Why do home sellers prefer a “cash” buyer? Wouldn’t they get the same amount of $ as a check from the bank if the buyer has a home loan?
In: Other
When it boils down to it, if a bank is loaning you the money, they’re they ones buying the house, not you.
Banks can be incredibly picky about things during the home-buying process. They want to make sure that they’re paying a fair price and the home is in good condition. They will want a 3rd-party appraisal to make sure the home is actually worth what you want to pay. They will require a termite inspection. They will require flood surveys to make sure it’s not in a floodplain. They will require a title search to make sure it actually legally belongs to the seller and there’s no funnybusiness going on with liens or easements or mineral rights or my uncle actually owns 15% of the house.
They will require insurance and the list goes on and on and they can just decide “nope” at any point in the process.
Cash buyer eliminates pretty much all of that. We agree on a price, you give me money, I give you the house, end of transaction.
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