While driving around Jacksonville, Florida, I noticed advertisements from businesses offering to buy homes for cash.
At that time, I was strongly considering selling my home. I had never considered an alternative to the conventional process of listing via a realtor. I wasn’t sure what to expect. Despite offering a “cash sale,” I doubted I was going to receive a briefcase full of money. With a bit of research, I learned that cash buyers make an offer to purchase the property outright. There is no dealing with a mortgage. The company has sufficient funds to cover the full purchase price, which expedites the closing. Once the seller agrees to the offer, the cash buyer transfers the money with very little complication. I still wasn’t sure that selling my house for cash was the right choice for me. I found that there are numerous benefits to this alternative. The main advantage is simplicity. Because there is no financing, the delays and aggravations of the underwriting process are eliminated. There is no wondering whether or not the buyer will get approved. Cash buyers also reduce the closing costs. No lender means no lender-related expenses for credit checks, loan origination and application. A realtor isn’t walking away with a percentage of the sale price. Cash offers are far less likely to fall through. Rather than relying on a loan to cover the purchase, the cash buyer has the entire amount upfront. There is no concern over the application being denied. Another perk is the quicker turnaround. Removing the lenders from the transaction expedites the timeline. There is no need to wait for an appraisal or a home inspection. Cash buyers buy homes in as-is conditions. This appealed to me. I didn’t want to worry about making repairs prior to listing. I was suspicious that the roof on my house wouldn’t pass inspection. I worried that the electrical panel wouldn’t comply with today’s building codes. Those are two major investments.