Are you overwhelmed by the idea of selling your house? If you’re like most Vermont sellers, you’re probably not only overwhelmed but also worried about the time and effort it will take to sell your home. Even preparing your house to be listed includes staging, cleaning, and completing repairs and upgrades.
Maybe you’re not sure if you will be able to find a good Vermont realtor to work with or if you’d prefer to sell by owner. Perhaps you’re feeling overwhelmed about the possibility of the sale taking way too long or experiencing some financial pressure over the costs associated with selling a house.
The good news is that there is an easier way. Getting a cash offer on your home provides several advantages over a traditional sale, like speed, cost savings, reduced time, and most importantly, lower stress.
But what are the benefits of selling a house for cash in Vermont? Read on to discover why an all-cash offer is better for you!
Why Should You Sell A House For Cash?
What is Selling a House For Cash?
To begin, you’re probably wondering what is selling a house for cash? How is this different than selling a home the conventional way?
Selling a house for cash is simply a sale in which the buyer offers the seller the full amount for the house without using financing, such as a home loan. When a buyer has enough funds to buy your property outright, you can easily avoid several lengthy and costly steps common with traditional home sales.
The noticeable difference is the ability to avoid the many contingencies that can be risky for both the seller and buyer- which is why so many people prefer cash sales. Selling a house for cash is also quicker, easier, and involves fewer obstacles. Since homebuyers are using cash, they don’t have to worry about dealing with bank financing and contingencies, which is also a massive perk for home sellers.
Another difference between selling for cash and conventional home sales- there is no requirement to obtain an appraisal. Since the homebuyer doesn’t have to be approved for a home loan, there is no need for an appraisal to determine the property’s value in order to satisfy a lender.
Because there are so many advantages to selling a house for cash and buyers paying in cash, this has become a more common way to sell a home in Vermont.
How Do You Sell a House for Cash in Vermont
To sell a house for cash in Vermont, you’ll need to first find out who the cash buyers are in the area. Typically these are the types of buyers that can pay in cash:
- Someone who has recently sold their home and needs to reinvest the proceeds into another residence.
- An investment company or a real estate investor who wants to invest in properties in Vermont.
- An iBuyer (instant buyer)
- A local cash home buyer
- A house flipper
The good news is that since the buyer is paying in cash, usually serious repairs and renovations are unnecessary. A lot of the buyers listed above purchase the property intending to fix it up for resale.
Once you narrow down your search and figure out who you’d like to work with, you would just contact them. The nice thing is the cash offer can take place at any time, in any scenario, and in any transaction.
Things to Consider Before Selling Your House for Cash
As exciting as it is to sell your house for cash quickly, you’ll want to consider some factors during the process. The steps to sell a home to a cash buyer are not as simple as they may seem. To help make the entire process run smoothly for you, make sure you consider the following factors.
- The Motive for Selling your House for Cash
Why are you selling your home? This is the first thing you should ask yourself before you start looking for a buyer. Why is this important? Because understanding the motive behind the sale is important in making the whole process run smoothly.
For example, if you’re putting the house on the market because you’re dealing with financial hardships or getting behind on mortgage payments and need quick money, you will have to look for a cash buyer who can close fast. However, if you’re not really in a hurry, you should take your time and learn about the market for your area. This will help you in choosing the right cash buyer and make a good deal.
- Figure Out How Fast
Like many home sellers, you are selling a home to a cash buyer because you want the cash as quickly as possible. You should ask the home buying companies you’re interested in working with how long it will take to buy your house. They should buy your property within an average of 21 days. Or be willing to work with a time frame that’s good for you.
If the company you’re dealing with takes any longer to buy your house, find another one to work with. Reputable home buying companies such as Burlington House Buyers will buy your house within 14 days or even less. Take a few minutes and learn more about Burlington House Buyers.
- Find Out Who You’re Selling To
Anyone can buy your house, but you’ll want to sell to a company that’s familiar with this complex process. You’ll want to do your research and thoroughly learn about the company buying your home. Getting answers to these questions will help you find out more about the home buyer you’re working with:
- How long have they been in business?
- How is their reputation?
- Do they have positive client reviews online?
- Are they a BBB accredited business? (Burlington House Buyers is BBB accredited!)
