When you decide to sell your home in Pierce County, Washington and even put it up in the local listings, you might receive both cash offers and financed offers. If this is your first home to sell, you may wonder how a cash offer differs from a financed offer. Basically, there are things that you should bear in mind when selling a home.
Accepting a cash offer may be the best option in some situations. However, it may not be wise in some circumstances. Depending on the condition of your home, the real estate market in Pierce County, timeframe and financial situation, a cash offer may make more sense.
Differences between a Cash Offer and a Financed Offer
Traditionally, buyers make offers on the basis of loans from lenders. That’s because traditional buyers depend on mortgages to buy homes. A financed offer is basically an offer that is made by a buyer that is depending on a loan to buy a home. On the other hand, a cash offer is made by a buyer that intends to pay cash for a home. A company like KDS Homebuyers for instance makes cash offers when buying homes in Pierce County, Washington. That’s because we don’t rely on loans from lenders or banks to buy houses.
Here are things that make a cash offer different from a financed offer:
- Cash offers guarantee home sellers money from the sale of their houses because they don’t have financing contingencies.
- Cash offers close faster because the buyer has the money when making an offer.
- Cash offers attract fewer sales costs because there are no expenses like financing costs.
- To accept a cash offer, you don’t need an appraisal.
- When giving cash offers, a buyer is not likely to pull out of the sale.
- A cash offer is mostly based on the “as is” condition of a home therefore the seller doesn’t have to make repairs.
Why Cash Offers Make Sense
There are cases when cash offers make more sense that financed offers.
Here are major instances when you should consider a cash offer when selling a home in Pierce County, Washington:
- When you want to sell a house that needs repairs or updating and you don’t have money for it.
- When you want to sell a home for quick cash
- When looking for the easiest way to sell a home
- When a property doesn’t qualify for a loan or financing
- When obtaining credit becomes hard
- When you need certainty about payment
Generally, cash offers are a preference for homeowners that want to close the deal fast. Nevertheless, it’s important to weigh the available options to get the best deal from the sale. Remember that your home may not net you the same amount you may get from a traditional sale when you sell it to a cash home buyer though the difference will be minor. Call KDS Homebuyers now to schedule viewing and evaluation before getting a cash offer for your home in Pierce County, Washington!