Selling a house can take a while, even under the best circumstances. In Illinois, it takes, on average, 79 days to sell a home.
There are a lot of reasons why 79 days is too long to wait. And, because that’s an “average,” your house could be sitting on the real estate market for months before you even get to the nitty gritty procedures of waiting for the buyer to get approved for financing.
If you need to move quickly because you’re relocating, looking to upgrade or downsize, or in hot water with your lender, a cash offer can be the best move to put money in your pocket and give you flexibility – fast.
What is a Cash Offer?
A cash offer is defined as a buyer purchasing a property entirely with cash instead of relying on a mortgage or other types of financing. Typically, this means the property is sold “as-is.”
“As-is” condition means that the seller makes no warranties or guarantees about the quality of the property when selling a house. It can need major repairs or upgrades, and it can have a long list of issues that a real estate agent would typically recommend get repaired.
Further, when a bank or other lender is involved, they may have a long list of requirements that you, as the seller, must fulfill before they approve financing for your buyer.
With a cash offer, the buyer bears the burden of inspecting the property and considering potential repair costs before submitting an offer. This allows you to sell your property faster without incurring extra fees.
How Cash Offers Work
A typical home cash offer cuts out several middlemen, including banks and real estate agents. As long as the buyer has the means to buy your property for the selling or list price, the transaction can be handled without jumping through the hoops.
For these transactions, “what you see is what you get.” Buyers understand this and are willing to put up with some extra expenses and risk on their end to close the deal and get their hands on the property they want.
Working with a traditional real estate agent takes longer because it involves scheduling showings, making the home presentable for sale, undergoing a series of inspections, and waiting for lender approval. There’s also the matter of real estate commissions to consider, which range from 5% to 6%. You may also be able to save money on closing costs because there are no lender fees and loan-related expenses that add to the sale price.
Why Cash Offers Are King
There’s a reason why all-cash sales made up 36.1% of all homes purchased in 2022. It’s a win-win for both buyers and sellers in terms of turnaround time and cost.
Property owners in Illinois continue to choose Offer4Homes for the following reasons:
- They want to sell their property ASAP without waiting for real estate agents to attract buyers and lenders to approve financing.
- They are on the verge of foreclosure and need to sell within a matter of days, not months.
- The property is damaged or not up to code, and repair costs will be time-consuming and expensive.
- They received an inheritance and prefer not to deal with the intricacies of getting the home ready for sale.
Benefits of Cash Offers
Again, there are a ton of benefits to selling your home for cash. Both buyers and sellers love this process. We’ve distilled the benefits of cash offers into three compelling advantages:
- It’s a quick and easy process: With a cash offer, you can close in as little as 14 days compared to months when an offer comes from a buyer who needs to work with a mortgage lender.
- Sellers save money: There are no agent commissions, no need for costly repairs or staging, and you can avoid many other expenses that eat into your profits.
- It’s hassle-free: You don’t have to worry about inspections or repairs because the cash buyer is purchasing the house as-is.
- Junk removal: Offer4Homes handles junk removal after you move out. Take whatever you need and leave behind the rest.
As home prices and mortgage rates soar, cash offers have become the preferred method for buyers who have been able to amass enough cash to pay in full. The spike in mortgage rates can make loan approvals tougher while making the total monthly payments unworkable. Ultimately, a cash offer saves everyone money.
Get Cash for Selling a House with Offer4Homes
Ready to sell your house for cash? At Offer4Homes, we buy properties in any condition, and we can close in as soon as 14 days. To find out how much cash you can receive for your property, complete our online form today.