It’s no secret that the traditional home sales process can be fraught with problems. From bidding wars to buyers backing out last minute, there are a lot of potential issues that can arise during a sale that you wouldn’t have to deal with when selling to a cash buying company. Here are three of the most common problems that come up in traditional home sales.
Inspection Issues
When selling a home, most people expect to have a home inspection as part of the process. This is where an independent, third-party inspector comes in to assess the condition of the home. However, sometimes problems can arise from the home inspection. For example, the inspector may find issues with the home that the sellers were not aware of. This can lead to buyers demanding the seller make expensive repairs before the sale can go through. When selling to a cash home buyer, they are not going to be bothered by any potential damage.
Financing Troubles
Another problem that can come up in a traditional home sale is financing issues. The buyer might not be able to qualify for a loan or might not be able to get approved for the type of loan they want. This can lead to the buyers being unable to get the home they want and the seller having to sell their home for less than it is worth. There are many ways to avoid this problem, but the most effective is selling for cash. When dealing with cash there is no lender or loan at all.
Cold Feet
Anyone who has ever been through the home-buying process knows that it can be a long and stressful ordeal. After finding the perfect house and negotiating the purchase price, it’s not unusual for buyers to experience a case of “buyer’s remorse.” This is often caused by a simple case of nerves, as the buyer begins to worry about making such a large financial commitment. In most cases, these fears are unfounded and the buyer ends up being happy with their purchase. However, in some cases, the buyer may decide to back out of the sale, which can be extremely costly for both the buyer and the seller. Cash buyers are not likely to put in an offer unless they are ready to close.
While traditional home sales may be common, that doesn’t mean they’re easy or problem free. In fact, there are many problems that are unique to the traditional home selling method. If you want to avoid these potential pitfalls, then sell your home as-is for cash.
Want to see a more in-depth look at a cash home sale vs. a traditional sale? See how the two compare at Volunteer Buyers!