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Should I Accept a Cash Offer for My House?

Are you wondering, “Should I accept a cash offer for my house?” Read on to learn about what a cash offer is and the key benefits to consider.

If you’re wondering, should I accept a cash offer for my house, you’ve come to the right place. This year, 28% of the homes sold were to cash buyers in March alone. That’s an incredible number when you consider the demand for homes in this hot market.

From being able to sell your home as-is to not having to pay realtor fees, we’ll go over all the benefits of a cash offer and more. We’ve covered how they work, what the process looks like, and the many perks of an all-cash offer. Let’s jump in and see if a cash offer is right for you.

What Is a Cash Offer?

A cash offer is when a buyer offers to pay cash for your home. Instead of using a traditional mortgage or another form of financing, the buyer is giving cash directly. You’ll often see a cash offer is often also tied to an as-is offer.

An as-is offer means the buyer is purchasing the home in its exact condition. While they can still do an inspection, the seller won’t have to make any repairs or changes based on the inspection results. When someone gives an as-is, cash offer, the seller receives cash for their home without needing to make any concessions or repairs.

If you have a mortgage left on your home, you can still accept a cash offer. Your bank will receive the cash they are owed to pay off your loan and you’ll receive the rest. This will vary depending on how much you owe and how much your home sells for.

How Does a Cash Offer in Real Estate Work?

A cash offer is made in a few different ways. First, the potential buyer works with a realtor and offers cash for your property. You can then accept the offer and enter negotiations from there. You can also counter to get a higher offer.

Another way a cash offer will come in is through an investment company. We buy houses in Lafayette, Louisiana in all cash. There’s no realtor and no negotiations needed. To receive a cash offer, you can easily submit your information to see an estimate of what your home is worth.

After your home is discussed over the phone, we’ll come by for a quick home tour. From there, you’re given a no-obligation offer at no cost. This offer is given in writing so that you can give it some thought.

After the offer is accepted, you can close at a title company just as you would with a traditional sale. Unlike when you work with mortgage companies on a traditional sale, you’ll receive your cash in as little as ten days.

How a Cash Offers Differs from a Traditional Offer with Financing

When you accept an offer from a potential buyer who needs a mortgage, the buying process looks a lot different. To start, you’re given an offer by their realtor. You can accept or counter the offer.

During this time, you’ll also negotiate a closing date. For buyers using a mortgage company, the typical closing time is anywhere from 30 to 90 days. That’s up to three months waiting to close on your home.

While you’re waiting to close, a lot can happen. To start, the buyer’s financing could fall through. You may also be forced to wait for the buyer to sell their current home before they can buy yours. Next, you’ll need an appraisal done on your home.

The appraisal process ensures that your buyer isn’t overpaying for the home. The lender wants to keep their risk lower and make sure the buyer is making a good investment. This is unfortunately another opportunity for a deal to fall through if the home doesn’t appraise for what they are offering to pay.

There’s No Need to Worry About Home Appraisals

When you accept a cash offer from us, you can skip the appraisal process. Let’s say you were offered $200,000 for your home. After the lender does the appraisal, they find that it’s only worth $180,000. If the buyer is will in to pay the $20,000 deficit then the deal will move forward.

If the buyer can’t come up with the remaining cash, they can terminate the deal, or you can accept a lower offer. This opens up negotiations again and you run the risk of losing your buyer.

When you accept a cash offer from us, there’s no appraisal needed. We’ve already inspected the home and come up with a fair offer. Once you accept the offer you’ll close and receive your cash quickly.

There’s No Need to Repair Your Home

Often times before a seller puts their home on the market they will make a bunch of improvements. While this can increase the value of your home it also costs a lot of time and money. You also may not have the budget to completely gut and renovate.

One of the best parts about selling your home for cash is that you won’t have to worry about showing it in perfect condition. There’s no need to pretty up and repair your home. Think of all the money and weekends you’ll save not trying to make your home pristine.

When you sell your home as-is for cash, you can sell it in its current condition. There’s no money spent on new paint, curb appeal, fixing that broken sink, or any of the other repairs your home needs. You can leave the mess and leave the repairs.

With more time and money in your pocket, you can focus on your next home. Save your improvements and your wallet or your next property. Keep more cash in your bank account without all the hassle of having to renovate a home you’re trying to get rid of.

