In the real estate market, selling a house isn’t just about posting pictures online and expecting a buyer. Sellers have a lot to worry about. It involves considerable time and effort on realtors, fees, repairs, appraisals, and showings.
Sometimes, you got anxious over the selling process taking so long and the cost expenditure. Still, you can never be sure that you will find a suitable buyer.
Fortunately, there is another easier and quicker way, i-e accepting a cash offer. Compared to a traditional sale, it can be advantageous for you in many ways. If you think that no one prefers cash offers in today’s market, then you are wrong.
In the last two years, 22-24% of all home sales were in cash. Therefore, rather than taking it trivially, you must consider this option seriously and try to attract as many cash offers as possible.
Continue reading to learn why an all-in cash offer is better than a traditional sale.
What is an all-cash offer?
Generally, in a real estate transaction, the buyer is dependent on the lender’s financial help to purchase the home. The deal is closed only on the lender’s ability to pay back the loan, appraise the house, and other associated factors.
In an all-cash offer, the lender is entirely out of the picture, and the buyer has enough liquid assets for the full purchase of a home. So, the deal will be closed quickly.
Seven reasons why you must consider a cash offer?
If we look from the real estate market viewpoint, paying full cash has many benefits for the sellers, which are:
Allows quicker sale
If you are relocating or facing home foreclosure, you would like to sell it in no time.
The benefit of accepting an all-cash offer is that the process will take place speedily. Sometimes, you succeed in selling your house within few days.
Less expense and hassle
Selling a house is a complex and stressful task. Moving out all your belongings along with managing other matters really makes the calmest folk frustrated.
Cash offer helps you avoid the expenses and stressful dealings in real estate. You don’t need to prep or repair your home for showings. If you have found a good client, the process will be smooth.
No need of marketing or showings
Showings and marketing are a lot of work and expensive. Sometimes, it isn’t practically possible for you. In a cash sale, you don’t have to market or show your home.
➡LEARN MORE: How does the First-time Homebuyer Tax Credit Works?
No appraisal needed
The mortgage lender determines the home value, and if the appraisal comes in low, the mortgage lender may not finance the sale.
Since no mortgage lender is involved in a cash sale, no appraisals are practically needed. So, you remove a huge obstacle from your home selling.
No property chains
In most traditional sales, your house sale depends on the money obtained from the successful sale of another property. Thus you are linked to that property chain.
Such a situation takes a lot of time and involves many links that increase the likelihood of complications. Moreover, even if one person steps back for some reason, the whole chain will fall back.
Instead of complaining about the lost deal, you can avoid the property chain and invest your time finding a good all-cash buyer.
No additional fee
Heavy fees are linked with selling a house in the housing market. If you are already struggling to sell your home, you might end up paying a hefty amount to your real estate agent even before your house is sold.
While in an all-cash offer, the amount is low. The buyer company does take a percentage of the final sale price, including survey cost, lawyer’s fees, and other expenses. So, if you compare this percentage with the cost of a traditional sale, you will be clear that an all-cash offer costs you much less.
No negotiation needed
All-cash offers do not require much negotiation. There isn’t usually enough room for negotiation in it. Sellers set a solid price and wait for the client that meets the requirements.