Did you know that around 30% of homebuyers in the United States paid in all-cash last year?
All-cash buyers have enough liquid assets that they don’t need to involve a lender and it can make for a desirable transaction.
If you are getting cash offers and aren’t sure if you should take them, there are a couple of things to think about.
Continue reading to discover all of the best reasons for accepting all-cash offers for houses so that you can find a new home!
Speed up the Process
One of the best reasons to accept all-cash offers for houses is that it can speed up the process.
Selling a home can take several months or more than a year. Finding another buyer, the lenders, and getting everything documented will extend the time it takes to get you into your new home.
If you want to get out of your old house quickly, selling to an all-cash buyer will save you a lot of time and frustration. Without a lender, the buyer doesn’t have to submit documentation for approval.
These purchases also speed up the process because appraisals and inspections aren’t necessary.
You Could Make More Money
Choosing cash house buyers can help you make more money on your home than you expected.
Since the buyer won’t have to deal with a lender or interest, they typically offer a competitive price. Many people are getting offers well above their listing price when the buyer is using all-cash.
When you sell a home, typically, people hire an inspector and appraiser to evaluate their home for an accurate home value. These inspections also bring attention to foundation issues and things that could impact the value of the home. With all-cash buyers, these professionals aren’t necessary, which will save you hundreds of dollars.
Home appraisals can be frustrating if you have invested a lot of time and money into a home and the value comes out below you anticipated.
Appraisers use the selling prices and values of homes in your area that are similar in design. This helps them determine a fair and reasonable price for the home so that the bank doesn’t offer the buyer a loan that is too large or too small.
Although appraisals can be helpful, a lot of people are losing money because of them. Some houses have been renovated and include a lot of features, however, the value of the surrounding homes can impact the value of their own.
When you have the option to skip appraisals, you can sell the home for a reasonable price and accept the highest offer.
Fewer Contingencies to Deal With
Selling houses quickly is a dream for most because the process can be long and frustrating.
When it comes to moving homes, there is nothing more stressful. It can be helpful to accept an offer from someone with all-cash because there are fewer people and documentation to deal with. By looking up home buyers in my area, you can find a simpler solution to selling your home.
Some of the things that you won’t have to worry about include, mortgages, inspections, appraisals, and deals falling through. When the buyers have cash, you don’t need to worry about their chances of buying being impacted by them making other purchases. Buying a car or changing jobs can hinder someone’s ability to buy a home.
Cash transactions are a lot easier to deal with because there are fewer factors to consider. You won’t have to work with several agencies to finalize a sale.
Less Work for You
Have you ever been driving around and saw a sign on the side of the road saying that a company will buy your home for cash?
These investors and companies are willing to buy people’s homes (as-is) in all-cash. This is a great deal if you think that you will fail an inspection or don’t want to spend the extra money. Typically, these investors buy homes as-is and renovate them to sell and make more cash.
The reason that they will buy your house as it is, is because they will be gutting it anyways or have plans to refinish old surfaces. This means that you don’t have to concern yourself with last-minute home renovation projects!
Power to Negotiate
All-cash buyers are often willing to negotiate selling prices because they aren’t getting a mortgage.
If you have a couple of offers on the home and some of them are cash, you should see how much people are willing to negotiate. Although you don’t want to take advantage of people, with the shortage of homes and the high demand for them, you can get higher offers.
It is helpful to get this extra money through negotiating since you will likely have this problem on the other end when you go to buy your next home.
This Is Why You Want All-Cash Offers for Houses
When it comes to accepting all-cash offers for houses, you can save a lot of hassle and time.
Not having to deal with lenders, inspectors, and appraisers can save you money. There are fewer factors to worry about when you have an all-cash transaction. Some people make more money on their homes when they choose cash buyers because they can negotiate and accept the highest offer.
Don’t be afraid to work with investors that are willing to buy your home as-is. This can be a great option because you will have less work to do before the move.
Be sure to check out our blog for more articles about selling houses for cash and getting ready for your new home!