Every year in the United States, about 6 million existing homes will enter the market looking for new owners.
If yours is one of these, you certainly want to find a buyer quickly and move on. You also want to sell it at the right price.
Once your home is on the market, it won’t take long before prospective buyers start making offers. Most offers will be lender-backed, but it’s also possible that you’ll get cash offers.
You might be wondering who buys a home in cash in this economy, but that isn’t what you should be focusing on. You should instead be wondering whether to accept a cash offer.
In this article, we are letting you in on cash offers, including their pros and cons. Let’s get into it!
The Case for Accepting a Cash Offer
Cash deals on homes are just like cash deals on other transactions: fast.
When you go buying an item that costs 1 dollar in a grocery store, it’s much faster paying the buck in cash than it is to pay digitally. So, if you’re looking to close on the house sale quickly, accepting a cash offer is a smart move.
Of course, when it comes to real estate transactions, cash doesn’t mean instant. It means a few days. This might sound long to the uninitiated, by wait until you find out that selling a house to a buyer who is lender financed can take months before the money finally reaches your account! In light of this, you can see how a cash offer can make your life easier if you’re looking for a quick deal.
Cash offers also make it possible for you to sell your home as-is. Especially if the property is in bad shape, no lender is going to allow their client to purchase it.
So, if you have a home that needs major repairs, focus on finding cash buyers. Fortunately, with companies like Hatchrealty.com, getting cash buyers is easy.
The Case Against Accepting a Cash Offer
In many cases, sellers will want a cash offer because they want to close the deal quickly or sell the home as-is.
Now, these two advantages can also put you at a disadvantage if you want to sell the home at the highest possible price. Selling a home at the right price takes patience. You need to wait until the right offer comes in. But if you’re eying a cash offer, you might end up taking an offer that’s not the best.
And, when you’re selling a house of cash, you might not see the need to hire a real estate agent since the paperwork is a lot less than if you were selling to a lender-financed buyer. However, it’s not recommended to go into a real estate transaction without a real estate professional on your team. You might end up getting scammed.
To Accept or Not to Accept a Cash Offer?
That’s the million-dollar question today, but the answer isn’t cut and dried. It all depends on your circumstances. A cash offer is ideal when you want to sell a house quickly and/or as is. It’s, however, a bad move when you’re looking to sell at the best price.
Stay tuned to our blog for more tips and insights.