If you’re a first-time home seller, there are many advantages to selling your home to a cash buyer. Here are the five major advantages to selling your home to a cash buyer: faster closing time, lower closing costs, stronger offer, and no hassle. Read on to learn more. You’ll feel the difference in the way you handle the entire process and how you can benefit from a cash buyer.
Faster closing
Selling your home to a cash buyer means you can get the process done faster than if you were selling to a traditional mortgage buyer. A cash buyer will be able to complete the sale in two weeks instead of the usual thirty days. Before you can sell your home to a cash buyer, you must have the buyer’s funds verified. A letter from a private lender or bank statement will prove the cash buyer has the funds to close the transaction.
Less stress
If you have decided to sell your home to a cash buyer, you’ll enjoy a lower stress level. A cash offer means that you can skip the tedious process of staging, cleaning, and preparing your home to sell. This is great news for anyone who doesn’t have the time or patience to wait for a conventional sale to be complete. Whether you’re a first-time home seller or you’ve had a divorce, a cash offer is an easy solution to a difficult situation.
Lower closing costs
Selling your home to a cash buyer means you’ll save money on your closing costs. The first and most obvious advantage of selling to a cash buyer is the lack of mortgage recording tax. That tax amounts to about 1.925% of the mortgage balance, which is about 1.5% of the purchase price. Then there are the fees charged by the bank, such as the appraisal and loan application fees. Other closing costs remain the same.
Stronger offer
There are several advantages to selling your home to a cash buyer, including a faster closing, less hassle, and fewer hoops to jump through. Plus, they won’t have to worry about buyer financing issues or appraisal contingencies. That’s a major relief for sellers! Below are some tips to make your offer stronger when selling your home to a cash buyer. You should make sure that your house is in excellent condition and is located in a desirable area.
Secure offer
There are many advantages to accepting a cash offer on your home. For starters, you’ll avoid the hassle and stress of mortgage pre-approval and underwriting, which can make multiple offers nearly impossible to turn down. Another big advantage to a cash offer is that it doesn’t take into account the buyer’s credit history or other stipulations of the sale. You can also sell your home sooner.
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