When Selling Your Home for Cash Makes the Most Sense in Arizona
In a state like Arizona, the level of cash for homes sales and businesses is growing expeditiously each month. Whether due to investor interest & activity or the rising level of new and returning residents, there is a large demand for cash for homes sales. The traditional market is unpredictable and time consuming; a seller never knows how long it will take their home to be sold. With time constraints, financial constraints, or other possible interferences, the traditional market does not work for every seller. This pulls forward further opportunities for those interested in selling homes for cash instead.
When looking into opportunities for how to sell a home, there are two big choices. Of course there is the traditional market, or selling a home for cash.
Traditional Market Sales –
- Homes on the market are bought by homebuyers often with mortgages
- Process includes listing with an agent, staging the home + repairs to home, showings of the home every week or month, home appraisals, underwriting, and further financing
- Potential for a higher sale price, and more power to negotiate the price
- Slow, time consuming, with high potential for deals to fall or fail
- Seller must pay listing agent at least 5% commission, and buyer agent at least 2%
Cash for Homes Sales –
- Cash for homes are purchased by investors or individuals who have the funds ready
- Process includes quick offers in a couple days or less, fast closing within weeks, fewer repairs needed as property is often sold just as it is, and no possible financing contingencies
- Fast closing with an easy & simple process, less stress for the seller, no agent commission or fees, and a great option for homes in need of updates or maintenance
- Although properties are sold for less than what would be on the traditional market, properties can be sold as is
In Arizona, there are many common situations where having a cash sale may work best for the seller. Inherited or probate properties are a popular one, as families who have inherited homes do not want to deal with the maintenance, showing, or listing process. The same goes for those who have vacation homes or snowbird properties in Arizona. The process of listing on the market can take up an extensive amount of time, and when a property needs a heavy amount of maintenance, it can take even longer with more expenses to get a home on the market and sell it. The cash for homes option removes the need for repairs and excess expenses completely, allowing the home to be sold as is. When a property is in foreclosure or pre-foreclosure, a solution is needed fast. Cash for homes allows for a quick process that moves faster than any home being put on the market. Similar goes for those dealing with divorce, or relocation. We can get your home assessed and closed more quickly than any market closing.
Arizona homes that reside in a desert environment are a great choice for cash buyers as they often have less landscaping costs and upkeep. Most homes with desert landscape and environment hold lower utility costs, as much desert botany is drought tolerant and often, trees are placed on the property where the sun is blocked out during the intense months. Homes that belong to an HOA are also great for cash buyers due to the managed maintenance and standards that most HOAs apply. Most homes that reside within an HOA contain a better structure whether in how they are physically built, upkeep of landscape, and often a predictable environment. Arizona also contains many neighborhoods with older homes. For example, many of the homes in Sun City were built during the 1960s with the original structures remaining. Not limited to the West Valley, the whole state of Arizona boasts many neighborhoods of older homes, even built pre-1960. Older homes are great for cash buyers as they often need “desirable” repairs for cash buyers, while residing in desired, high-sought out locations.
When looking at the pros and cons of cash buying, there is a handful of each. For starters, the main pro of cash buyers is the speed and certainty of the sale. The seller knows that once they agree to it, their home is going to be sold for cash. The close will happen within days or weeks, without rising interest rates or waiting for further approvals or appraisals. The sale can happen without staging the home, extensive cleaning, and no showing the home to strangers is necessary. Absolutely no commissions are taken; whatever the seller agrees for a final price, is what they get. For older homes, distressed homes, sellers looking for a fast sale, or those tight on time, this is the perfect opportunity. The cons of cash buying are as expected. The biggest one, lower cash offers, can be a blow to some looking to make more for their property. Offers reside on average, 8-15% lower than market value, which is the compensation for the quick sale and convenience of cash buying. There is much less competition with home bids, unless the seller asks multiple cash buyers for offers or bids. Finally, when looking to sell your home for cash, expect a decent amount of work to do regarding choosing a reputable cash buyer. That is, if you don’t choose Quick Cash Homes. With five-star reviews across the internet, we are one of the highest rated cash home purchasers in the state of Arizona.
