Buyers making cash offers have been accused of making real estate markets more expensive. However, a cash offer for your home may be exactly what you need, depending on why you want to sell and who is making the offer. Cash offers themselves can be very beneficial because of their speed and their tendency to be comparatively uncomplicated.
When You Want a Fast Sale
Cash sales can close in less than a month. In fact, they can close even faster than that. Want cash now or within a couple of weeks? A buyer offering cash, be it a private party or an investment firm, is your best chance of getting money as fast as you can. Want to offload an unaffordable home before you end up defaulting on your mortgage? Cash is likely best for that, too.
When You Have a Lien on Your Home
Selling your home when there's a lien on your property can be more difficult as some see a lien as a sign that other things might be wrong. Maybe the lien implies you didn't have the cash to keep the home well-maintained, for example. Mortgage lenders can be wary of liens as the diversion of money to the lien holder might introduce complications, even though you're really the only one who suffers when money from selling your home goes to a lien holder instead of you. Still, it may be easier to sell your home for one big cash payment and let a real estate agent or lawyer help straighten out the lien issue. Sometimes a lien on your home means you can't sell, but if you can, a cash sale may be the easiest way to get that home sold and the lien paid off.
When the Cash Is There But the Seller's Credit Isn't
Occasionally you'll get a potential buyer who looks good but who has no or low credit. Maybe they're recent immigrants employed by a local company, so they don't have much U.S. credit to base a score on, or maybe they had a very tough time financially during the COVID shutdowns but have rebounded. If you can verify the cash is there and the buyer is legitimate, this could be a very good time to take that cash offer. You get your money fast, and a family who might otherwise be stuck in rental limbo through no fault of their own gets a home.
Remember that it's best to have a real estate agent helping you even if you're selling your home for cash. You'll still have paperwork to do and inspections to allow, and the real estate agent will guide you through the entire process and ensure you get your money.
For more information, contact a local company like NP Residential.