Trying to Sell your home to a Traditional Buyer can Take Forever
Many people often ask why it’s easier and faster to sell a house to a Cash Buyer versus to a buyer that will be obtaining a loan for the home, utilizing traditional financing. The answer can’t be explained in just a word…There are in fact a few reasons why this is the case. First, a home buyer that plans to live in the house for many years will more than likely obtain a loan for the house, either FHA, VA or Conventional. This is usually because they don’t have the cash for the house to pay for it upfront. For a buyer that’s looking to get a loan, they usually are very concerned and careful to protect their investment going into it. So, they will order and inspection, sometimes several, in order to find any and all problems that either currently exist or could arise in the near future. As you can imagine, for the seller, this can be a very stressful time, because they usually feel that their home is in great condition, at least until an inspector comes through. Not only stress makes it more difficult of a process, but it can take up to 10 days to get a house inspection report back, so in most cases the seller will have to give a 10 day option period to the buyer just to get an inspection. This means that the buyer has the “Un-Restricted” right to terminate the contract altogether, for ANY reason, during that 10 day period. So, the seller basically has to take the house off of the market for 10 days, not even knowing how serious the end buyer really is to begin with.
The Home Appraisal, Realtor Commissions, and the Infamous Loan Processing
So, let’s just say that your buyer using traditional financing decided not to waste your time, and to go ahead with the purchase, so now all you have to worry about is closing the deal, right? Wrong. Very wrong. For your sake, I wish you were right, but due the requirements of lenders, an appraisal, which is an opinion of value of the home, must be established. The lender will go by what the appraiser says, not your agent, and not the agent of the buyer…only the appraisers. Hopefully after a few more weeks or so, the appraisal comes back where you need it to be. Most home buying companies will not do an appraisal. As a matter of fact, most companies that buy houses on a regular basis probably don’t use the term appraisal in their normal day to day operations. This is another time saver in using a company like this. Secondly, when you deal with a professional home buying company, you usually don’t need to pay a single penny in Realtor commissions. Not much more needs to be said here…Everyone can understand saving money make everything so much easier.
Well, then what’s the BEST Solution for a Home Owner with a Problem Property?
Due to these reasons and some not even covered in this article, most San Antonio, TX home owners that have a house that needs a lot of repair, won’t even opt to put the house on the open market for sale. Most Seller’s that need to just cash out of a house quickly, will just search for a “We Buy Houses San Antonio” company that can go out to the house, assess it, determine the after repair value, estimate repairs, and make a firm offer to buy it without ANY contingencies whatsoever. Very different from selling a house to a traditional buyer, huh? I agree. Which ever type of buyer you end up selling your home to, we hope that it’s a quick and painless process for you. We hope that whomever buys your home from you, does it without wasting your time and/or money throughout the course of the real estate transaction process.…