Are you considering selling your property in Madison Wisconsin but do not want to go through the hassle of making repairs, finding an agent and waiting while your agent attempts to sell your house?
If this is the case, then it looks like you are looking for a cash offer on your property and you are probably trying to figure out how to get one.
When it comes to selling your property, the best situation is to sell your property to an all cash buyer. The reason for this is because, there will never be a chance that the deal will fall through due to financing. The buyer will not have to go through a stringent underwriting process from a bank which can delay closing and your buyer will be ready to close as soon as the necessary documents are updated.
The problem is that cash deals in Madison Wisconsin can be hard to come by. Currently about 1% of all transactions in Madison are cash deals. When you are considering selling your Madison WI house for cash, there are several benefits that you should consider before deciding to list your property with a real estate agent.
The Benefits Of Selling My House For Cash in Madison WI
As the current state of the market boom begins to shift and slow down, willing cash offers will diminish. With inventory increasing and demand slowing, the market is turning to the buyers side and buyers will not have to offer cash for deals as the competition slows.
Let's take a look at some of the key benefits of receiving a cash offer in Madison Wisconsin.
One of the biggest benefits of receiving and moving forward with a cash offer on your Madison Wisconsin home is the speed in which the deal can be closed. Traditional sales using bank financing will take at a minimum of 60 days to close, that is if the deal is contracted the first day the property is on the market. The issue is, when you try to sell a property that is not in a real desirable area and there are years of deferred maintenance the property will sit on the market for a very long time and may never sell, while the homeowner is left paying all of the holding costs associated with owning the property. A cash transaction on the hand has the ability to close in as little as 7 days and if you have deferred maintenance, investors will buy the repairs associated with the property so you have to make none.
2) Closing Certainty
When you get a cash offer on your property, one thing that you are not going to have to worry about is the deal falling through because of financing. Since the buyer is using all cash, there will be no underwriting process, pre-approvals, approvals or an inundation of paperwork to slow the deal. Once all of the documents have been updated and closing is set, the buyer will just show up with a cashiers check for the amount agreed upon and close the deal.
Let's face it, listing your property on the market with a real estate agent can be a hassle. They are going to want to have you make additional repairs to the property to get it in the best condition possible. You are going to have open houses and showings at any hours of the day. You as the seller will have to keep the property very clean throughout the life of the listing, so that your property always "shows" well. When you are selling your property to a cash buyer, typically they will be purchasing the property in "as is" condition, they will most likely just want to see the property once to do their due diligence on the front end. Cash offers are and always be the cleanest and simplest way to sell a property.
4) No Commission / Closing Costs
As we all know when we list and sell a property through a real estate agent, once the property is sold, the seller has to pay the agent 6-7% commission on the gross sales price of the property. These commissions can really take away from the net amount received to the seller. Typically when you sell your property to a cash buyer, they will not be represented by a real estate agent, which means you will be saving thousands of dollars by not having to pay a commission. If you decide to sell to a real estate investment agency, most of the time they will also cover all of your closing costs.
If you decide to list your house on the market, you are deciding to expose your privacy. At no fault of the agent or the broker, they are just doing their job however, they have to take professional photos and expose your address and property on hundreds of sites to get your property the necessary exposure that it needs to sell on the market. The agents also have to have open houses and daily showings to walk potential buyers through the property to see if it is something they are interested in, in person.
As you can see their are several benefits to the home seller if they decide to take a cash offer on their property. Receiving cash offers or selling your property to an investor is not always in the best interest to a seller. Here are some specific situations where a seller should consider selling to a real estate investor:
Inherited a property you need to get rid of
Going through a divorce
Deferred maintenance on your home or several repairs needed
Out of state owner
Own a vacant property
Paying 2 mortgages
Late on your mortgage payments
Lost your job
When it comes time to sell your property, we want you to consider all of the options that you have available to you. We hope that this blog post gave you some insight into the possible benefits a cash offer can bring to you and your family. If you are in a position where you are looking to sell your property fast due to a specific financial or emotional issue, then it would be best to reach out to a reliable real estate investment firm for guidance.