Selling a house for cash greatly lessens the risk of obstacles becoming a problem during the sale.
There is no worry over the buyer’s financing falling apart at the last second.
This is all too common for traditional real estate transactions. Minor concerns can develop into major complications that derail the sale completely. An older roof that is structurally sound may fail to qualify for insurance and lead to the loss of bank funding. Any small code violation, mark on the inspection or an appraisal that comes in lower than expected changes everything. Suddenly the homeowner is expected to make a major investment into a house they are hoping to walk away from. There can be last minute negotiations that significantly reduce profit. The potential buyer may be unable to secure a mortgage and need to back out of the deal. Unfortunately, this happens quite often. With a cash purchase, the deal is much more solid. There are no worries over a lack of loan approval or other financial pitfalls. Homeowners can even sell a house with a mortgage on it by utilizing the cash from the sale to pay it off. Houses that are in poor condition, facing foreclosure and involved in probate are acceptable to a cash home buyer. Plus, a cash sale circumvents the majority of common contingencies that can compromise or delay the traditional selling process. It eliminates the aggravation of renegotiation due to having the house on the market too long, broken appliances, foundation issues, pest infestation and all sorts of red tape. In Jacksonville, Florida, where the real estate market continues to grow and evolve, cash transactions are becoming more popular. The simplicity of handling the process almost entirely online and closing in under two weeks holds a great deal of appeal. Homeowners can get out from under the burden of an unwanted property, budget drain and stress very quickly.
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