Sellers prefer cash offers and it's easy to understand why. Cash transactions tend to close faster because they don't have to go through the mortgage underwriting process. Selling a home in a cash transaction is different. In a cash sale, the buyer doesn't get a mortgage lender.
On the other hand, the purchase of the house is made entirely with cash. This type of sale is usually faster and easier than a traditional sale because you don't have to approve a loan or home appraisal to wait for. In addition, if you were to sell to one of the companies that buy houses in VA, you can sell your home as-is and avoid fees from real estate agents. In addition, cash buyers will purchase homes in one-time sale situations, including inherited properties, foreclosures, liens, and short sales.
Regardless of who sends the cash offer, you should carefully weigh the pros and cons before accepting it. You can list it with a real estate agent, put it on the market yourself, or sell it to a homebuyer for cash. Selling to a homebuyer for cash in Virginia takes 24 hours to receive an offer, and you can close in 7 days or more if you need more time. But the main reason sellers prefer cash buyers is because there is a lower chance that the offer will be delayed or crumbled when buyers use all the cash.
A cash offer is a cash offer, which means that a homebuyer wants to buy the property without a mortgage loan or other type of financing. If you're selling to a cash-only buyer, it's important to understand the pros and cons and make sure you're making the best decision for your situation. If the market is hot and there are plenty of other interested buyers, a cash offer can help put you ahead of the line. Whether you end up accepting a cash offer or opting for a funded offer, Guerrero and Ferrante agree that in a market where you can wait for multiple offers, it makes sense to wait for the right one to arrive.
Another reason to consider selling your home to a buyer for cash is that you can avoid real estate agent fees. Depending on the temperature of a market, paying cash for a home has benefits from the seller's point of view, strengthening their negotiating position if they can afford to pay in cash. So if you want a money order or a bank transfer, you'll receive the cash quickly and you can usually close in a week. Even though this doesn't apply to cash buyers, there are still some good reasons they might want an appraisal.
Buyers who are willing to pay cash have an inherent advantage over those who need to borrow, and can even win over the seller at a lower price. Because of the reasons sellers prefer cash offers, it makes sense for buyers to want to pay cash if they have the means, especially in the seller's market. If you're selling your home (or even just considering doing so), a cash offer can sound quite tempting.