Guaranteed Cash Offer for Your Home: Should You Take It Seriously?
Did you know that more than 5.6 million homes were sold in the United States of America in 2020? It’s mighty tempting to accept when you receive a guaranteed cash offer for your home in a seller’s market. Cash offers for homes offer a number of benefits over accepting a financed offer on your house.
You might wonder why is a cash offer on a home better than accepting a financed offer when the time comes to pick up your roots and move to a new home. These offers might be unfamiliar to you, so you need to do your research before accepting or declining a cash offer on the home.
The good news is that you’re about to learn the benefits of accepting the best cash offers for homes when you decide to sell. Keep reading this article to learn more about cash offers for homes today!
What Is a Guaranteed Cash Offer for Your Home?
Guaranteed cash offers often come from businesses like Zillow and OpenDoor as a means to make money by purchasing homes at lower rates and handling some minor repairs before selling the homes again. The goal is to generate as much profit as possible, and many people accept these offers because they’re told about the ease of these transactions.
The homeowners are often told about the effortless transactional process compared to selling a home with financing. Many people will accept the tradeoff of any easy transaction and less profit over jumping through a bunch of hoops and getting more money.
One thing that you need to be aware of is the fact that many of these businesses will not offer you the market value for your home. They’re in the business of turning your home around and selling it for a profit. Keep that in mind when you receive your first cash offer on the home.
Benefits of Cash Offers for Homes
There are a number of benefits that you’ll gain when you choose to go with the best cash offers for homes rather than a finance offer. The process is much easier to get through and you’ll be happy once you reach the other side. Here is a closer look at the benefits that you’ll gain with cash offers for homes.
Quick Closing Process
The closing process is one of the lengthier parts of a typical home transaction with financing. The cash offer will take much less time to finalize compared to your other options. You won’t need to deal with a mortgage lender during the process which means that everything can speed up.
You also don’t need to worry about the underwriting process when you accept a guaranteed cash offer for your home. The underwriting process alone could take up to a month if you choose to sell to a buyer using financing. You can find out more about cash offers for homes.
Another big benefit of accepting the best cash offers for homes is the decreased amount of risk that you face as the seller. Homeowners that are looking to sell their homes face the risk that a potential buyer’s offer falls through due to the financing process. This could leave you with two mortgages until you find a way to sell your previous home.
Cash offers for homes are great because you’re getting a guaranteed cash offer then and there. You might not get as much money as you would from a buyer using financing but the decreased odds of facing complications that cost you money make it a safe bet. You’ll have no problems completing your side of the transaction in the blink of an eye.
No Appraisal Needed
You can also skip the appraisal when you decide to sell your home to a cash buyer rather than a financed buyer. Anyone that wishes to purchase your home using a traditional mortgage lender will need to get the home inspected and appraised in order to determine the value of the home and property.
It is possible that the lender decided not to finance the purchase of the home because of the value that the home appraised. If that is the case then you’ll be back on the drawing board attempting to sell your home. Going with the best cash offers for homes will eliminate the need for an appraisal altogether.
Sell Your Home “As Is”
Having a bunch of open showings at your home will require you to fix little things that will make your home look nicer. These repairs can pile up and get expensive in a hurry. A cash sale is great because there is no obligation on your part as the seller to fix up the home prior to the sale.
There are a number of tricky situations that you might encounter where accepting a cash offer on the home solves those problems. It’s possible that you’re getting a divorce and you need to split the equity on the home. You might also be trying to avoid foreclosure and the damage to your credit score that comes with it.
Perhaps you need more cash to help take care of a sick family member. No matter what’s happening, a guaranteed cash offer for your home provides a quick solution.
No Tedious Paperwork
One of the worst things about selling a home through a traditional mortgage is the mountain of paperwork that you’re facing in order for the sale to go through. Things like who is paying the closing costs and what repairs need to get completed require paperwork and documentation. Avoid all of that by accepting the best cash offers for homes.
Consider a Guaranteed Cash Offer for Your Home Today
There are a number of big reasons why you need to consider a guaranteed cash offer for your home. You’ll avoid getting your home appraised and the mountains of paperwork that come with selling your home to a buyer using financing. You also get a quick closing process and you minimize the risk of getting stuck with two mortgage payments.
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