After living in your house for many years, it’s finally time to sell. Buyers line up and present their offers. One buyer offers cash while another is waiting for financing.
What do you do?
Some sellers should accept the cash offer. A cash offer provides several advantages, even if the cash offer is less than the financed offer.
Why would someone take a cash offer in that scenario? We’ll explain some of the benefits of accepting a cash offer when selling a home.
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A Cash Offer Speeds Up the Closing Process
The closing process can get tedious. The buyer has to secure a mortgage and negotiate with the lender.
Some buyers need the money now. Others want to move on from their homes. Sell your house sooner, and you enter the next chapter of your life.
A cash buyer avoids several obstacles a financed buyer will face. You can move into your new home quicker without worrying about your old home.
Cash Buyers Come with Less Risk
People don’t like risk. They apply strategies designed to mitigate risk. Accepting a cash offer lowers risk.
A financed offer may collapse during the negotiation process or the lender may back away from the deal.
Lenders conduct appraisals of properties before lending money. If they don’t like the price, it’s too bad for you.
You’ll then have to promote the listing all over again and reach out to potential buyers. Cash offers don’t come with this headache. You can immediately close on a deal without an appraisal or lender wrecking the sale.
Cut Through Negotiations With an “As Is” Listing
Negotiating gets annoying. You’ll have to negotiate repairs and who pays for what. These negotiations can go south and break a deal.
Cash offers skip these negotiations. You can sell your home “As Is” to potential buyers.
When someone purchases with cash, negotiations end. Money exchanges hands, and you get to move on from your old home.
Risk, negotiations, and delayed timing all define the experience with financed offers. A cash offer lets you avoid these scenarios.
These three impediments can cause significant stress. Selling a home comes with considerable stress already. A cash offer reduces your challenges and leads to a quicker resolution.
Your life won’t pause when promoting your home. Other sources of stress can make an already challenging process even more difficult.
A cash offer is your get-out-of-jail free card. It accelerates the process so you can focus on other areas of your life.
Cashing in on Your Home
Selling your home is a big decision. You may have lived in it for decades, but it may be time to move on to something new.
Some sellers will receive a cash offer for their homes. These offers carry several perks compared to financed offers. Review all of your offers and wait for them to come in before making your final decision.
Want to learn more about selling your house? Continue reading this blog for more insights.