Are you in the market to sell your home but do not want to through the process of selling your home with an agent and waiting for a buyer with bank financing?
If this is the case, then it looks like you are on the prowl for a cash deal and are probably wondering how to come about one.
As they say "Cash Is King" and it does offer several unique benefits to homeowners trying to sell their home.
The only problem is that about 1-2% of homes purchases in Onondaga County (Syracuse NY) are purchased with cash at full market value.
The other cash purchases that are registered with the county are bought at a discount.
When sellers are considering selling their house for cash in Syracuse NY, there are 2 key advantages that they should consider: certainty and speed
These are the two main benefits to receiving and closing with a cash offer compared to dealing with a buyer who requires bank financing.
The Benefits of Selling My House for Cash in Syracuse NY
Currently the real estate market is very beneficial to homeowner’s trying to sell their home. With more people looking to purchase homes (increased demand) and a lack of supply on the market, sellers are able to obtain higher prices for their homes.
This is a positive if you are looking to find a cash buyer for your home because it will give you better odds of catching a cash offer on your property due to the limited supply on the market.
Let’s take a look at some of the key benefits to receiving and closing with a cash offer in Syracuse NY.
1) Certainty
If you have ever bought or sold a home in the past, you are well aware that a closing can fall through at any point. The main reason behind these deals falling through is due to bank financing.
One of the biggest advantages to a cash offer is that it is much more secure than a transaction that needs a buyer and is far less likely to fall through since the funds are readily available. This is due to the fact that there are no regulations being imposed by a bank or lender, no appraisal will be required from a lender resulting is no risk that a lender will deny your buyers loan.
Throughout the US, we are seeing less and less cash deals due to the low interest rate environment we are currently in. Several people that have the ability to purchase homes in cash are choosing to finance these properties due to the fact that they may be only paying 3.25% interest.
So we know that cash buyers bring a level of 100% certainty that the deal will close which should be a huge relief to a buyer especially with the change in bank regulations this past year.
So if you do choose to move forward with a bank financed buyer, we want you to consider the amount of the down-payment, size of the loan and the quality of the approval letter included with the offer.
2) Speed
Cash buyers have the ability to avoid the new bank regulations (which have now prolonged the closing process) and close on a property in as little as 7 days (more like 14 in New York). This is often seen as a great benefit to sellers who are looking for speed in the transaction.
Currently with the new regulations that have been implemented, buyers that require financing generally need between 45 and 120 days to close on a property.
This is very beneficial to homeowners who are facing difficult financial situations or need to sell their home in Syracuse NY due to job relocation, too many repairs, back taxes, unpaid mortgage, divorce or any other reason that speed of sale is necessary. This will allow these homeowners to receive their money fast to avoid their financial problems.
3) Convenience
When a cash buyer purchases your home, typically you will not have make any additional repairs or clear out the home as they will be purchasing the property "as is". This will save you money by not having to make costly repairs, preparing your property to show for open houses or walk through’ s.
Cash offers the cleanest transaction and in real estate the cleanest offer is the best offer. Cash eliminates all of the risks typically associated with the sale of a home.
4) Privacy
When it comes to selling your home, some homeowners do not want the entire neighborhood to know they are looking to sell. Some homeowner's also do not like walking through several different parties through their home. Others do not like having pictures taken of their property and having them shown all over the web.
When selling to a cash buyer, typically you will not be required to do any of these things and your privacy will be secure. If you end up selling your property to a real estate investment firm, then you will definitely not have to worry about privacy.
These are the four main benefits that typically result from selling your home to a cash buyer in Syracuse NY. Here are couple other benefits you will receive from selling to a cash buyer:
Unload inherited properties
Quick sale for divorce
Quick sale for job relocation
Save on costly repairs
Save on cleaning out the property
Save on holding costs
Beneficial for absentee landlords / homeowners
Wrapping Up | Selling My House for Cash in Syracuse NY
If you weren't aware of the benefits a cash offer brings when selling your house, we hope you are now. Even though cash offers are very hard to come by in Syracuse NY, it is still possible. If you are in a position where you need 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 company for guidance.
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