Are you wondering what a cash offer house is exactly? If you’re a home seller in Jacksonville, Florida, you may have heard about the benefits of cash offers. But what are these offers exactly, and how do they differ from traditional offers?
In this post, our Jacksonville realtors at Your Home Sold Guaranteed Realty - Phil Aitken Home Team will discuss what cash offers are, who makes them, and their pros and cons.
Key Takeaways:
- A cash offer on a house is exactly what it sounds like– a buyer will purchase your home using cash. This means the buyer is using their own cash funds, and doesn’t need to turn to a mortgage lender.
- Investors, including individual investors, iBuyers, and other companies often make cash offers on homes to flip them and sell them at a profit.
- In competitive real estate markets like Jacksonville where sellers can receive multiple offers on their home, cash offers can stand out as more attractive and secure.
What is a Cash Offer in Real Estate and Why To Consider It?
A cash offer on a house is exactly what it sounds like– a buyer will purchase your home using cash. This means the buyer is using their own cash funds, and doesn’t need to turn to a mortgage lender or other third-party financial institution for funding.
Cash offers can come from individual buyers, investors, and companies. Individual cash buyers simply use their own money to purchase your home for their own use.
Investors, including individual investors, iBuyers, and other companies often make cash offers on homes to flip them and sell them at a profit.
It’s also possible to encounter scam cash offers, though it’s easy to avoid them if you have a professional realtor at your side.
Should You Accept a Cash Offer?
Benefits of Cash Offers
- Faster Transaction: Cash transactions typically close more quickly than financed deals since the buyer doesn’t need to meet a lender’s requirements for mortgage approval, appraisal, or underwriting. This allows you to receive the proceeds from the sale faster and move out quickly.
- Certainty of Funds: When buyers use lenders, there is always a risk the financing could fall through unexpectedly, especially if they never got pre-approval. Cash offers eliminate this risk because you know the buyer has their own funds available to complete the transaction.
- Simple and Streamlined: Cash transactions often involve fewer complications and contingencies compared to financed deals, making the overall process smoother and more straightforward for sellers.
- Selling As-Is: If you’re selling to investors, you’ll be able to sell your home as-is in exchange for cash. This is a convenient option if you don’t want to hassle with improvements or renovations.
In competitive real estate markets like Jacksonville where sellers can receive multiple offers on their home, cash offers can stand out as more attractive and secure for the reasons listed above. This makes them worth considering, especially if you’re looking for a fast home sale or to sell your home in its current condition.
Drawbacks of Cash Offers
- Lower Purchase Price: The main drawback to cash offers is that they’re usually lower than financed offers. Cash buyers expect this discount in exchange for the convenience of a fast and uncomplicated transaction. However, the lower purchase price may be worth it if you want to sell fast or sell your home as-is.
- Limited Buyers: Cash offers are harder to find than traditionally financed offers. If you’re searching for a cash buyer, you may have to wait a while, which could lead to your home sitting on the market longer than you had hoped.
- Verifying Buyers’ Funds: You’ll need to do the extra work of verifying cash buyers’ funds to make sure they have the money they say they have. You’ll need to ask for their bank statement and a proof of funds letter from their financial institution.
Sell Your Jacksonville Home Fast For Cash with Phil Aitken
If you want to sell your Jacksonville home for cash, you’ll need to work with a realtor who’s handled cash transactions before. At Your Home Sold Guaranteed Realty - Phil Aitken Home Team, Phil Aitken and our team of real estate professionals have been rated as the best realtor in the Jacksonville area.
Our clients love working with us to sell their homes because we deliver results and guarantee a successful sale– including cash sales.
The data backs up why we’re the best choice. On average, we sell homes four times faster and for 2.7% more money. That’s why clients trust us– and how we’re able to sell 40 times more homes than other realtors.
Have more questions about selling your Jacksonville home with our real estate team? Give us a call at (904) 544-5252 or send a message to [javascript protected email address]. You can also fill out the form on this page. Get ready to start packing!
To Discuss Your Home Sale or Purchase, Call or Text Today and Start Packing!