When you sell your house, there are a number of different ways that you can receive your payment. In many cases, buyers must use mortgages in order to purchase homes, meaning that you won’t receive all of the cash during the initial transaction.
However, there is an alternative: accepting an all-cash offer from a viable buyer. Curious as to the benefits of selling homes for cash? We’re going to review them below.
1. You Get to Avoid Appraisal
When you sell to someone who’s using a mortgage, your home is subject to an appraisal. If during this appraisal, your home is found to be well under the contract value, the offer could fall through, and you could end up having to make thousands of dollars in repairs before being able to sell the home to someone.
As such, if you can, you should avoid subjecting your home to an appraisal. How can you do so? By selling it to an all-cash buyer.
All-cash buyers don’t need the help of a lender, and therefore won’t require an appraisal to be performed on your home before the transaction goes through.
2. The Transaction Goes Through Faster
Another big benefit of accepting an all-cash offer is that the transaction goes through faster. This is because you don’t have to wait for escrow to go through, or for closing costs to be finalized. In fact, by accepting cash, the transaction could go through as many as months faster.
So, whether you’re looking for flats to buy, or are just trying to move into your new home as quickly as possible. There’s no reason to stay behind and deal with intricate contract language.
3. There’s No Uncertainty
When selling your home to a buyer with a mortgage, there’s a great deal of uncertainty surrounding the transaction. In fact, until the deal goes through, you’ll never know for certain whether it’s actually, indeed, going to go through.
This isn’t really true of all-cash transactions. When a buyer is paying cash, they already know what they’re getting and are ready to make the purchase. As such, the chances of the transaction falling through are slim to none.
4. There’s Less Stress
Selling a home to a mortgage-holding buyer almost always comes with complications. For instance, the buyer might decide that he or she wants the flooring replaced. Or, he or she might want you to lower the price to cover a new roof in the near future.
This introduces a great deal of stress into the transaction, stress that you could avoid by instead selling to an all-cash buyer. All-cash buyers are ready to buy your home as-is, and won’t make you jump through any hoops before closing the transaction.
Accepting an All-Cash Offer is Advantageous in a Number of Ways
As you can see, accepting an all-cash offer is advantageous in a number of ways. Not only does it allow you to avoid appraisal, but it also ensures that you get your money as quickly as possible. If you have the option, you should sell to a cash house buyer.
Looking for information on similar topics? Our website has you covered. Browse through our other articles now!