You Don’t Have to Stage or Market Your Home to Sell

When you sell your home on the traditional real estate market, you’ll often need to stage your home and help it show at its best. Staging means moving furniture, renting new furniture, and clearing out all your personal belongings.

Purging, deep cleaning, and staging could take months to do on your own. The costs of staging and glossy marketing will also add up. You’re trying to impress buyers and draw attention to your home. This takes a lot of work and money.

When you sell your home as-is for cash, there’s no need for expensive staging. You don’t have to hire an expensive professional stager, re-decorate, or re-arrange your home. You don’t have to store your belongings and make your home a model.

Selling your home as-is for cash also means no photographers coming into your home. There’s no professional photo or video shoot needed. You also don’t need any realtors coming in to inspect or critique your home.

There’s No Need to Deep Clean and Remove All Your Belongings

When you sell your home on the traditional real estate market, you may hear realtors tell you to make your home more neutral. This is so your home will appeal to a larger pool of buyers. This process often involves removing all your personal belongings, re-painting, putting stuff into storage, and purging as much as possible.

Buyers want to walk into a home and picture themselves living there. They don’t want to see all your stamp collections, kids’ toys, and clutter. Selling your home traditionally means making it look like a model home before you list it.

Every time someone comes to tour your home, you’ll need to deep clean, remove clutter, and pick up your belongings. When you have a big family, pets, or small children, this is extremely difficult. You’re constantly trying to live in a bubble.

Imagine having to pick up kids’ toys, homework, and backpacks each time you show your home. With an as-is cash offer, there’s no need to make your home perfect. You can continue to live in your home as you would until the deal is done and it’s time to move out.

You Don’t Have to Pay Traditional Real Estate Fees and Commissions

The average real estate commission in Louisiana ranges between 5% and 6%. That means whatever your home sells for you’ll have to pay 6% of that to a realtor. That percentage really adds up when in you’re need financially.

When you sell your home as-is for cash, there are no real estate commissions to pay and no fees. You don’t have to pay closing costs, closing fees, or anything to a realtor. All the money you receive goes to you directly.

Imagine how much money you can save without having to pay closing costs, realtor commission, and more. We offer a fair cash amount with no hidden fees. There’s no realtor waiting to take your equity.

With the housing market as in-demand as it is, fees, commission, and the cost of moving is also spiraling out of control. To help you prepare for your next move, fees and commissions are kept out of the closing room.

You Can Sell Your Home Faster

Selling a home traditionally can take months. You start with prepping your home and getting it ready to hit the market. This takes weeks of sweat equity and money on repairs.

After your home is show-ready, you’ll have to wait around for potential buyers and realtors to come and tour your home. Imagine weeks of visitors coming in and out of your home. Once you finally receive an offer, you’ll need to go through negotiations, appraisals, inspections, and more.

After weeks or months spent waiting for the buyer’s financing to finalize any number of bumps in the road can happen. You may end up losing the deal and needing to start over with a completely new buyer.

When you need to sell your home quickly, an as-is deal for cash is the fastest way to sell your home. You can have quick access to your funds in a matter of weeks instead of months. There’s no waiting for appraisals, waiting for funding, mortgage companies, and realtors.

Your Home Will Sell Without the Need for Home Tours and Open Houses

Selling your home on the real estate market means making your home look as good as possible. You want to draw potential buyers in, get the highest offer price, and have tons of people viewing your home virtually and in person.

Marketing a home means weeks of photographers, videographers, tours, and realtors coming into your home to get it prepped. Once you hit the market, there’s no telling how many showings and open houses you’ll have to endure.

You’ll have to clean, prep, and get out of your home every time there’s an open house or a showing. This is a huge inconvenience when you have a family or pets. There’s no telling how many times you’ll have to go through this exercise.

With a cash, as-is offer, there’s no need to vacate your home or get it ready for in-person tours. When it comes time to sell, you won’t have to worry about showing the home or hosting open houses. There’s no waiting by the phone to see how many offers have come in.

Can I Get a Cash Offer for My House Today? Find Out Now

Between the quick timeline and the cost savings, the benefits of selling your home for cash are almost endless. If you’re wondering, should I take a cash offer for my house? You’ve come to the right place.

From estimating the value of your home to the closing table, we can help you every step of the way. A cash offer from us means no realtor fees, no 90-day closing, and no waiting around for the mortgage company. To see what your home is worth, fill out the contact form here for a free estimate.

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