People sell their homes for a variety of reasons. Sometimes, they’re simply upgrading, downsizing, or moving to a new city. But other times, they sell because they need to liquidate and get the equity out of the house right away. And while real estate is generally a good investment, in some situations, selling, and selling quickly, can be a good move financially.
A traditional home sale can 30 – 45 days, or longer. But when you sell your house for cash, you’ll have money in hand almost immediately, and there are circumstances where it makes sense to take advantage of this option.
Job loss
Right now, the unemployment rate in the U.S. is at an all-time high. As our country struggles through a global pandemic, many businesses have closed down, some permanently. And while there is a light at the end of the tunnel, with jobless rates dropping slightly in recent months, we are still well-above pre-pandemic levels.
If you’ve lost your job and know that it may take some time to find another, or you get offered employment in another city, selling your house for cash might be the best way to keep yourself financially solvent. Rather than depleting your savings to make a house payment, you’ll be able to use that money, along with the cash you take away from your home sale, to keep your finances stable as you start a new job or career path.
Divorce
Divorce, which is often emotionally devastating, can be financially devastating as well. Between lawyer fees, child custody, or just trying to divide up joint property, it’s a lot to deal with, regardless of how amicable the overall split might be. Making the decision to sell your home for cash can streamline things, and both parties will be able to get their equity out of the house and move on quickly.
Rather than having to go through the process of putting the house on the market, dealing with realtors, buyers, mortgage lenders and all the potential pitfalls that go along with selling a home, selling for cash means one less worry.
Looming foreclosure or bankruptcy
As most of us know, when your home is foreclosed on, your credit takes a big hit. After foreclosure, it’s not uncommon for even the best credit scores to drop by upwards of 100 points, which can take years to rebuild. The same goes for bankruptcies. What sounds like a solution to mitigating your outstanding debt can turn into a long-term credit nightmare and prevent you from qualifying for any kind of new credit, much less a mortgage, for years.
Rather than allowing your home to sink into foreclosure, or filing for bankruptcy, selling your home for cash is a real and immediate solution. You can pay off your mortgage and cash out your equity, all without marring your credit or ruining your chances of future home purchases. Your cash proceeds can help you start over, and you’ll be able to do so without waiting for a potential sale to go through or dealing with the foreclosure process.
Your house needs a lot of repairs or improvements
Upgrades and repairs are often expensive, which is why many people tend to defer maintenance or avoid making improvements to their home. When it comes time to sell, most buyers will want to have a professional home inspection before closing, and those inspections often unearth a multitude of needed repairs.
When you sell your home for cash, you’re able to sell it in “as-is” condition, which means you aren’t shelling out extra money on repairs or maintenance issues. You also don’t have to worry about cosmetic improvements like painting or putting in new carpet, all of which can be both time-consuming and expensive. You’ll be able to walk away from your old house without having to deal with any of the potential repair issues that come with a traditional sale.
Family emergencies
It’s impossible to predict when a family crisis might arise. Whether it’s an accident, illness, or some other unexpected event, an emergency of any kind can be frightening, not to mention financially stressful. When you have to worry about money during a family emergency, it only compounds an already traumatic situation.
Health issues or unexpected disasters can make a quick mess of your finances, but if you sell your home for cash, you’ll be able to get what could be much-needed money in a short amount of time. Being able to concentrate on dealing with the emergency without worrying about where the money will come from can be a huge benefit to you and your family, and selling your home for cash can help give you peace of mind.
No matter what your own situation might be, there are plenty of times when it just makes good financial sense to sell your home for cash. Clear Sky Properties can offer a quick sale, putting that cash in your pocket and giving you the chance to move forward, without leaving your finances in tatters.