Are you a homeowner? Are you considering the benefits of all-cash offers?
Today’s real estate market is booming in many places. And if your house selling strategy pays off, you could have a healthy supply of funds that you can use to make the next important investment in your life.
If you’ve got several different offers, and one of them is a cash offer, should you take it? How is a cash offer better than a traditional one?
Let’s take a look.
What Are All-Cash Offers?
While most buyers go to a bank or other lender for the funds to purchase a home. This means that the sale comes with a financing contingency. So if the buyer cannot secure the money to buy your home, they can cancel the sale and you will have to return their downpayment.
In a seller’s market, such as the one we’re seeing today, many buyers will tell sellers they will pay through an “all-cash” transaction. This means they are willing to walk away from the deal if it doesn’t go through. This includes any cash they put down as a deposit.
A buyer who makes an all-cash offer with a good downpayment is the strongest type you can accept. Â
1. Quick Closing
While selling your home for cash can be exciting, all of the steps and paperwork can be a real drain on your time and finances. However, selling homes for cash offers a different timeline.
Underwriting a mortgage can take anywhere between 30 and 60 days. This process can take even longer if your buyer is missing paperwork or has a change to their financial situation.
A cash sale, however, can go through quicker, getting you to that closing table in no time. In many cases, it will take you only around two weeks to close.Â
2. Lower Risk
A cash buyer offers you the biggest assurance that your deal will go through. The money is readily available, so there’s little chance that you could be tied up with a deal before you realize it isn’t going anywhere.
If you’re looking for the security of knowing that your home is sold, look no further than a cash buyer. You can begin thinking about your new home or investment without concerning yourself with current problems.
3. Skip The Appraisal
If you’ve got a cash sale, no appraisal is necessary. This is why people are always happy to get cash for cheap houses for sale.Â
When you get a home appraised, you’re having its value assessed by a neutral third party. They are used in most home sales because it helps the buyer’s financial lender to reduce their risk.
With a cash buyer, you can skip the appraisal step, which will save you time and headaches.
4. Less Negotiating
Many folks aren’t great at negotiating, but they choose to sell their home themselves because they want to save themselves money in real estate fees. In today’s seller’s market, a home in a desirable neighborhood may sell itself.
If you aren’t good at working with buyers to find the best price, an all-cash offer might be the answer. You can simply accept the offer and get right to the process of turning your house over to someone new.
5. Cut Back on StressÂ
There’s no doubt that selling your home can be a stressful time. Putting things in storage for showings, making necessary repairs, deep-cleaning your home on a regular basis can really lead to burnout.
A failed sale can also really pile on the stress, and financial problems are the main reason this tends to happen. Nothing is worse than thinking you’re about to sell your home and move on with your life, only to realize you’ve got to start the process all over again.
If you want to greatly reduce your stress, go with a cash offer on your home.
6. Save Money On Repairs
Inspections can often bring up repair problems that a prospective buyer may request you to fix before they close on the home. They could also require you to reduce the sale price so they can pay a repairman.
With a cash buyer, you simply sell your home as-is. This can save you money, time, and anxiety.
7. Move In A Jiffy
Sometimes, life is complicated and you need to get out of your home as quickly as possible. Maybe you were transferred to a different city or you’re getting a divorce. You could be getting married or want to take advantage of a renter’s market.
In any case, staying where you are can cost you in a lot of ways. If you’re in a hurry to move on, an all-cash offer can be the answer to your problems.
8. No More Showings
Home showings can really complicate your life. Maybe you’re tired of throwing clutter into your car and getting out for the day every time someone looks at it. Or perhaps you have kids or pets and cleaning up after them every time you show has become a back-breaking task.
Accepting an all-cash offer means all of that is behind you. You can rest easy knowing that you can continue living your daily life without the worries of strangers in your home.Â
Moving OnÂ
If you’re looking for a great deal on your home, you can’t go wrong with all-cash offers. They can make your home sale fast, easy, and reliable.
Don’t stop getting smart about real estate now. For more great real estate advice, read our blog today.
