An all-cash offer means that a buyer wants to purchase the property without a mortgage loan or other financing. These offers are usually more appealing to sellers. They mean no risk of the buyer running out of financing and usually a shorter closing time.
For a foreclosed buyer, there is no guarantee that the lender will approve the loan. Several factors, such as credit score and home appraisal, can cause the bank to decline the loan application. These factors make a financed offer typically less attractive to the seller than a cash offer that comes with no strings attached.
Cash Offers Are More Common in These Situations:
- An investor or investment firm is interested in the property, and the best way to buy it is with cash.
- The prospective buyer has just sold their previous home and proceeds from selling another property rationally.
- The seller has contacted a home buyer to sell the house quickly.
- There is a lot of competition in the market, and the buyer wants to stand out.
- The property needs repairs or renovations and is attractive as a fix and flip house.
4 Reasons to Consider a Cash Offer
Some of the reasons to consider a cash offer over other offers with loan financing:
- Reason #1: Quick Closure
A seller who receives a cash offer for the sale of their home does not need the long waiting period of a traditional home sale. Once all requirements are met, both parties can close the transaction in less than ten days. The seller will receive his money sooner. The buyer will take ownership of the property in a short period.
If the buyer resorts to loan financing, the process can take more than a month, as the lender verifies the buyer’s creditworthiness. If there are doubts about the borrower’s credibility, the lender will not approve the loan, derailing the process.
- Reason #2: Zero Contingencies
A traditional house sale that includes a mortgaged buyer usually requires several contingencies before the transaction can close. Some of the contingencies include the home inspection, appraisal, mortgage financing, etc. Unforeseen events slow down the process of selling. In the case of a cash offer, the buyer may choose to omit contingencies and eliminate potential obstacles that could derail the purchase of the property.
- Reason #3: Sell Your Home As-Is
With cash sales, you don’t have to worry about making any costly and time-consuming repairs to your home. With the traditional sales market system, repairs are essential to a successful sale. In this case, you can sell your house as-is, which takes a huge burden off your shoulders. Most cash buyers also purchase homes in all conditions, so you don’t have to be concerned about being disqualified due to structural or decorative problems.
- Reason #4: Zero Presentations
You don’t have to worry about having your home clean and clutter-free to make it more appealing when prospective buyers visit. Showings can be very stressful for sellers, but you can avoid all of this when selling your home for cash.
It is crucial to search for the best company in your sector; with the credentials and transparency, you need to accept cash offers. In this case, home buyers commonly make these offers and have all the benefits mentioned above.
Sell Your House in Lynwood to I Will Buy House
There are a lot of benefits to accept a cash offer. The ones listed to buy your house and pay a fair price are I Will Buy House. Our services located in Lynwood, WA., focus on what our clients need, in this case, selling your house fast for a fair price. You won’t have to worry about commissions, repairs, or waiting months to sell your property with us.