional expenses.
5) Increased Flexibility
Selling to a cash buyer means more flexibility in terms of customization and negotiation. The most obvious being the appraisal that is required by the mortgage lender but not required otherwise.
Also, cash home buyers are usually flexible on the closing date. That means you can decide when it is convenient for you to move.
Keep in mind that cash buyers will be looking at various properties in the market. So to entice a buyer, willingness to be flexible with offers, is helpful. Even considering taking some of the typical closings costs off the top, could help your house stand out.
Don’t forget, though, during a cash sale, there may be other costs that will need your attention. For instance, if you use an agent with a cash sale, you would have to cover the agent’s commissions out of your profits. Also, if you are a part of an HOA, it is your responsibility to disclose the fees up to the date of sale.
How Do I Sell My House For Cash On Long Island NY?
One way is by listing your house for cash only. But the best way to sell your house on Long Island is by using a cash home buying service. By using a reputable service, you can ensure that:
- You don’t have to do any repairs.
- You don’t have to worry about proof of funds.
- You don’t have to pay expensive agent fees.
- You don’t have to worry about finding a buyer.
- You don’t have to worry about marketing your property.
- You don’t have to wait for your cash.
These are all massive incentives for a cash home sale using an established home buying service. Be cautious of individuals or investors who don’t offer these services; they may not have the experience or be reliable, even if they can provide proof of funds.
The advantage of selling your house for cash is that you get an offer, decide how fast you want to close, and don’t have to make any renovations or repairs.
If you are ready to take the next step and find a cash buyer in the Long Island area, reach out to the Leave the Key Homebuyers team. They are easy to work with, reputable, and can close quickly. Contact them today to get started selling your house for cash.