If you’re looking to sell a home and don’t want to wait for buyers to get approved for financing, cash or conventional offers only may be the best way to go. They are more popular than you might think and can help you save time and money. But, how do you know if an offer is legitimate?
Compared with conventional and FHA loans, cash offers have a lot less red tape and are more streamlined. This makes them a better choice for both buyers and sellers, according to financial expert Guy Baker.
A cash offer eliminates the risk of buyer financing falling through, he says. This is especially important if you’re buying in a seller’s market where homes often sell for above market value. In addition, cash offers don’t require the lender to perform an appraisal, which means you can avoid an extra step that can delay the sale.
You can even use a cash-backed offer company to find buyers for your home, which can be helpful for competing in markets where “cash is king.” But these programs can also charge you higher fees and closing costs than traditional mortgages. They can limit your choices of mortgage provider or realtor, too. Learn more https://www.propertymax.com/sell-my-house-fast-clackamas-or/
The process of selling a home is traditionally long and complex, with a variety of fees, credit checks, appraisals and other expenses. Many homeowners, particularly those who have been living in their homes for a long time, feel frustrated with the process and are looking to sell quickly.
For this reason, they’re willing to accept a cash offer on their house. But, in order to qualify for a cash offer, you must have liquid assets and enough savings to cover the purchase price of your house without a loan.
In a seller’s market, you’re likely to receive multiple offers on your home. So, how can you stand out from the crowd and make your best offer?
Here are a few tips for making a cash offer:
- Be confident and transparent.
You’ll need to be honest and upfront about any defects or repairs that need to be made to the home. This will give you an advantage over other buyers who aren’t so honest and open about their homes.
- You’ll need to be flexible and understand that some repairs might not be able tobe made in time for the close of escrow.
- Be prepared for a short escrow period and a short time to close on the sale.
- Take a look at comparable sales in your neighborhood.
The more comparable sales a home is to others in your area, the more accurate you can be in determining your ideal offer.
Work with a real estate agent to ensure you’re making a competitive offer.
A real estate agent can help you determine your ideal offer number, draw up and submit your bid, negotiate with the seller and negotiate any contingencies that need to be met. The agent will also be on your side when it comes to securing title insurance and closing the deal on time.
