7 Benefits of Accepting a Cash Offer on a House

What Is a Cash Offer?

In short, a cash offer means a homebuyer plans to purchase your property without borrowing money. The purchaser is willing to pay cash and doesn't require financing to complete the transaction.

Advantages of Selling Your House for Cash

1. Close Quickly

Cash offers take less time to finalize because you don't have any lenders to deal with. The average sale takes about a month to close and that's only after you list, host open hours, and review offers. 

Most cash offers only take around two weeks, which includes filling out documents and having them processed by a title company. So, while it isn't instantaneous, you'll save more than half the time by not dealing with a lender or the mortgage underwriting process! 

Whether you're relocating because of a new job or another commitment, a faster closing period means you can move out quicker and easier.

2. Fewer Sales Fall Through

You may face financial barriers if your buyer is using a mortgage. It's not uncommon for lenders to pull out of the deal, which leaves you right back where you started. 

In contrast, a cash offer guarantees money on the spot. You might get a lower offer, but these buyers have the money to buy your property and don't require approval from a bank, ensuring a quicker sale and less expense on your part.

3. No Appraisal Needed

Most mortgage lenders require an appraisal to determine the value of your home and make sure it's worth the asking price. This could make or break the sale if the lender decides not to finance based on the appraisal report. Appraisals aren't required with cash sales, which means fewer people to deal with and less paperwork to fill out.

Another money and time saver is most cash buyers don't expect you to make repairs to your house before selling - some investors flip houses or rent them out for profit.  What they offer is the amount you'll receive for your house, based on its condition and location. 

4. Skip the House Repairs

Home inspections can bring to light expensive fixes. Selling your house to a cash buyer, however, usually means you don't have to make any changes. Not to mention, you'll get to skip the cleaning and staging steps associated with listing your house. 

Generally, selling "as is" is ideal if you need to sell your house quickly.

5. Avoid Negotiations

Listing a house means a lot of back and forth with the buyer's agent, from discussing what repairs need to be made to who's paying the closing costs. 

When you sell as is, you can accept the buyer's offer, skip the negotiation process, and finalize the deal quickly. Just have a reasonable price in mind for the house and accept the offer that meets or exceeds it.

6. Save On Commission Fees

It's no secret that buying or selling a house comes with various fees. Some realtors ask for 3-6% in commission, though this varies by location. 

Working with a cash buyer means you can pass on the realtor and save money. At Reliant Home Buyers of TN, we're honest and transparent about the sale process - so you never need to worry about any hidden fees or closing costs. 

7. It's an Easy Solution for Difficult Problems

Accepting a cash offer is a fast, easy way to dodge difficult situations. For example, maybe you're trying to avoid foreclosure, or you recently inherited a house from a loved one and can't afford the upkeep.

Whether you need to sell your house and relocate or just need the money, a cash offer can help get you out of a tight spot. By avoiding appraisals, repairs, and negotiations, you'll also have less to handle overall. It's a win-win situation for you and the cash buyer.