The Pros of a Cash Offer from Blue Mountain HomeBuyers
1. Cash Can Lead to a Quicker Home Sale
A cash offer can close quickly because you don’t have to wait for the financing and underwriting process. “It’s typically about two weeks,”
You can expect a streamlined closing process with a cash deal because there is also no need for a lengthy back-and-forth between buyer and lender regarding assets or documentation. The deal can move forward if the buyer has the cash and the title is clear.
2. Greater Flexibility Around Closing
Since there’s no lender a cash deal offers more leeway when it comes to scheduling your closing. You can set closing dates that work for your needs, whether you want to close quickly or prefer to stretch it out for a month or two.
3. Fewer Contingencies
Cash offers remove an element of uncertainty that’s sometimes evident in the mortgage process, where certain hurdles can derail a transaction. For example, the stress of a financing contingency is eliminated since there is no uncertainty about a buyer’s loan falling through
4. Cash Makes It Easier to Sell Your House ‘As-Is’
While a buyer can finance the purchase of a home that’s sold as is, the lender and the type of loan that they use may mandate certain requirements for the deal to go through. For example:
- FHA loans carry minimum property standards that require a home to be structurally sound and safe.
- USDA loans have strict requirements for a home’s cosmetic and structural condition, as well as its major systems, including heating, cooling and electrical.
- VA loans, which are designed for veterans, members of the military, and their surviving spouses, have stricter minimum property requirements than most other types of mortgages.
- Conventional loans typically have more lenient requirements, but some lending institutions may necessitate a home inspection as part of the approval process.
5. Lower Closing Costs for the Buyer
The buyer will pay no closing costs when working with Blue Mountain Homebuyers.