Top 5 Benefits of a Cash Purchase Program
Hey, guys. We all get that call every once in a while. It’s the seller that needs to sell quick but doesn’t want to give their house away. Here are the top five benefits on why every agent should also be an investor and have a cash purchase program. I’ll start by letting you guys know the story of this house.
This house was interesting. Same situation. It was a person that could not continue to make their payments. Was behind on the mortgage. Was actually getting ready to get sued by the H.O.A. and completely lose the house and completely lose their equity as well as ruin their credit. Now, they could have chosen to list it, and they did. They hired another agent, but when they listed it with another agent, that agent was not able to sell it simply because the house needed way too much work and needed everything to be nearly torn down.
So that agent was not able to bring the right result and therefore ended up calling someone else. That’s when I came in. And what was happening in the process of that is that this client had to understand that there was benefits to selling cash, that she just hadn’t been explained before. Here’s what those benefits are. And by the way, it usually isn’t price that most of these folks are looking for.
When you have someone that says, I need to sell quick and here’s my situation, it’s not just necessarily price that you want to discuss with them. It’s the following five things:
Number one, it’s time. You see, she was out of time. We need it to close in the next ten days, not in the next 45 days, like most contracts do. And that’s what we were able to do here. And that’s why this house was able to sell. Otherwise she could have just lost it.
Number two, flexibility. She was in another state. She needed time to sell the house, pay off her debts, come back, stay here for a month, take her stuff out. All of those items were able to be accomplished by being able to work with someone that understood the market and give her the right offer. Flexibility was key in this situation.
Number three, one showing. Look, selling your house is difficult. Imagine when you’re the seller and you have two people, three people, sometimes ten people walking through your house on a daily basis. It interrupts your life. It interrupts everything you’re doing. In this case, we did one showing all of the investors that were going to be making an offer came through here. We got her the top offers and she ended up choosing the ones she liked best.
Closed remotely is the next part, and that’s part of flexibility. But more importantly, it’s also using technology because even though she couldn’t be here, we were able to have someone meet her at her house in another state, get everything signed, notarized and was able to close that way.
Last but not least, when you sell a house cash, one of the best, one of the top benefits is that there are no contingencies. You see, selling a house typically means that the buyer is going to do an inspection and is going to come back and ask for items to be repaired or funds in lieu of repairs, or that there’s going to be an appraisal in when a house is in shambles, it needs a lot of work. Sometimes those appraisals just simply don’t work out for the banks.
Not to mention that the banks don’t like to take that much risk when it comes to lending money on a house that needs so much work for that. We’ll cover that in a separate video and we’ll teach you how to use banks money to do this type of work.
But to get to the point, we have time flexibility showing closing remotely, using technology and having no contingencies as a top benefits of being able to sell a house cash versus listing typically with an agent. Now, if you have any questions on how that may benefit you as a seller or how you as an agent can benefit from having a cash purchase program in your back pocket.
Reach out. My name is Alan, Broker and director of White Picket Realty. We’ll see you guys next time.