All of the Reasons You Should Accept a Cash Offer on Your Home
A lot of work goes into selling a home, and if you are in the process of selling yours, you know how stressful it can be. You need to make your home appear attractive to buyers so that they want to make an offer to you. Selling a home doesn’t always happen quickly and you might be wondering how you can speed up the process in some way. If you happen to get a cash offer on your home, take some time to consider it. This could significantly alleviate your stress and get your home off of the market at a much faster rate. Here are some major benefits that come with accepting a cash offer on your home.
Skip the Appraisal
If you accept a cash offer, you can also skip the appraisal. Typically, the buyer will be connected with a lender and the lender needs to confirm whether or not the property is worth what they are being asked to provide. With a cash sale, an appraiser is not needed because the buyer is not requesting a mortgage loan, and this saves you more time.
Seal the Deal Quickly
The reason home buying and selling is such a long process is mostly due to the mortgage lender. Closing on a home can take anywhere from one to two months and if the buyer has any changes in their income during that time, the lender can opt to pull out of the deal and the process will have to start over again with someone else. You won’t have to wait this long with a cash offer since the buyer will be giving you all of the money upfront which means there is no question that they are able to cover the cost. Cash offers are often taken over other offers due to the fact that there is much less risk for the seller. If you accept the offer, you won’t have to worry about the deal falling through unexpectedly.
Lessen Your Stress
Home selling is a stressful process; from finding a good real estate agent to staging your home and performing any necessary repairs, you will find yourself with an overwhelming amount of responsibilities. You will likely be stressed about if your home will even sell or if your deal will fall through. Perhaps you need to move quickly, or you already have a new place. You don’t want to be paying the expenses on two homes at once, this could put you in a very tough spot financially. A cash offer is a good idea in this case.
Avoid Imminent Trouble
Perhaps you are unable to continue making payments on your home and want to avoid foreclosure, or you are drowning in debt and need to downsize your living space. When couples go through a divorce, they often sell their home in order to divide the equity evenly. Whatever your situation, a cash sale can help you get it handled quickly.
You Save on Repairs
Typically, when selling a home, you will have to correct any issues found during the inspection or lower the asking price an appropriate amount. With a cash sale, you are not required to have your home inspected. This means any issues that arise are the buyer’s responsibility and you can sell your home for the price you want. In a cash sale, buyers are agreeing to purchase the property outright as it is.
There is quite a large amount of paperwork involved in selling your home. You can skip past all of this if you accept a cash offer. Experienced cash buyers will often take care of the necessary paperwork and the closing process as well. Make sure you ask ahead of time though to see if they have done this before and that it is included in the deal.
Keep All of Your Money
Real estate agents will take a portion of the amount your home sells for and this can be up to six percent or higher depending on the agent. If you accept a cash offer you won’t need to hire an agent and you will get to keep your money. As you can see, there are a variety of benefits to accepting a cash offer on your home. If your home is on the market, it could be a good idea to consider cash offers above any others.