While there’s several ways to sell your home, your home to a home buyer for a cash offer can provide a number of advantages over a traditional sale with a realtor. These benefits can include (but are not limited to) a faster sale, saving money, wasting less time, and (best of all) relieving stress.
What Is a “Cash Offer” on a House?
A “cash offer” means that a home buyer or investor offers to buy a property without a mortgage loan or other type of financing. These offers are often more appealing to sellers, as they mitigate the risk that the financing of the property will fall through. In addition, it implies that the buyer and seller will not have to wait for the financing to close, thus resulting in less delay. Moreover, this type of sale typically also makes the seller feel more confident, as they know that the buyer has sufficient assets in order to pay for the house they’re purchasing.
How common is it to sell a house for cash?
Cash offers are probably more common than you think. Cash offer are made when an investor is interested in your house, and there’s a good deal of other potential investors that are looking to buy the house as well. Moreover, an investor may make a cash offer to stand out from the competition (for the reasons listed above). Therefore, if a property needs serious repairs or requires a complete renovation, it may be good candidate to receive a cash offer.
Why sellers like all cash offers
All cash offers are ideal when you need to sell your house quickly. That is why sellers prefer to sell their house to all-cash buyer because there is inherently less risk in this scenario. Unlike selling to a buyer who finances the purchase with a mortgage loan, the odds of a buyer pulling out of the deal due after making a cash offer is significantly reduced.
The Top 5 Reasons That Selling To a Cash Home Buyer Makes Sense:
Typically speaking, cash home buyers can offer sellers more flexibility. In addition to there not being a mortgage used to purchase the property, sellers won’t have to wait nearly as long in order for proper documentation to be filed, underwriting to be conducted, or an appraisals to be done. In this situation, almost all of the work is the responsibility of the buyer, as they will be the ones sorting out the title policy and insurance, providing proof of funds, and gathering all necessary documents for closing. All in all, this process will only take about a week, maybe two. More specifically, supplying the seller with proof of funds informs the seller that the buyer will be ready close quickly and fund the money agreed upon in the offer.
2. No Improvements or Updates Needed
Normally, selling your home for an all-cash offer typically means that you are choosing to sell your home as-is. Therefore, the owner of the home is not responsible for making any repairs or improvements to the house before selling, which will help the owner save more time and money.
3. No fees, commissions, or contingencies
When you sell to a cash home buyer, you will receive cash directly from the seller. Therefore, you will not have to worry about having to pay additional fees such as (realtor commissions, title fees, or property taxes). Moreover, there are even cases where, if your house requires significant repair, you will actually make more money than spending the money to renovate the home and sell it through a traditional sale with a realtor.
4. It will helps you avoid foreclosure
If you are having a financial issues and your houses is likely to be foreclosed upon due to outstanding delinquent mortgage payments, choosing to sell your home for cash can help alleviate this issue. Moreover, a home buyer will ensure that their offer is sufficient to take these liabilities off your hands.
5. Less Risky
Selling your home in an all-cash sale often tends to present low risk. This primarily comes from the fact that the buyer must present the seller with sent a proof of funds letter, which shows that the buyer has sufficient assets to pay for the home. In addition, this document will also to the seller that there is low risk that the financing for the property will not go through for the sale, as a 3rd party lender will not be responsible for providing the majority of the money at closing.
If I decide to sell to a cash home buyer? Who will buy it?
If any of the situations above are relevant to you and you need to sell your home, Congressional Home Buyers will be able to help you sell your home quickly and easily. In just a matter of minutes, we can provide you with quality, attentive service that is designed to exceed your expectations when starting the sales process. Therefore, if you decide to sell your house to Congressional Home Buyers, the process is very simple and requires three easy steps. Once complete, and the entire sale can be completed within 10 to 30 days. Here at Congressional Home Buyers, we strive to make selling your home easy and stress free.
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