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CASH OFFERS FOR HOMES FAQS
A cash offer is an offer from someone who has the full amount of funds for the offer available to pay for the home at this time. The funds are available, and not given by, or contingent upon, approval by a bank or lender.
We can’t say that cash offers are better in every circumstance. However, they can benefit either party and they can definitely be the better course of action.
The main benefits are ease of sale and quick access to funds for the seller. For the buyer, cash offers can be treated preferentially in multi-bid sales and you can get a home for less total cost than you may when using conventional funding.
If two offers are the same amount, but one is a cash offer and one is conventionally funded, sellers will likely go with the cash offer. Often, sellers will even work with $2000 to $3000 of a cash discount to go for a cash offer over a traditional offer. This is highly dependent on the seller, but we have seen that the $2000 to $3000 discount range emerge as a trending “sweet spot” for sellers. Sellers may still want to go with more money in the long run and can go with the lender-backed offer over a lower cash offer sometimes.
An offer and sale can go through in as fast as 3-5 business days depending on title insurance. Title companies are very busy right now, but cash offers still move quickly, especially in comparison to funded offers’ closing time.
If you work with 616 Realty on a cash offer on your home, someone from 616 Realty will come to the home, meet you, learn about you and your home, and provide you with a person you can communicate with, visit in a physical office, and someone you can ask questions about the process.
We can also let you know what you might expect the market value of your home to be if you decided to list it and take conventional offers on the home, with the marketing and listing expertise of 616 Realty working with you on the sale.
Zillow simply doesn’t provide the same level of personal service to you when making cash offers.
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