Most homes are sold with the help of realtors. Most does not mean all. Many homeowners choose to market their property without the assistance of a realtor. So, in a quick answer to the question posed in the title: yes, Utah laws allow owners to sell their homes for cash.
Some realtors may require homeowners to negotiate or otherwise work through a realtor for selling a home. This is mostly in regard to handling paperwork and covering the cost of fees. Just because a realtor decides to preclude herself from negotiation because the seller lacks a realtor does not mean a realtor is required by Utah law.
Realtors typically charge a commission fee anywhere from 4-6% of the price of the sale. Typically this means the more the house sells or is purchased for, the higher the commission rate. It seems a bit paradoxical. For this, and perhaps a myriad of other reasons, homeowners may want to skip using realtors.
Owners listing a home “as is” may find other struggles in selling. Many houses in Utah, particularly old ones, have defects that affect the price. An old furnace or patchy walls may drive away potential buyers or could cause prospective buyers to offer a low-ball offer. Sales may be more likely to fall through resulting in discouraged owners.
Selling a house to a cash buyer becomes a very appealing solution. Exchanging a home for cash doesn’t necessarily mean the owner is going to walk away with a briefcase stuffed with Benjamins, more that the buyer is offering the full value without the need for financing. This eliminates the headache of working with banks when the buyer is trying to finance the home. It is a perfectly legal practice and is done frequently in the housing market.
Cash buyers not only save owners from the drudgery of working with realtors and financing institutions, but they also offer a quick way out of all the work that goes into appraising based on the current Utah housing market, inspecting, or otherwise preparing a home to be purchased. Though these can be done well enough by the owner herself, these are costly and time-consuming tasks. An owner may choose then to hire out a realtor for selling and risk in taking a lower profit or sell to a cash home buyer knowing she will not have to worry about being taken advantage of by real estate agents.
Joe Homebuyer Utah Region is the team you need if you’re looking to sell a Utah home for cash. We can give you an all-cash offer, no matter the home’s condition.