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As nice as it might sound, selling your house for cash doesn’t mean that someone is going to show up at your door with a duffel bag full of greasy cash. A cash purchase means that the buyer, who is usually an investor, has the funds available and does not need to borrow from a lender to buy your house. Is that good? It sure can be! Why is that good? Glad you asked.
Here are just a few reasons it can prove advantageous to sell your house for cash.
- Banks only authorize a loan after appraisal, inspection, and contingency meet the requirements. With a cash purchase, you won’t need to worry about any of that. It’s just you and the buyer agreeing on a price.
- Banks and lenders don’t care if you’re in a rush or want to sell your house and be done with it. On average, the loan approval time is 45 days (if nothing goes wrong). In a cash deal, the seller and buyer can close as quickly as they like.
- Without a lender in the middle, you can avert many unknowns and potential problems, for example:
- The bank can decide not to lend to the borrower, and the deal falls through.
- The house can fail inspection and not qualify for the loan.
- The lender may require certain items on the house to be fixed to meet their loan requirement.
However, with a cash deal, you don’t have to worry about any of the things a traditional home seller does.
You have the peace of mind knowing that the deal isn’t going to fall through. No worries that the lender decides your house isn’t worth the purchase price, or they do not think the borrower should qualify for the loan.
Want to know how to find a cash buyer and the process from offer to closing? Then read our article about the process of selling your house for cash.