Sellers often prefer cash buyers over financed buyers because there’s a lesser chance of the deal falling through and they can usually close faster, too. These are definitely attractive benefits for those who want to sell their homes quickly. But there are some things you’ll want to be on the lookout for, as you don’t want to sell your home to someone who is dishonest or unethical.
Below are three things to consider before accepting a cash offer on your home in Las Vegas.
1. Source of Cash
Once the buyer makes an offer, you’ll want to verify that they have the funds. It’s not just a question of how much the buyer has but where the money is coming from. This is why ethical buyers don’t pay in cash – even though it’s a cash sale. At closing, you’ll get the funds via electronic deposit or cashier’s check.
So how much cash should a buyer have? The buyer needs enough money in the bank to cover the purchase price of the home and its closing costs. Because that can be potentially hundreds of thousands of dollars, it’s usually experienced home buyers that have this kind of money.
2. Potential Contingencies
A cash offer usually comes with far less contingencies than a traditional offer, but this doesn’t mean there are no contingencies. Most buyers reserve the right to inspect and appraise the property – though they’re not necessary in a cash sale.
Nevertheless, some buyers still decide to go through with an inspection. They aren’t trying to nickel-and-dime you, they just want to know what they’re getting. If the buyer starts trying to re-negotiate your offer based on the inspection, this is a red flag. You are selling your home as-is.
3. Ability to Get a Loan
Legit home buying companies like We Buy Any Vegas House purchase homes as our everyday business. We do this full-time and have an extensive network of contractors and professionals that allow us to renovate and sell properties quickly. Our buyers have the money to purchase homes because of how long they’ve been in the industry.
Some buyers, on the other hand, may try to low-ball you because they can’t get a loan through a bank. This doesn’t mean that the sale is necessarily a bad deal, but you do want to make sure you’re not being pushed to get a low offer for the sake of a cash sale. You can still get a fair price for your home when you work with the right cash buyer.
These are three things to think about when someone offers you cash for your home. This is probably your biggest asset, so accept your offer wisely! For a free, no obligation cash offer on your Las Vegas home, contact We Buy Any Vegas House today. We look forward to hearing from you!