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
If you’re selling a TV, would you rather have A) someone walk up with $100 and take the TV or B) someone say their bank will give you $100 next week after the TV gets appraised, but only if it’s appraised for the full $100 and after they sell their old TV?
Obviously that’s an extreme example, but cash offers are often faster and have less contingencies.
When selling my house, I had eight offers ranging from $250,000 to $270,000. I took $264,000 cash. Why? I had the money in my account in three days and the sale was done. Would $270,000 have been better? Maybe, but what if the home inspection went bad, or the buyers didn’t sell their house, or the appraisal was less than asking price? All those factored in, so I took cash for ease and a quick sale.
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