Most homeowners want to sell their homes quickly. They prefer to spend less time or effort preparing the house, upgrading it, cleaning, and staging it for potential buyers. But at the same time, they also worry about not being able to sell their homes if they don’t go through the entire process. If you are one such homeowner who wants to sell their home quickly, you can opt for a cash offer from companies like Integrity Home Buyers Colorado.
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What is a Cash Offer?
A cash offer is an all-cash bid for a house. The homebuyer will buy the property without financing options like a mortgage. A cash offer can avoid many time-consuming and expensive steps in the selling process. As a result, you may be able to sell your house faster.
Are Cash Offers Common?
Many people believe that cash offers may not be very common. But this is far from the truth. Cash offers may occur in about 22% – 24% of single-family homes and condos on the market. Scenarios where cash offers are common include:
- The buyer has sold their existing home and requires a place to live immediately.
- A real estate investor wants to buy property for investment purposes
- The seller has approached an iBuyer to sell the property
- There is a lot of competition in the market, and the buyer wants to get the seller’s attention
- The property needs repairs and renovations
- The buyer is looking to just flip and flop the property or hold it as a rental
- The buyer is a retired person who wants to use their savings and avoid mortgage financing costs.
What Types of Homes Could Be Cash Only?
While every home is unique, certain types of homes are more likely to accept a cash offer. They are:
Homes Under Foreclosure
You have to make tough decisions if your home is under foreclosure. You may have to confront an eviction, accept a short sale, or face bankruptcy. A cash offer can give you a way out of the situation and prevent you from spoiling your credit.
Homeowner Underwent a Major Life Change
As a homeowner, you may have experienced a significant life change, like getting a divorce, a new job, getting married, or a death in the family. Whatever the reason, if your situation needs you to move away from your current home, accepting a cash offer can help you sell the house quickly.
Home Needs Repairs and Renovations
Repairs and renovations can be expensive and time-consuming. Most people buying a home through a mortgage will not purchase a house that needs repairs. Selling your home for cash lets you quickly get rid of a problematic property with little stress.
How is the Home Selling Process Different With a Cash Offer?
The home selling process with a cash offer differs slightly from a mortgage sale. The process is typically faster with a cash offer. Since no mortgage is involved, your buyer will not have to deal with paperwork and applications and can close the deal quickly. Below are some ways in which the home selling process is different with cash offers:
Contingencies: Usually, there are lesser contingencies with cash offers. Your buyer will not require a financing contingency or a sale contingency.
Appraisals: Most of the time, appraisals are mandated by lenders during a house sale. With cash offers, since your buyer doesn’t have any financing, they may not need appraisals. Some buyers, however, may still insist on an appraisal, especially if they are purchasing the property for investment and want guaranteed returns.
Simpler Closing: The closing process for a cash offer is simpler than a sale with a mortgage. You need to give the buyer the settlement statement, deed, and title, collect your check, and give the keys.
Lesser Risks: Usually, the risk of the deal falling through is higher when your buyer opts for financing. This can waste a lot of your time, and you will have to start the process of finding a buyer all over again. But with a cash offer, since your buyer is financially capable of making the purchase, the chances of the deal failing are very low.
Sell Your Home for Cash Today!
If you are considering selling your home, opting for a cash offer from Integrity Home Buyers Colorado can be beneficial. They buy houses from homeowners who want to sell their house quickly. They will make you an offer within 24 hours of seeing the property. You can then pick the date you want to sell the house without any hassles.
