Anyone who has ever sold a home before can tell you that not all sales are created equal. Some homes spend months on the market, while others disappear almost immediately. Some homes don’t even get listed on the market before they are sold. Some are sold for cash instead. That creates a few differences in the process.
No Lender
To start, there’s the issue of where the money comes from. Selling for cash means selling to a buyer who already has the funding necessary to pay for the property. While you could still sell to a cash buyer if you list your home on the market, you’re more likely to sell to a traditional buyer who turned to a lender to get the necessary financing. Not involving a lender offers a few distinct advantages.
Faster Sale
No lender usually means the home is sold faster. Lenders make money off of mortgage payments. As such, it’s in their best interest to make sure they lend money to reliable borrowers. That means taking the time to do credit checks and go through the loan approval process. They also want to make sure that the home they’re financing is worth its asking price, hence the appraisal requirement. Not involving a lender means you and the buyer can skip all those steps, resulting in a faster sale than you’d probably have if you listed your home on the market.
Fewer Contingencies
Buyers often have a few contingencies that allow them to back out of buying a home without penalty. It’s common to have a financing contingency for buyers looking at homes on the market. It makes sense–without financing, they can’t purchase the home anyway. Selling for cash removes the need for that contingency though. Cash buyers already have the funds they need. That means there’s at least one less thing that could cause the sale to fall through. Some cash buyers won’t have inspection contingencies either, further reducing the stress you experience when trying to sell your house.
There is a lot of overlap between selling your house for cash and listing it on the market. You still need to attract a buyer, get an offer, negotiate the details of the sale, and close on it. Still, selling for cash is often faster, less stressful, and less complicated. That makes it an attractive option for sellers everywhere.
Are you interested in selling your house for cash? We Buy Houses Florida Panhandle is interested in making you an offer! Click here to get started today!