Homeowners who are facing foreclosure find themselves between a rock and a hard place. Their financial circumstances mean they can’t make payments on their home and their options feel limited. They’re also facing tough decisions — short sales, bankruptcy, — that can potentially ruin their credit and make life harder for years to come.
A cash sale offers a way out. Accepting a cash offer means saving your credit score and moving quickly on to the next phase in life.
Overall, all-cash offers are less work than traditional offers involving lenders and mortgages. It’s easy to see how a process that takes less than half of the traditional processing time would be easier.
All-cash offers take less work overall because there are fewer people to interact with, less paperwork to fill out, and fewer things to take into consideration. One of the biggest money and time savers is the fact that most buyers don’t expect the present owner to do a lot of improvements to the home. In fact, some of the buyers do the fixing up themselves.
Many sellers who are looking for all-cash buyers don’t bother with marketing their home at all. In fact, there are many places that will help you sell your home.
From resourceful real estate companies to savvy real estate individuals, there are plenty of options for you regarding buyers for your home. Marketing is not required for this process because the sellers find the buyers in this kind of market rather than the other way around.
While working with buyers who are using mortgages, you may run into financial barriers. Unfortunately, the individual or organization that is lending the money to the buyer can pull out of the deal at most points in the deal.
Without financial assistance, most families cannot afford to buy a house. Therefore, the buyer is highly likely to drop out of the deal if the lender drops the deal on their end.
Basically, if the lender drops out, you are right back where you started.
Buyers who only use cash are less likely to drop out of the deal because they already have the money, they need to buy the property. It is just about figuring out if yours is the property they want to spend that money on.
Of course, the buyers do some finding and sleuthing of their own, but it’s usually the seller that finds the buyer in an all-cash deal. This is especially good news for individuals who aren’t skilled in technology, as real estate listings, advertisements, and other correspondence is done through real estate sites now. Say goodbye to haggling with these systems.
Don’t think that this puts you at a disadvantage, though. Even without marketing, it’s possible to maximize your cash offer. Don’t settle for a price that isn’t fair for your home.
Many all-cash buyers are real estate investors who are seeking to flip houses and/or rent them out for profit. This isn’t always the case, but it is a common situation that could benefit you in the end.
If you do find that your buyer prefers that you fix a few things up, you can “shave off the top,” as some sellers say. This phrase means that they lower their asking price to make up for the investment that the buyer is going to make in fixing whatever problem(s) they have identified.
All of these life changes may lead to the need to sell quickly and without stress. A cash sale offers a solution.
