Selling a house is rarely a smooth process. Between necessary paperwork, appointments and contingencies, it takes an average of 55 to 70 days to completely close a home sale, according to data from Zillow.com. That number is closer to 60 days from listing to closing in Lackawanna County.
That’s a huge leg up from previous years where homes could spend an average of 140 days on the market just to go under contract, but times have changed. The pandemic has caused an unusual wave of home-buying which has caused prices to soar as a result of historically low inventory levels.
Buyers entering the market today can and should expect heavy competition, and seller’s who are keen on selling their houses in Lackawanna County fast might be in for a longer ride than originally anticipated if a bidding war occurs, which is very likely in the current climate.
So what are the options for those who, rather than going through a long-winded mortgage deal, would prefer to sell their homes quickly and without a hassle in 2023? Impatience can lead to a temptation to take a cash offer for your house. It might be a fantastic decision, but before jumping to any conclusions, it’s best to look at the facts as they present themselves and educate yourself.
What does it mean to sell your house for cash?
First, there are several reasons why a seller would prefer a cash offer over a conventional mortgage deal. For example, someone with an urgent need to move out due to family or personal obligations might be left with no choice but to consider a cash offer. It gives them a swift and almost painless way to close a sale in a matter of a few days while still making a pretty penny.
Those facing financial difficulties or who are less invested in their Lackawanna property might be seduced by the relative ease with which cash sales are usually carried out. The proceeds can easily be used to pay for accumulating debt or as an investment.
It ultimately depends on the situation, but selling a house for cash in Lackawanna County is a legit option. Solicit a cash offer today and get the best value in the market for your home.
What are the benefits of selling for cash?
Aside from the much shorter turnaround time and the convenience it takes to sell a house for cash, there are other arguments to be made in favor of a cash sale to consider in Lackawanna County.
For instance, selling an older home could put sellers at a disadvantage during the mortgage process if any issues, such as structural damage or general maintenance problems arise during the inspection process. In a normal sale, this could even cause the buyer to back out of a deal at last minute, potentially wasting the seller’s time and money in the process.
When something like this happens during a cash sale, however, it is still somewhat negative, but unless the findings render the property completely worthless, the buyer may still have an offer that includes the costs associated with making all the necessary repairs to close the deal.
Getting an appraisal is still a good idea for you as a seller if you want to make sure your final deal is closer to your property’s market value.
Additionally, taxes will still need to get paid. In most states, there are real estate taxes, and there are property taxes. You’ll want to check out this reference for real estate and property taxes to educate yourself. At closing even when buying or selling a house to a cash investor, the owner will still need to pay a prorated portion of taxes.
Here are typical costs incurred during a conventional home sale in Lackawanna County
- Commission and fees
- Real estate commissions
- Brokerage service fees
- Listing costs
- Online listings
- Virtual tours
- Minor repairs
- Major repairs (deducted from asking price if not resolved)
- Holding costs
- In case it takes longer to sell
- Closing costs
- Title insurance
- HOA fees
- Attorney fees
- Buyer’s closing costs (optional or negotiated)
What are the downsides of selling for cash?
Selling for cash isn’t without its share of challenges and caveats. The biggest one being a lower sale price. Since the house isn’t in the open market, it would be impossible to start a bidding war over the property, although you can solicit multiple cash offers at once.
Typically, cash buyers who plan to resell the property for a profit will look to purchase at under market value.
Get your cash offer today without any risk or obligation, no realtor fees included!
Selling for cash—final thoughts
Whatever the reason for selling your home or property in Northeast PA, selling it for cash has the potential to offer immediate financial relief with relative ease when compared to a traditional mortgage deal.
If you wish to maximize your returns, there are a few simple tips you can follow in order to get a better deal.
Knowing your property’s worth in advance will allow you to consider only the offers that are closest to your desired sale price. Although appraisals aren’t required the same way a lender requires it during a mortgage deal, doing this in advance could save you lots of trouble in finding the right buyer.
Although you technically have the option to sell your property “as is” during a cash sale, you can make small last-minute changes and fixes to your home as a way of increasing its curb appeal. Giving it a fresh coat of paint and adding some landscaping details could help you land a better deal with a relatively small investment.
Finally, finding a reputable home-buying company is essential to ensuring a smooth process while selling your Pennsylvania home.