When you're putting your home on the market, one of the first things you might ask for from prospective buyers is evidence of pre-approval for a mortgage. Some sellers are hesitant to deal with cash buyers, primarily because it's not as common. Your real estate agent may encourage you to consider cash buyers, though. Here's a look at two reasons why cash buyers are a great option.
When you sell to someone who's securing a mortgage, the mortgage company may require certain repairs or improvements before approving the loan. These contingencies can be costly, leading to thousands in repairs before you can sell. With a cash buyer, these repairs are often considered as part of the offer that they make, and they won't require that you complete the repairs before closing on the sale.
It's important to recognize that cash sales will often come in slightly lower than market value for this reason. The good news is, though, you won't have to spend time negotiating repairs or lower sale prices in exchange to get the home sale to a closing.
Waiting for the lender to finalize the mortgage and head to the closing table is often one of the longest stages in the home sales process. It often leads to lengthy delays before you can actually finalize the sale. If you opt for a cash home sale, you'll be able to close as soon as the inspection and title investigation are complete.
The cash sale option is best for situations where you're needing to sell quickly, such as if you're relocating for work or facing a significant life change that's approaching rapidly. If you're looking to close on the sale within a couple of weeks, looking for a cash buyer is a great choice. You'll be able to move the sale along rapidly without any concern that the buyer's financing will fall through for any reason, including credit issues or missing paperwork. When you get to the closing table, you'll be assured of a final sale.
As the information here shows, cash buyers are a great choice for some home sales. If you're wondering about finding a cash buyer for your home, talk with your full service real estate agent today. He or she will have many connections to help you find someone who is ready with cash in-hand for a home sale. It's sure to make your sale experience more enjoyable and less stressful in general.