An all-cash offer maintains a special honor in real estate transactions, as many sellers prefer to work with cash buyers whenever possible. There’s no financing, no pending deals, or worries about how the buyer will pay for it. In this brief article, we’ll cover a few of the reasons why sellers prefer an all-cash buyer so that you can sell your home fast in Tampa.
With an all-cash buyer, the buyer does not need to secure any financing from mortgage lenders because they already have the cash on hand to pay for it. This means that there is no chance that an offer will fall through because the buyer could not secure the funding that they need in the end. This may cost less, as there will not be any closing costs associated with the loans, and could potentially translate to a higher offer from the buyer.
Because cash buyers do not need to secure mortgages, this can mean a much faster time from offer to the final closing. In some cases, it could be a matter of days before you close. You won’t have to wait the standard 60 to 90 days to get a closing date or pay for any of the bills associated with homeownership for longer than you have to. This includes insurance, utilities, and your existing mortgage. It’s too easy to overlook these expenses, but the longer it takes to close on the real estate transaction, the more these costs will add up.
On the day of the closing, the whole process should be quicker, too. There will be fewer forms for the buyer to fill out and sign, so this means a shorter meeting for you. Depending on where the cash offer comes from, some companies that specialize in cash offers might have other ways of speeding up this process, such as having their own notaries and closing professionals on staff. This can make the entire process easier and faster. If you need to sell your house after the death of a loved one or a divorce, the speed can seem even more important, as you will be able to move on sooner.
When it comes to real estate transactions, secure and quick transactions are often more desirable. Do you take the cash offer you have now or spend more money paying for utilities and bills associated with the house waiting for another offer to materialize? For many sellers, going with the first, best offer is most desirable.
Have you been thinking, “I need to sell my house fast in Tampa? At Ethical Home Buyers, we buy homes for cash! For more information, submit our contact request form or give us a call at (813) 458-7355.
Disclaimer: This website is not a substitute for legal advice. If you have a serious legal, tax, or other issue requiring professional advice, please consult with an attorney or CPA.