Deciding if a cash sale is right means putting the convenience and quickness of a cash sale versus listing on the market for max. price to the test. Cash sales are truly a wonderful option when faced with an urgent move, an inherited home, or when your home needs a great deal of maintenance. Being able to sell your property as-is continues to draw in an extreme number of sellers. In a market where speed is never assured, selling cash is a fantastic option. If a seller wants to make back the most maximum profit available, listing on the market is your best choice. That is, if one can take the unpredictable amount of time the listing takes.
Although every seller is different, cash for homes is a splendid alternative to the passive amount of time selling on the market can take. Selling your home for cash does make the most sense when you are strapped for time or cash; your home needs extensive repairs, or if you are facing foreclosure. Give us a call at Quick Cash Phoenix today to see how we can help you in your home-selling journey.
How the Cash Buying Process Works in Arizona
When the time comes to sell a property, not always do sellers consider a cash buyer option. The process is still fresh in many areas, but in Arizona, it has been around for quite a while. A cash home purchase consists of the property being sold as-is, slightly under the market value, in exchange for the speediness and simplicity of a cash home purchase. With a cash home purchase, selling the property as-is, the seller does not need to add excess expenses for maintenance or repairs on the home to sell the property. Cash transactions for homes are very common in Arizona, whether investors are looking for a new project, inherited homes, quick relocations, divorces, or properties that are run-down or distressed. Above all, cash home purchases boast a promise of fast and simple, no-financing-necessary processes.
This guide is geared towards homeowners, sellers, and buyers who want to learn more about the significance of the cash home purchase process and how it works, specifically in Arizona, but this knowledge can be applied as well across the states.
Now, what does buying a home with cash mean? Well, with no mortgage or lender involved, the process is simple. A home assessor will come out to your home and check it out, leaving the seller with a price bid by the end of their visit. At Quick Cash, our home assessor, John, is our investor as well. With the price you are given, it is the amount you will receive at closing with no hidden fees, commissions, or costs. As traditional home sales involve mortgages, agents, inspections, and repairs, for a seller, the traditional process may seem as if it is too much. Especially when a seller wants their property to be gone as soon as possible. Although the traditional market leads to making closer to the maximum value on the property, commissions and excess costs still hang over head of the final amount the seller will walk away with. Within a cash home purchase, the buyer will pay the full price upfront with proof of the funds shown to the seller. There is no lender involved in the process. The whole process itself remains in a streamline with faster closing, and fewer contingencies and of course, no hidden fees or costs with closing. Cash home purchases can sound too good to be true sometimes; which can lead sellers to fall through common misconceptions.
Many think that all cash home buyers are scams or shady people, offers are lowball prices, or that the process is not nearly as professional as the traditional market. The truth is, when dealing with a legitimate cash home purchase company, they will always offer the seller a fair, honest, and transparent deal. Honest cash home purchase companies will never ever act towards a seller fraudulently, or through dishonest practices. Although the cash purchase process is extremely different from the traditional market, it does not mean that the cash purchase process is any less professional. Another post we’ve written has each step of the cash home purchase listed and explained in detail.
One of the big questions we always get is, “how long does a cash sale take in Arizona?” For starters, a typical cash closing timeline can be anywhere from 7-30 days. At Quick Cash Pheonix, we pride ourselves on our “same-day cash offers and 7-day closings for Arizona homeowners.” In some cases, there are factors that can either speed up, or delay the closing process. With title issues such as unpaid debts, liens, or other disputes, problems with major inspection or repairs, or paperwork errors, any of those factors can disrupt and slow the closing process. On the flipside, a sparkly clean title, absence of contingencies, and good inspection or maintenance notes can speed things up greatly. A clean title and organized responsive parties are key to getting through the closing quickly. In comparison to financed transactions from the market, cash home purchases are able to finish at least double or triple the amount of time that financed transactions take.
Overall, the benefits of cash buying in Arizona are plentiful. Guaranteed fast closings, no lender delays, no hidden closing costs, the benefits are wonderful for those in a time or money crunch. The only real downsides include offers below market value and confirmed secure fund transfers, making sure that there is legitimate proof of funds. The cash buying process is extremely simple, with an emphasis on its simplicity, certainty, and speediness. As long as a seller is alright with offers slightly under market value, cash home purchases are a fantastic choice. If you are interested in selling your home for cash in Arizona, give Quick Cash a shout. Let us see what one of the highest rated Arizona home buyers can do for you.