If you’re considering selling your Jacksonville home, you’re probably also wondering about the option of taking a cash offer. You think a cash offer may net you less than an offer with traditional financing, though, so should you do it?
Let’s look at the benefits of accepting a cash offer instead of an offer with financing. We’ll cover four aspects: the appraisal, the time it takes to close, the risk of cash offers, and the stress associated with cash offers.
Benefit #1: No Appraisal Is Required
That’s right. No appraisal is required for an all-cash offer. What homeowner wouldn’t feel a lightened load knowing that the sale doesn’t hinge on an appraisal coming in with the right numbers?
The appraisal process (when a lender determines if the value of the home equals the amount of the requested loan) can easily go awry. The appraiser assigns a value to your home that’s lower than the loan amount your buyer qualified for, and boom, that deal falls through.
All-cash offers don’t involve mortgages, lenders, appraisers, or appraisals.
Benefit #2: Shorter Time to Close
All-cash sales move much faster to the closing table than financed offers that involve copious amounts of paperwork. Mortgages are usually underwritten, another part of the lending process that takes time.
The average closing takes at least 30 days to prepare for and can take 60 days or more. In that time, things can change for the buyer, the lender can put the brakes on the loan, and other problems can occur. The financing can fall apart just like that, and you’re forced to go back to square one—putting the house back on the market, dealing with showings, negotiation new offers, and waiting again for all the ducks to get lined up for the closing to take place.
With an all-cash sale, the likelihood of the deal falling through is much less because no lenders are involved.
Benefit #3: There’s Less Risk with an All-Cash Offer
The strength of a cash offer displaces the risk associated with a traditional financed offer. This is for the reasons we outlined above—there’s no lender to reject a mortgage application, there’s less time for the buyer to encounter a financial crisis, and the buyer has less time to get cold feet or find something they like better and back out.
Home-buyers such as Locklear Offers only do all-cash offers. The offer is made after a basic inspection of the property to determine what will need to be fixed or repaired.
Homeowners who accept all-cash offers from investors such as Locklear Offers find that their sale goes through quickly and smoothly.
Benefit #4: There’s Less Stress with An All-Cash Offer
Because an all-cash offer is simple and straightforward, the transaction process is streamlined, and closing can happen quickly. Contrast this with the traditional sales route that involves marketing, showings, negotiations, contingencies, appraisals, and waiting for the close. Every stage can be stressful for different reasons!
Selling a home as-is for all cash to a home-buying company like Locklear Offers appeals to many sellers simply because it’s so easy and stress-free.
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