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Traditional sale vs. cash sale: Which is right for you?

If you’re thinking of selling your home, there’s likely a good reason you’re considering the change. Maybe you’ve received an offer to move across the state or country and it’s time to sell your home. It could be that you inherited a home that needs significant repairs. You may even simply want to move fast. No matter the reason, it’s a good idea to think through a traditional sale vs. cash sale to see which may be right for you.

Selling a home isn’t just a financial decision. It’s a life decision, too. Therefore, you have to think through the options that are right for you. Both options serve different types of needs and sellers. And because there’s no one-size-fits-all way to sell your home, it’s helpful to find the one that best fits your needs. Here’s what you should know to help you make an informed decision.

What is considered a traditional home sale?

When most people think about selling a home, their minds automatically go to what is considered a traditional sale. In this scenario, you typically meet with a real estate agent to list your home through the Multiple Listing Service (MLS) system. To get your home ready to sell, you prepare the home by making necessary or recommended repairs, decluttering, cleaning, and staging your home.

With a traditional home sale, you may have open houses. You’ll need to have your home available for showings. You may need to negotiate to sell. You’ll also be dealing with things like inspections, appraisals, and contingencies. And you’ll be waiting for the buyer to finalize their financing. This can take anywhere from 30 to 60 days or more. And while sellers usually hope they’ll get top dollar for the home, you’re still at the mercy of what a buyer believes is valuable in the home. In addition, you’ll be heavily involved in making sure the home is clean, prepped, and ready to go. And that’s all after you get an offer. A home may be on the market for a few weeks prior to an offer, not including the time you invest in getting it ready to go.

If any of this sounds less than ideal for your situation, you may want to consider whether a traditional sale is right for you or if it’s time to think about going the cash route.

What is a cash sale?

As the name implies, a cash sale means you sell your home directly to a cash buyer. There’s no lender involvement, which means you aren’t waiting to receive approval from a bank on a loan. Typically, the property is sold as-is, with no inspections or contingencies involved. That means no repairs or cleaning are required. There are no showings. You won’t have financial delays. And you can close in as quickly as 7 to 14 days.

The great thing about a cash sale is that it’s an easy way to move forward when you’re ready to sell. In the case of Sold It In A Snap, all you need to do is get in touch. The Sold It in A Snap team will come by to do a Comparative Market Analysis, which ensures you receive a competitive cash offer for the home. The good news is that you aren’t locked into a cash sale. You can either choose to accept the offer or decline it. The choice is up to you.

In this case, a cash offer can be fast, easy, and give you the certainty you need to determine if a cash sale is right for you.

How to choose what’s right for you

Keep in mind that there’s no right or wrong answer as you think through whether to choose a traditional sale vs. cash sale. But there are ways to think through the right choice for your needs.

For example, a traditional sale might be right for you if you have time and flexibility. Often, with a traditional sale, you can maximize your sale price. That’s especially true if you’ve invested a lot of time into your home and it’s move-in-ready. Also, if you’re comfortable with showing and negotiations, a traditional sale may be the way to go.

On the other hand, a cash sale is beneficial in specific scenarios. For example, if you need to sell quickly and don’t have time to make updates or stage it, or if the home needs major repairs, a cash option may make more sense. Another situation that is great for a cash sale includes receiving a home as part of an inheritance. If you’re ready to move on and don’t have it in you to prep the home for sale, cash may be the best option. If you’re falling into foreclosure or need to relocate quickly, cash is another good option for you. With a cash sale, you trade certainty and simplicity for that top-dollar pricing that can come with a move-in-ready home.

How a trusted real estate agent can help

The great news is that you aren’t locked into one specific choice unless you are ready and agree to it. In fact, it’s feasible to explore both options when you work with a trusted real estate agent. Sold It In A Snap is part of The Jim Allen Group, which means you will have access to a professional real estate agent. And while you may start by looking into a cash offer, the agent may present you with what both a cash and traditional offer might look like for you.

As you weigh the pros and cons of a traditional sale vs. cash sale, keep in mind that the best decision is the one that fits your goals — not the goals of someone else. Fortunately, both selling methods are legitimate ways to sell, and the right choice just depends on the time, condition, and priorities you’re setting for yourself.

If you’re unsure which path fits your situation, talking through your options can help you move forward with confidence. Get in touch to talk to an agent or fill out the Sold It In A Snap form to see what your home might be worth.