Selling your home off-market without a Realtor offers some unique benefits. Let’s take a look at what they are:
- Save on Realtor fees. Here in Pittsburgh, they are typically 6-7% of the sale price. The seller pays for the brokerage representation out of their proceeds from the sale.
- Reduced closing costs. Transfer taxes and legal fees are calculated on a percentage of the sale price.
- Less strangers in and out of your house. Fewer but more serious buyers will set up a showing.
- Leverage in negotiating. Use this position to your advantage by reminding buyers that your home is “pocket inventory.”
- Get paid faster. People who pay cash can and want to close faster than people who finance their purchases. Most financed transactions today take 40+ days to close.
- No contingencies or concessions. Seller beware! If you are eager to sell and get paid soon, cash buyers will typically not have contingencies, concessions, or ask for seller assist (closing cost assistance). The majority of financing buyers will have these loaded throughout their contracts. They will dramatically eat away at your profit, and cost you a lot of time.
- Financially secure buyer. A cash buyer is more likely to close. They usually have the money in their bank account when the offer is made. Financing buyers have to play by the bank’s rules, ensure they meet timelines for inspections and appraisals, and keep their credit score healthy until close.
- No inspections or appraisals. A Cash buyer will often not do an inspection or appraisal. This means less strangers in and out of your home, plus fewer excuses to back out of a contract.
- Leave any items in the house. Cash buyers will let you leave big and small items behind after closing. Save money, time, and physical exertion. People who finance will almost always want the home perfectly clean and empty.
- Make no repairs. Cash buyers can buy as-is, and most financing buyers cannot. It is mandatory per their lender that the home be in above average working order.
- Pay zero closing costs and avoid seller assist Closing costs in Pittsburgh cost an average of 4% on each side (buyer and seller). Often times, cash buyers will offer to pay for your closing costs. Cash buyers will typically not ask for seller assist, which is when the buyer has the seller pay for both buyer and seller closing costs.
- Seller picks the closing date. PGH Property Buyer lets the seller choose the closing date. If financing, the buyers will need you out on their desired day of closing.
If you are thinking of selling your home and that a cash as-is transaction is for you, then contact us at PGH Property Buyer. We will offer you all of the above benefits and more, plus make you a fair cash offer for your home.
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