In today’s market, selling your home for cash comes with a handful of benefits. Furthermore, sealing the deal for a cash offer may be easier than you might think. And you can expect at least one cash offer from a buyer regardless of the location, price, and the house itself.
If you are planning to place your house on the market and are uncertain about selling it for cash, then you have come to the right place. Here, we will discuss in this article, the advantages of accepting a cash offer.
Assurance of the Deal
We all know the irritation of learning the identity of an artificial buyer and the time lost dealing with them. This issue is swiftly removed when it comes to a cash offer. This is because it is much easier to determine whether the buyer is legitimate. This is done simply through verification of their proof of funds.
If you have verified the proof of funds, you can rest assured that the deal will go through to closing.
Faster Process
A cash offer can be completed within a couple of days as compared to a mortgaged offer, which can take up to months at times. Furthermore, even if the buyer has confirmed to purchase the home, they are still required to get a mortgage approval. This is followed by the lengthy process of underwriting.
A cash transaction, on the other hand, can be completed in as little as two to three days. This saves you and the buyer an abundance of time.
Simpler Process
Cash buyers are advised to hire a buyer’s agent along with a real estate attorney. This is to aid them in ensuring that all paperwork is correct and legitimate. There is no lender involved in cash offers that requires thorough appraisals.
The closing of the deal is done with much less reviewing and hassle. If you happen to live in South Carolina, then be sure to check out cash home buyers Greenville.
No Appraisal Gap
In a mortgage deal, the lender typically requires an appraisal of the property, which helps them approve the loan. Since home prices are rapidly rising, appraisals based on comparison with other home prices create an appraisal gap.
This means that the amount the buyer is willing to pay does not always agree with what the lender is prepared to finance. Therefore, a cash offer is in the best interest of the seller and buyer. This is because there are no appraisals, allowing a fair deal on the value of the house.
Fewer Contingencies with a Cash Offer
With a cash offer, another great relief comes in the form of fewer appraisals demanded and normally a rare request for a home inspection. Thus allowing the seller to get their home in the best shape once the deal is looking strong.
Final Thoughts on Taking a Cash Offer
A cash offer may be the best option if you tend to be skeptical. There is almost no risk of a mortgage buyer financing failure especially. The seller can benefit from full cash payment right away, along with a faster, simpler, and much more secure deal.
If you were on the fence about whether to accept a cash offer for your home, then this guide should set your mind.