Cash sales for houses are becoming more and more popular these days, especially with all of the iBuyer and "We Buy Houses" companies that are in every city. While cash sales have declined somewhat in the last year, they still hover around 20% of all home sales nationwide. So are there really any benefits to accepting an all cash offer for your home? Lets take a look.
The Two Main Benefits Of Selling For Cash
If you have ever sold a home before with a regular buyer that gets a loan, you know the entire process can be a real headache. The first and biggest being that the buyer may not be able to qualify for a loan. We have seen it before, even with a pre-approved loan. The buyer may have already been pre-qualified, then moves onto the next step and is pre-approved, but does something like gets another credit card, or buys a new car. Anything that can potentially effect their credit while they are trying to purchase a home can make the sale fall through, and maybe at the last minute. With a cash buyer there are no loans, banks or mortgage companies to deal with.
The second benefit is that since there are no loans, there are no appraisals. If your property doesn't appraise for your asking price it can turn into a road block:
So no loans or buyer qualifications, or your house not appraising for your asking price and the loan being denied are eliminated by using a cash buyer.
You Sell Your House "As-Is"
This is can be a real benefit to some sellers, especially if they have not maintained their property. Another type of seller that this can benefit is someone that has inherited a property. The property inherited may have belonged to a hoarder, or again, may not have been properly maintained.
PJ Mitchell has this to add about selling as is:
It is important to take note of what PJ says about disclosing known defects or issues. Selling as is doesn't mean that you don't have to disclose that the foundation is cracked and falling down a hill.
More Sales Make It To The Closing Table
As we mentioned before, the buyer may have a problem at the last minute and may not be able to get financing. This can be a real pain for sellers because you then have to start all over again - showing the home and finding another buyer.
BankRate makes an excellent point that a cash sale can happen very fast. If you are dealing with a reputable company the closing can happen in as little as just 1 week.
Summing It Up
Selling for cash can absolutely be a plus. Recap:
If you have a house in Douglasville, Lithia Springs or anywhere in the Douglas County area that you want to sell and are looking for a reputable company that buys houses for cash give us a call at (770) 756-8680 or reach out to us via our website to complete a brief form and we will get back to you shortly.
via Blogger Benefits Of A Cash Offer On Your House
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