Knowing more about the home buyer and their company will help you decide if you should do business with them or not.
- Make Sure Things are Done Legally
Since you’re selling your biggest asset (more than likely), you’ll need to be extra careful that things are done legally. Buying and selling a house involves paperwork and signing documents- so make sure you familiarize yourself with the legal requirements surrounding the sale. If you’re ever unsure about how something sounds in the paperwork or would just like a second opinion, hire an expert who has a better understanding of the Vermont real estate laws. Having an expert’s help will ensure the entire process runs smoothly and successfully.
- Get Everything in Writing
Selling a house for cash in Vermont should not be done verbally. Verbal agreements are not reliable and could impact the deal. It would be best if you always got things in writing. Just make sure, though, to be careful signing agreements. If you’re unsure about anything, ask questions. The home buyer you’re working with should be transparent and not put off by answering questions that concern you. If they are, it’s probably an indication that you shouldn’t work with them.
- How is the Cash Value of your Home Evaluated?
You’ll want to find out how the company you’re working with will calculate the cash value of your home. Below are some of the factors they consider:
- The number of repairs needed to make your house marketable
- The overall condition of your home
- Your home’s location and the value of other properties in the area
- The amount of time and money it will take to make the improvements
- Additional costs such as taxes, insurance, utilities, and holding costs.
Regardless of the factors a company uses to figure out the cash value of your home, make sure the cash value they are offering is fair and reasonable.
- What Does the Process Look Like?
People choose to sell their house in Vermont for cash because there isn’t a long, complex buying process. A simple home buying process reduces the potential for challenges to arise.
So you’ll want to ensure you’re dealing with a company that has a simple and easy-to-understand home buying process. Burlington House Buyers has a very easy home buying process, which involves only three steps to begin, which you can learn about by clicking here.
What are the Benefits of Selling a House for Cash in VT
The benefits of selling a property for cash go beyond selling your home fast and without repairs. Here are a few more advantages to selling a house for cash in Vermont that may be helpful for you.
- Fast Closing
You already know about this one by now, but it truly is a huge benefit when working with a cash home buyer. Cash sales take less time to close, which is ideal in situations where you’re facing foreclosure, bankruptcy, financial hardships, or just need to move quickly for a new job.
In traditional sales with bank financing, the mortgage has to be underwritten, which can take from 30 to 60 days- leaving a lot of time for things to happen or change. Several factors, including the buyer’s financial situation, vary between pre-approval and loan finalization, making the sale fall through. Instead, with a cash-only transaction, the risk of the deal falling through is reduced because they are not subject to mortgage underwriting and loan approval.
- Reduced Stress
While researching what goes into selling a house, you’ll soon learn there are plenty of hidden costs and that it’s quite a stressful process. There are a lot of things you’ll need to do to sell a house in Burlington, including making repairs, updates, cleaning, declutter, and staging the home all before listing.
Furthermore, you will have to find a good real estate agent or learn how to sell by owner; deal with the appraisal and inspections, and keep your home spotless for showings and open houses. All while anxiously waiting to get an offer and hoping you’ll get a return on your investment.
There could be several reasons you want or need to sell your home quickly, but, understandably, you prefer not to draw out the process. Regardless, a fast home sale reduces the amount of time and stress that’s very common with traditional home sales.
- Savings on Repairs
If it’s been a while since your home has been updated, or you have a long list of repairs to do around the house, that can be overwhelming when you need to sell your home. Traditional home sales include a home inspection which points out necessary repairs that need to be made. Either the home seller must pay to fix the issues or lower the home’s asking price accordingly.
In a cash home sale, you simply sell as-is, ultimately saving you a lot of money on repairs and upgrades. This is extremely helpful because most repairs don’t result in a full return on your investment, and best of all, you don’t even need to clean, declutter, or stage.
The benefits of selling your house for cash are pretty awesome, which is why a lot of homeowners are turning to this type of selling strategy. Because the process is quicker and contains fewer uncertainties, it makes sense to work with a local home buyer.
If you’re interested in selling your home, getting a cash offer is really easy. As you’ve seen, cash sales include a number of benefits, from faster offers and closings to lower costs and less stress and uncertainty. If you’re interested in exploring the advantages of a cash home sale in Vermont, contact Burlington House Buyers to learn more today.