People sell their homes for different reasons. However, since you’re reading this article, it’s most likely you’re looking to sell because you need to raise cash fast, sell your house with tenants or unfortunate incidents like foreclosure, divorce or severe damages. Whatever it is, we understand you need to sell your house fast, and you’re wondering if accepting a cash offer on your house is better? Well, in this article, you’ll find the answer you seek. But, before we go neck-deep into this, let’s demystify the concept that is cash offers.
What Exactly is a Cash Offer?
In basic terms, a cash offer is a bid made by the homebuyer to pay for a property fully in cash as opposed to the option of mortgaging or employing other financing means. It is the easiest and the most hassle-free way to sell your house, as there’s no third party involved, and you can close a deal within 7 days. Given how a cash offer works, it is no surprise that it is usually the most appealing option for a seller.
Now, to answer your question of whether a cash offer on a house is better, continue reading to get more information about cash offers that will help you make the right decision.
Difference Between Cash Offers and Conventional Offers
When you place conventional offers and cash offers side by side, the difference is crystal clear. For the former, the homebuyer buys your house with funds sourced from financial platforms, which could be in the form of government loans, bank loans, or private money loans. On the other hand, for cash offers, real estate investors pay for your house with their personal funds, without involving any lending platforms.
Furthermore, the nature of cash payments makes it easier to close a sale as time isn’t spent waiting for loan or mortgage approvals. Also, selling for cash gives you the rare opportunity to sell your property as-is. In a conventional sale, houses that need extensive repairs rarely get sold. Selling for cash offers numerous other benefits, which you’ll find below.
Top 4 Benefits of Cash Offers
Selling a house in the open market is a lot of work, and can be draining physically, emotionally, and financially. But, selling your house shouldn’t have to be such a herculean task, not when you can sell for cash easily and quickly. Here are some of the reasons why accepting a cash offer for your home may be the right way to go.
1. Close Deal Super-Fast
It is a no-brainer that mortgage loans do not pull through swiftly. In fact, it takes 30 days or more for buyers to ge a mortgage loan or any other loan from a financial institution approved. Thus, you have to wait months for the loan approval of potential buyers. Not to mention the time you’ll spend staging the house, hosting open houses and carrying out home appraisals. So, if you are in immediate need of cash or simply want to get rid of the house as fast as possible, the conventional market isn’t the place for you. Usually, most cash offer deals can be concluded in as little as seven days!
2. Lesser Paperwork to Contend With
The due process involved with selling to a buyer utilizing funds from financial platforms can be exhausting. There is a lot of documentation involved, some of which you may have to scrutinize and sign where necessary. With cash offers, you don’t have to bother about the endless paperwork as they are usually almost non-existent.
3. No Need To Pay A Commission
There’s absolutely no third party in a cash offer transaction. That is, besides the absence of a lending company, cash offers do not involve real estate agents too. Thus, you don’t have to pay any commission on the sale of your home to anyone. Also, there are no hidden fees whatsoever or any charge for that matter. All you have to do is accept the offer, and you’ll be paid cash for your house immediately.
4. Sell Houses With Damages Fast
Real estate investors who buy houses for cash are realistic: they understand that a house that is up for sale would most likely have faults to fix. Instead of dwelling on these faults and imposing that they should be fixed before any purchase, investors will buy your home exactly as it is, no matter its condition. Considering the amount of money, time, and resources that would go into the renovation, cash offers are highly favorable.
If you ask us, we’ll say a cash offer on a house is better, and it comes with tremendous benefits. It is the quickest way to get rid of your house and move on with the life of your dreams. Cash offers are not affected by season or market volatility as conventional markets, and you can sell even today to us at QuicknEasy Offers. Simply fill this contact form, and we’ll contact you to get the process started!