If you have thought about selling your house then you have heard of the term “cash offer.” What exactly is a cash offer? If you sell your house to someone who is using traditional financing do you receive less money, does the house go down in value, or what exactly is the difference? At the time of closing, regardless of whether you are selling to a buyer who is paying cash or who is using traditional financing, at the end of the day, as a seller, you still walk away with a check in hand.
The next time you hear a buyer make an offer and express that it is a cash offer,? A cash offer means that the buyer has money that is not contingent upon a third party to pay for your property. When the third party is eliminated from the equation, many variables affecting the buyer’s ability to buy the property are also eliminated.
A perfect example of a variable that has the potential to negatively affect a buyer’s ability to close, is when the mortgage company, lender, etc. decides to pull their funds from the deal. This can happen for a variety of reasons, for example, a buyer can ruin their chances by buying a car, taking out a new loan, applying for a credit card, etc. weeks– or even days– before a closing. If you have been in a situation where you had a committed buyer pull out just before closing due to finance issues, you know how frustrating it can be.
When a buyer makes you a cash offer they avoid the above scenario playing out. By making an offer with cash, the ability to close on the transaction sits directly upon the buyer’s. An appraisal, inspection, etc. does not have to affect their ability to perform at closing. To have an even more secure offer in place, some buyers will make an all-cash offer with an additional condition: buying the property in ‘As-Is’ condition.
If you have a house here in the Asheville or Hendersonville areas that you’d like to sell and not depend on a third party to perform, contact us today! Fill out the form if you are ready for to get a Asheville House Cash Offer.