Selling a property for money eliminates a lot of lengthy, stressful & upscale complexities.
A money sale is hassle-free, quick & beneficial. Compared to the particularity of a traditional listing, a money deal isn’t going to fall through. There are fewer hurdles to get past. There is no mortgage contingency, because the patron doesn’t need to take out a loan. Eliminating the bank makes a big difference. The bank is reluctant to provide funds if there is reasonable collateral to cover the loan. They require a thorough apartment inspection, ensuring that the roofing system, electrical system, plumbing system, heating/cooling system, appliances, septic & foundation are sound. The inspector verifies the health & safety of the living environment. Anything from an unpermitted renovation to identification of pest infestation or mold can undermine the results & qualification for funding. In most situations, the bank demands a list of repairs. That’s when the haggling begins. The patron will either ask the seller to take care of the repairs at their own expense or to lower the sale price to cover them. Either way, the seller is losing a share of the profit they hoped to make. After months of showings & open-houses, it’s possible for the deal to fall apart because the seller & patron can’t come to an agreement. Once a compromise is reached, there is still a great deal of paperwork to complete. There are also expenses such as the realtor’s commission, appraisal fees & closing costs. A money sale greatly minimizes the investment of both time & money. When I sold my Jacksonville home, I contacted a smaller money apartment buyer. I liked that the company is family-owned & local. They’ve been buying homes in the park for nearly twenty years.