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?
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Another advantage to cash price in a hot market like FL beach places is the rapid recent appreciation that often exceeds appraisal. Cash buyers don’t care. They don’t do an appraisal or inspection and want a quick close.
Music to sellers ears
Cash means faster sale. I bypassed this by getting pre aprroved. Bank gave me paperwork telling sellers i am approved for a mortgage so financing is available.
A cash buyer can close more quickly and is guaranteed to have the money needed to complete the purchase without hiccups. A buyer needing financing could run into issues getting a loan, and even if they don’t it can take 4-6 weeks to close.
As somebody who has bought and sold many homes , I can tell you that 50% of the escrows that fall out are due to the buyer not being able to get the loan for the house they thought they could afford. and cash usually means a quick escrow close and money in your pocket.
but in today’s market with multiple offers, unless you need to get out fast it’s better to qualify the buyers, Make sure they have the money and demand 50% of the deposit pass through after 21-day due diligence, that way they’re invested.
“Cash” is still a cashier’s check from the bank. They don’t give you a suitcase full of 10s and 20s.
This must be an american thing.
In Norway you bring whats called a financial proof, meaning you already talked to the bank and have it all fixed beforehand
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