4 Reasons Why People Sell Their Homes For Cash

sell a house for cash

People move all the time. And though you can rent out a home after you move, that takes a lot of work and prevents you from making a truly clean break. Many homeowners would rather sell their homes than keep them after they move, with about 22% of Canadians moving because of work-related reasons. In addition, around 20% are moving in order to upgrade their homes and 17% move for family reasons.

But while we’re all familiar with the traditional process of putting a home on the market, having a real estate agent sell it, and waiting for buyers to secure mortgages, you may be less familiar with cash offers for homes.

If you’ve never tried to sell a house for cash before, you may be confused as to what the benefits would be. How is selling a house for cash any different than a traditional sale, aside from the medium in which the payment is made? There are a lot of different advantages that come with selling a house for cash and many different issues that lead to making that decision. So let’s look into a few of the reasons why people may choose to sell a house for cash.

1. They Can’t Make Mortgage Payments

When a homeowner can no longer make mortgage payments, they are typically sent a foreclosure notice from their lender after about four missed payments. They can then either accept the foreclosure, which could damage their credit histories for the long term, or they could attempt to sell the house for cash. A cash sale is usually a shorter process than a traditional sale, as those that make cash offers on houses for sale are often doing so for commercial reasons. These buyers frequently come in the form of companies that flip houses and sell them for a profit. This can be a handy way for homeowners to get the literal cash that they need to settle their debts and avoid a foreclosure.

2. They Don’t Want To Make Repairs

When a home is in bad shape prior to a sale, homeowners often need to make serious repairs before putting it on the market. Otherwise, they can subtract the cost of the repairs from the final sale price of the home. When you choose to sell a house for cash, you often sell it as-is. This means that the buyers don’t expect any repairs and you won’t have to invest any more money into the home. You’re able to save the money you would have spent on renovations, and the sales process isn’t held up by the repairs. As repairs often cost much more than the return on the investment, this is is highly beneficial to many sellers.

3. They Want To Re-Invest The Cash

As previously mentioned, a lot of sellers move into homes that are upgraded from their previous houses. The moving process is expensive, however, and lots of homeowners depend on the sale of their previous home to invest in a new one. When you sell a house for cash, you’re able to obtain that money quickly and can therefore spend more money on the new home. Of course, it’s your money at that point; you can put it into a business, your education, or whatever you think is worth the investment.

4. They Have Family Issues

Due to the lack of repairs needed when selling a house for cash and the experience of commercial buyers, those who sell a house for cash often do so because they need to sell quickly. There are many reasons why you may be looking into selling a house fast. But one of the main reasons is a family issue, whether it’s divorce or needing to be closer to a sick or injured relative. Those who need to sell a house fast should seek out cash buyers, as they can make the process much smoother, and ensure that payment arrives quickly.

Even if you aren’t yet familiar with the process of selling a home for cash, it’s a viable option. If any of these reasons apply to you, consider whether or not a cash offer for your home is worth considering.

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