The average price of homes on the market has increased by 32.6%! This means that now is a great time to sell your home.
If you’re not interested in a long and drawn-out process, you might be tempted by a cash offer instead. Should you take the cash offer for your home, or is it not the wisest decision? Read on to explore all about cash offers and if they’re a good idea for your home today!
1. Faster Closing
You might want to look here and see why selling homes for cash is so fast. You won’t have to deal with lenders or wait for a deal to go through.
You can have a cash offer close and sell your home within a couple of weeks. During this time, you’ll still need to fill out the necessary documentation and paperwork. If you’re looking to move into another home or relocate, this selling process is a quick and viable option.
2. Less Work
When it comes to selling your home, you want it done and out of the way. Since there are fewer people in the process, there’s less work overall.
That means not having to worry about a potential buyer asking for improvements done to the house. Many cash buyers will do the improvements necessary themselves.
3. No Appraisal Worries
When going with the traditional process, a lender often requires an appraisal before the approval of the mortgage. You might experience an appraisal gap if this is the case. Meanwhile, if you sell your home for cash, the price of your home will be based on what the buyer is willing to pay.
4. Less Risk
Through a financed offer you’ll need to go through underwriting, appraisals, home inspections, and so on. This can lead to a large delay in selling your home. While with cash, you don’t have to worry about the buyer losing their job and then the loan being canceled.
Why Financing Might Be Better
First, you might not know much about the person who is offering you a cash offer when you sell a house. If it’s a first-time home cash buyer, there might still be contingencies in place. For buyers who aren’t working with a real estate agent, it might make the entire process more difficult.
Keep in mind that a cash offer might be less than your home is worth. Decide whether a quick closing or a larger amount of money is more important to you. Look into traditional financing and see when your home can ideally be sold if you’re on a time crunch.
Deciding if You Should Accept a Cash Offer
As you can see, whether or not you should accept a cash offer depends on your needs and what’s most important to you. If timing is most important, then a cash offer might be the best option.
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