When selling their home, a common question many sellers ask is: What’s the difference between a Realtor and a cash buyer? A real estate agent most typically refers to an individual who works through a broker to facilitate the sale of your house. In contrast, a cash buyer purchases your home directly, with no middle-man facilitating the transaction. Of course, one option may be more beneficial to you than the other — especially if you want to sell your house fast. It’s therefore essential to weigh up the pros and cons of each.
In this article, we’re looking at the difference between a Realtor and a cash buyer and why a cash buyer is almost always the best choice!
Realtor vs. Cash Buyer Costs
Real estate agents provide a service to sell your home, typically for a percentage of the total sales price. For most of the US., real estate commissions cost the seller anywhere from 5 to 6% of their agreed sales price — this does not include other closing costs such as the title search and applicable taxes. This means that on the average US sales price of $308,220, approximately $18,493 will go towards real estate agent commission.
Cash home buyer has all the benefits of a real estate agent but with no commission costs involved. This is because the cash buyer buys the property directly from you, making it easier to sell your house fast and for the best possible price. Thus, if you are looking for a way to sell your house without paying 6% of your sales price in real estate commission, this option is a good one to look at.
Realtor vs. Cash Buyer Speed
When you sell your home through a real estate agent, you agree to list it for sale on the open market. This sales process requires you to find a buyer, navigate their financing, and eventually close. It typically takes 45 days to close on a house sale if you accept an offer immediately. Of course, this doesn’t take into account any potential inspection or appraisal issues.
As a seller, you’ve probably heard that a cash offer is often the preferred method of purchase. Cash buyers can usually close on a home faster and more efficiently than someone with a lender involved. In fact, cash buyers can typically close in less than 14 days! This is because cash buyers are not dependent on a lender to approve their financing, which often translates to a smoother and faster transaction.
Realtor vs. Cash Buyer Ease
If you’re looking to sell your home fast and make the transaction as easy as possible, then a cash buyer is likely your best option. Most cash buyers are willing to buy your home as-is. This means that you don’t have to worry about making expensive repairs to your house or fixing problems that would otherwise turn off potential buyers. You can also avoid the hassle of coordinating showings and negotiating with buyers and their agents. In addition, since there are no financing contingencies, a cash offer typically closes faster than a realtor facilitating the sale.
Learn More About Selling Your Home
Do you want to sell your home fast to a cash buyer? To learn more about selling your home, how to navigate the real estate market, and achieve the best price possible, check out our other Your House Gurus blog posts for sellers.
