Tempted by a Cash Offer for Your Home? Dissect It With This Guide
When it comes to offers on your home, cash is king for a reason. Your sale is more likely to close and close faster with a cash offer than with an offer that hinges on a mortgage approval.
While all-cash offers used to be relatively rare, they now make up 32% of all home sales. But just because you receive a cash offer doesn’t mean you should sign the dotted line without careful consideration.
“A cash offer won’t always be the best deal,” says Enas Latif, a top real estate agent who sells homes 56% quicker than the average Harris Hill, New York agent.
We asked Latif to break down how to evaluate cash offers from both traditional homebuyers and direct buyers like investors.
OK, but what exactly is a cash offer?
Good question. If you’re picturing suitcases full of bills, it’s not quite like that.
A cash offer is an offer made by a homebuyer who wants to purchase a piece of residential real estate without borrowing money from a lender. This means that the buyer has the funds to purchase the home in full.
As the seller, you reap multiple benefits by accepting a cash offer. Cash offers are more likely to close and close faster than those backed by a lender.
