Cash offers are becoming increasingly popular as buyers and sellers alike see the benefits of a quick, hassle-free home sale. A recent study from ATTOM Data Solutions found that cash sales accounted for 22% to 24% of all condo and singlefamily home sales in 2018, and the number is rising rapidly.
Why Sellers Like Cash Offers
One of the major drawbacks of conventional home sales is that there are often a lot of hoops to jump through before a deal can close. For instance, sellers need to wait for mortgage approval and have a professional home inspection before they can sell. Additionally, lenders may require an appraisal before approving a loan. This can cause a delay in the closing process or even make the sale fall through altogether.
In contrast, sellers with cash offers don’t have to worry about these issues because they don’t need a mortgage loan to complete the transaction. In addition, a cash offer doesn’t have to be accompanied by financing contingencies that can cause delays or set the deal back weeks or months.
How to Get a Good Cash Offer for Your Home
A real estate agent can help you determine if a cash offer is right for you. They will have experience with cash offers and understand the local market. They can also help you negotiate and find a fair price.
They can also provide you with resources to find cash buyers and help you prepare your offer for submission. This can save you time and money in the long run. For more info https://www.eazyhousesale.com/sell-my-house-fast-in-glendale/
Cash Offers Can Be Competitive
During times of high buyer demand, a cash offer can be a great way to win the bid and stand out from other home buyers. But, as more and more buyers are using cash to buy homes, you should be aware that you’ll need to compete with other potential buyers if you want to be the winning bidder.
How to Make a Successful Offer
Another key benefit of cash offers is that they are easier to finalize than mortgagebased deals. A typical mortgage closing can take 30 to 60 days, but a cash sale can go through in as little as 14 days. In addition, a cash sale is less expensive than a mortgage-based offer because the buyer doesn’t have to pay mortgage interest and other fees, which can add up over time.
The most important thing to remember when making a cash offer is that you need to make sure you have enough cash on hand to cover the purchase price of the home and all closing costs and fees. You should also work with a real estate agent who has experience with all-cash offers to ensure the transaction goes through smoothly.
