If you are a home seller, it probably won’t matter to you if the money paid to you is from a mortgage loan or the buyer’s own bank account as long as the buyer paid for your house. But it may matter to you if you are looking to sell house fast.
You might ask, ‘what’s the difference between a cash offer for my house and going the conventional way of selling a house.’ The true difference can be found in avoiding the number of contingencies that pose risks for the seller and the buyer. That’s the reason many home buyers and sellers would rather go for cash sales. They’re faster, easier, and involves fewer steps.
Here are more specific benefits of accepting a cash offer for your house:
Cash Offers Close Quicker
Accepting an all-cash offer is faster since you are taking any lenders out of the picture. A typical house sale often takes at least a month to go through, if not longer.
But when you’re selling to cash home buyers, it will only take around two weeks to close. This period of two weeks includes filling out necessary documents, having them approved, and properly filing them. Since you are not dealing with a lender, you’re able to cut the time by more than half.
A faster closing period means you are able to move out faster and settle into your new house more quickly. Many people are selling their homes and need to move out fast. For instance, you have a new job or another commitment. An all-cash offer to your house will get you moving faster and easier.
An All-cash Offer Requires Less Work
Selling your house to cash home buyers requires less work than doing the traditional way of selling your house which involves lenders and mortgages. You don’t only get to sell house fast, it’s only convenient.
Since they are fewer people you need to deal with, there are also less paperwork and fewer things to handle. You can save a lot of money and time since most cash house buyers don’t expect you to do any repairs or upgrades to your home. They will buy your house as-is.
Are there closing costs with a cash offer?
It’s general knowledge that the process of buying and selling a house involves a lot of fees. But going for a cash home buyer like the Cincinnati House Buyer means you do not have to shoulder the closing costs. They will take care of that for you. You can add that to the list of benefits of accepting a ‘cash offer for my house.’
On top of that, you don’t need a real estate agent to sell your house to cash house buyers. This means you can avoid those costs as well. The Cincinnati House Buyer, for example, do not charge real estate fees.
Why do home sellers prefer cash buyers?
While an all-cash offer for a home is lower than its market value, many home sellers prefer cash buyers because there are fewer risks involved. A cash offer even if it is lower than the market value is still better than having no other offers. Even if you have another offer if it involves a mortgage loan, there is still a good chance it will fall through.
Most sellers would rather deal with an offer that involves no finance or appraisal contingencies. It is better on the seller’s end to have fewer contingencies and no contingencies at all are the best.
Moreover, with a sudden and drastic upswing in pricing, appraisal contingencies can kill the chances of success of an offer because of the fear of having a low appraisal. On the other hand, a cash offer for your house involves no appraisal at all. It’s a sure sell. You just have to be careful not to deal with a scammer. Only go for trusted companies that buy houses for cash like The Cincinnati House Buyer.