If you’re looking to sell your house fast, you may find yourself with an all-cash offer. Selling your house for cash to a buyer who can pay the full price upfront without a mortgage can seem very enticing. But cash offers also come with some drawbacks to consider from the seller’s point of view. Here are some key pros and cons of selling your home for a cash price.
Pros of Selling for Cash
Fast Closing Timeline
One of the biggest appeals of an all-cash offer is the ability to close quickly, usually within 30-45 days. This timeline gets you the proceeds from the sale faster than a buyer needing mortgage financing, which typically closes in 45-60 days. The expedited timeline also lowers risks of deals falling through.
No Appraisal Contingency
Cash offers come with no appraisal contingency, so you don’t have to worry about the buyer’s financing falling through if the home appraises for lower than the offer price. The buyer has already assured funds are available, minimizing this risk.
Stronger Bidding Position
When buyers make all-cash offers, they tend to bid competitively and be less inclined to negotiate on price. In a bidding war, a higher cash offer is very attractive. You can get top dollar for your home if a cash buyer wants it badly enough.
Cons of Selling for Cash
Lose Negotiating Leverage
While cash offers come in strong, you lose some negotiating leverage as the seller because the buyer has eliminated financing contingencies. With an all-cash offer, you have little recourse to negotiate repairs or closing date.
Potentially Leave Money on Table
Having a buyer who can pay cash risks settling for a lower price than if listing openly on the market. If you don’t shop the offer around, you could miss out on a higher bid from a financed buyer.
No Cushion if Appraisal is Low
With a financed offer, you have more flexibility if the appraisal value comes in lower than the agreed price. But a cash buyer has no mortgage contingency, so you may have to drop the price if appraisal is low.
Lose Out on Earnest Money
If something happens where a cash buyer has to back out, you could lose earned earnest money. Without contingencies, buyers can often get deposits back if unable to close.
While all-cash offers have perks, they also limit a seller’s flexibility. Make sure to weigh the pros and cons before accepting a cash offer. Don’t leave money on the table, but don’t dismiss the benefits cash brings either.
Selling Your House for Cash: What Realtors in Ocala Have Cash Buyers?
If you want to sell your house for cash in Ocala, Florida, Scott Coldwell and Your Home Sold Guaranteed Realty - Coldwell Real Estate Services can help. With nearly 19 years of real estate experience, our real estate team has helped hundreds of our clients sell fast and for top dollar.
But you don’t have to take our word for it. Our track record speaks for itself. On average, we sell homes 48% faster and for 2.4% more money compared to other realtors in Ocala.
We’re able to do this because of our extensive database of over 8,000 pre-qualified home buyers, including cash home buyers. With this database, we can match you up with an interested cash buyer almost instantly.
On top of our network and industry connections, we also offer several seller guarantees to protect your interest, like our Guaranteed Sale Program and Guaranteed Cash Offer Program.Get a Cash Offer! Your Home Sold Guaranteed Realty – Coldwell Real Estate Services has the resources and network to obtain and compare the best cash offers for your house. In many cases, the seller can pick the closing, move out date or even lease the house back from the buyer. Call 352-292-8072 today to get the best cash offer and sell your house fast for cash!