3 Reasons A Cash Offer Is Really Appealing When You Sell A Home
When you sell a home, potential homebuyers will typically make you an offer that involves a mortgage. But once in a while, a cash offer may come in. In other words, the buyer will offer to give you the entire cost of the home for sale in cash (or more accurately, a check or bank check) rather than in the form of a loan. At first, you may not think the fact that you have a cash offer really matters. Money is money, right? Well, not exactly. There are a few reasons why you should be very excited to get a cash offer on your home, and why you should definitely move to accept a cash offer over a comparable offer that involves a mortgage.
1. You won't have to wait for the bank to close
If you've bought or sold a home, you know how long the closing process can take! It can be two months or more between the time the buyer makes an offer and the day they take possession of the home. A lot of this waiting time is because the bank is vetting the home buyer. The bank needs to gather their tax records, talk to their employer, and so forth to be certain they want to lend them the money. If the buyer pays cash on the home, you do not have to play this waiting game and can close on the home sooner — often within a month!
2. You won't have to hold your breath through a bank appraisal
One of the most stressful aspects of selling a home is always holding your breath and hoping that the home will appraise for what the bank is lending the buyer. If the home does not appraise, the sale won't go through, and you'll need to find another buyer. With a cash offer, you get to skip this part. As long as the seller feels the home is worth what they are willing to pay for it, that's all that matters.
3. You may not have to go through a home inspection
Generally, buyers who come through with a cash offer are really motivated to get into a home. They know the market, they have the cash to invest, and they are probably as familiar with houses as your average home inspector. Some cash buyers may have an inspection done, but a lot won't. This saves you from having to worry about fixing little things just because they showed up on the home inspection report.