Whether you’re located in Portsmouth, Norfolk, Newport News, or any other area in Virginia, selling to a Virginia house buyer offers plenty of benefits. Homeowners can sell their property as-is without the need to make extensive repairs or renovations before selling the home.
However, there are some additional considerations to keep in mind before selling your home to a Virginia house buyer this year.
Continue reading to find out everything you need to know about selling your house for cash this year and why Capable Home Buyers can help you achieve your goals as a seller.
What Does it Mean to Sell for Cash?
When new sellers hear “cash for houses” or “sell my house as-is for cash,” they may think they’ll walk away with a briefcase full of cash after the sale. Unfortunately, that’s not how a typical cash sale works.
When you decide to sell for cash, you work with an individual buyer or a “we buy houses” company that has liquid funds to bypass the traditional mortgage process. This means cash for houses companies can make a quick offer and close on the sale faster than a typical real estate transaction where the buyer applies for a mortgage.
As we’ll discuss later, there are some downsides that come with selling your house for cash, and it’s not always the right move for everyone. However, sellers in circumstances involving financial emergencies, homes in need of significant repairs, or favorable market conditions will find that selling for cash can be a smart choice.
» MORE: Learn Why We Buy Houses Virginia!
Benefits of Selling to a Virginia House Buyer
If you’re looking to sell your house fast and avoid costly realtor fees and closing costs, selling your house as-is for cash is extremely beneficial. Here are just some of the benefits that come with selling your home to a Virginia house buyer:
- Fast Closing: Like we mentioned, professional home buyers can close on your home on an expedited timeline to accommodate your current situation. They won’t need to apply for financing and receive approval from lenders, which means they can assess your property and make you a cash offer often in 24 hours or less.
- Fewer Closing Costs: Closing costs and real estate agent fees can add up when selling through the traditional real estate process. Sellers typically pay up to 6 percent in real estate commissions, which amounts to $30,000 on a $500,000 home. Home sellers also save on underwriting fees, loan origination charges, and processing fees paid to the lender.
- Secure Financing: Cash buyers like Capable Home Buyers have the funds necessary to make cash offers on the spot. When you work with a professional home buyer, you won’t have to worry about the financing falling through due to loan denial or hiccups during loan processing and underwriting.
- Selling As-Is: Homeowners with properties in disrepair can sell to professional home buyers without the need to invest in expensive repairs and upgrades. On the flip side, most real estate transactions require home inspections, which means sellers must pay for costly upgrades before selling.
- Lump Sum Cash Payment: The immediate influx of a lump sum cash payment can be advantageous for sellers for various reasons. This includes paying off high-interest debt and covering their relocation expenses.
» MORE: Discover Virginia House Buyers Near You
Drawbacks of Selling for Cash
While selling your property to a “we buy houses” company is a smart choice for many sellers, there are some additional considerations to make before selling.
Lower Sale Price
The first drawback to selling your house as-is for cash to a professional home buyer is that you’ll likely receive a lower offer compared to what you could potentially get on the open market through a traditional sale.
Cash buyers tend to make discounted offers to compensate for the speed and convenience of the cash sale. They also tend to target distressed homes that require repairs and must take those costs into account before buying a property for cash.
Less Ability to Negotiate
Sellers may also have less ability to negotiate with cash buyers, who have more control over the terms of the transaction since they’re not subject to the constraints of mortgage lenders or appraisal requirements.
Industry Deception
While most “we buy houses” companies are reputable and demonstrate positive customer testimonials, there are some home buyers that take advantage of homeowners in distress or those who are unfamiliar with the real estate industry.
Do You Need a Real Estate Agent?
Nearly all traditional sales involve a real estate agent to guide buyers and sellers through the real estate process. While working with a real estate agent when selling your home for cash is an option, it’s often not necessary.
Selling your Virginia home to a professional house buyer like Capable Home Buyers helps you save on real estate agent commissions. Additionally, you’ll work with experienced real estate professionals who explain the selling process and make you a cash offer within just a few days.
Selling Your House to Capable Home Buyers
Selling your Virginia home as-is for cash is a simple process when you work with a reputable cash buyer. Here are the steps you should take to get the process started with Capable Home Buyers:
- Fill Out Online Forms: Visit our website to fill out the form that gives us information about your property. We’ll jump into action and get the process started.
- Getting in Touch: After we do our homework, we’ll get in touch and schedule a time to view your property and present you with an offer. We work around your schedule to find a time that’s convenient and non-intrusive to your daily routine.
- Get Your Cash: After accepting our offer, we’ll set a closing date and time. After closing, you’ll get your cash right away and we’ll take care of the rest.
Need to sell your home fast? Capable Home Buyers is a professional house buyer that will pay cash for your home. Give us a call at 757-699-1201 to get the process started today!