When I first became aware of cash home buyers, I thought it must be a scam of some kind.
It seemed impossible that someone would pay a lump sum for a property right at closing. I was then told that cash offers are typically lower than the potential sale price of listing by way of conventional means. I wondered why anyone would choose a cash home buyer and accept a lower amount. I did some research and discovered that there are numerous advantages to a cash sale. Listing a home on the market is a complex, time-consuming and often stressful process. It can take months to attract a buyer. There are typically negotiations and delays. It’s not unusual for the deal to fall through because either the parties can’t reach an agreement or the buyer can’t secure financing. For a bank to agree to financing a home mortgage, certain stipulations need to be met. The property must pass a home inspection. The inspection costs money and covers all of the major systems and components, including the foundation, roof, plumbing, electrical and HVAC. In most cases, the home inspection turns up things that need to be fixed. These demands can be as simple as installing grounded plugs or as major as putting on a new roof. Along with the inspection, there is general sprucing up, photos, showings and all sorts of requirements. These things take time. By comparison, a cash home sale is quick and straightforward. A homeowner can fill out the contact form from the comfort of home. The form is simple and results in a cash offer within 24-hours. Because cash home buyers have sufficient funding to cover the full cost of the house, there is no need for financing. They buy homes in any condition. In Jacksonville, Florida, cash home sales are becoming more commonplace every year.