Selling Your Home
If you are considering selling your home and want to know what the differences are between accepting a cash offer on a house and going with a traditional sale, that’s what we’ll be discussing in this post.
The housing market is booming at the moment, and it’s a seller’s market – houses are in demand after the pandemic, and builders are unable to meet the demand with enough supply. In fact, currently, if you’re on the market, you may end up with more than one cash offer. Not only that, it may be over your listing price!
Traditional Sales
Mortgage Loans
With a traditional home sale, there’s a mortgage loan at the center of the transaction. A mortgage loan means there’s a mortgage lender involved. Lenders require a good credit score, plus many other different contingencies which take time to complete, making the sale take much longer. It is acceptable in these cases to ask for some earnest money, as you will likely get other offers. Keep it, in case you need to return it.
Mortgage Lenders
For a home loan, ‘approval’ comes with a financing contingency, so that if they run your credit and find something that’s a deal-breaker, they can still back out of the deal. Lenders will also require an appraisal, so until that part’s completed there’s an appraisal contingency. Homeowners insurance is also required for as long as a person has to make mortgage payments. Actual mortgage approval can take weeks.
Interest Rates
In a traditional sale, buyers will also want to shop around for the lender with the best home mortgage interest rate. The better the interest rate, the lower the mortgage payment and the more house they can afford. Paying mortgage interest that is within their means is crucial to closing the deal. A cash buyer will have fewer contingencies if any at all.
Accepting a Cash Offer
No Listing Agent
No real estate agent is necessary to close a cash sale, so you can enjoy no commission fees when accepting a cash offer. Making a cash offer on real estate is smarter for the buyer as well, as they will avoid paying any interest and other benefits.
Homebuyers who pay cash from Sell Your House Fast – Mississippi, however, can get you a fair price with no red tape, and we pay any legal fees and any other costs associated with the sale of your house. No listing agent means no 6% commission on cash sales.
Protecting Your Interests
An individual buyer may attempt to make a cash transaction with an experienced buyer’s agent, so in this case, you will want to use your own title and escrow company. However, typically the buyer pays for these services necessary for legally transferring the real estate into their own name. When someone decides to make a cash offer, always know what you’re expected to do on your end.
Save Money – Keep All the Cash
Many homeowners are unaware that an all-cash offer can actually save you money when you add up the costs of selling. Especially when you get to keep all the cash left over after paying off your current mortgage. This is money you can put towards a new house, or whatever you need it for most. With Sell Your House Fast – Mississippi, you could have your money in as little as two weeks!
Types of Cash Buyers
Individuals – Open Market
There are several types of cash buyers out there, and depending on which kind you’re dealing with, you can expect different things. If your house is on the open market and you get a cash offer from an individual real estate investor, that is an entirely different scenario and situation.
In this case, it might be a good idea to hire a real estate attorney, and it is standard procedure for these buyers to provide proof of funds. Cash sales done in this manner can sometimes still request seller concessions or other special considerations.
These types of cash buyers tend to be more persistent, and there’s also the trust factor to consider. This is why having a real estate lawyer or a good closing agent may be prudent.
Buyers – Off-Market Sales
If you are just thinking about selling your house and curious about the cash sale aspect, you can contact an online cash home buyer called an iBuyer. This is essentially a robot that takes available public data and does comparisons, coming up with a close to market value cash offer on the spot, site unseen. They are not interested in buying houses that need very much work. Generally, they just want to be able to do a quick ‘remodel’ with the least amount of money. They flip houses quickly for a smaller profit, depending on volume rather than individual gains. These iBuyers also charge a fee for their services, and there are other stipulations.
Legitimate Companies (Like Sell Your House Fast – Mississippi) – Off-Market Sales
Last but certainly not least, there are hundreds of legitimate cash home buying companies to choose from. If you’re in a situation where you need to sell your house quickly for cash, choose the cash buyers you can trust, here at Sell Your House Fast – Mississippi. Built on integrity and reliability, we care about our clients and want to help provide a simple solution that ends up being a win-win situation for all parties involved.
How to Sell Your House Fast – Mississippi
You can get started on getting a free, no-obligation cash offer from Sell Your House Fast – Mississippi by filling out the short form right here on our homepage, on this website. A representative will be in touch with you shortly to schedule an appointment to see the property in person.
At that time, the representative will help answer any questions you may have, and will be prepared to make you a cash offer on the spot! So when your situation calls for a quick sale for cash, don’t hesitate to call Sell My House Fast – Mississippi.
