Cash offers are good for sellers and buyers. While all Las Vegas real estate transactions lead to cash, traditional financing can create obstacles between sellers and buyers. Typically, sellers prefer to deal with people who have the fewest hurdles standing in their way.
So is a cash buyer the best option for your current property? It could be. Let’s explore the reasons why people prefer all-cash offers and the benefits you can expect for your Las Vegas home.
Reasons Why Sellers Like Working with Cash Buyers
Believe it or not, some sellers choose all-cash offers over high-priced offers with financing. You might think that higher offers are the best offers, but that’s not necessarily true. If the financing falls through, you’re back to square one. You have to relist your home and find a new buyer.
Here are some reasons why sellers prefer working with Las Vegas cash buyers.
- No appraisals. Because cash buyers don’t need financing, you aren’t required to schedule an appraisal. Appraisals get tricky because if the appraised value comes back lower, you’ll need to lower your price. The buyer can also increase their down payment so they borrow less from the bank, but it’s rare for them to do this.
- No financing contingencies. Even buyers who are fully qualified for a home loan can run into problems. Anything that is amiss is subject to further scrutinizing. Banks hold up financing for all types of reasons, but you don’t have to deal with any of them when you work with a cash buyer in Las Vegas.
- Quick closing period. Cash buyers don’t need 30-45 days to close if they have the cash on hand. Once a home inspection is done, most cash buyers can close in about a week. A faster closing puts money in your hands and also gets you off the hook for continued mortgage, tax and utility payments.
Should I Sell My House for Cash in Las Vegas?
If you are looking to list your home for sale, selling it to a cash buyer may be the best route. Here are some of the best reasons to sell your home for cash.
- It’s a fixer upper. Most traditional mortgages won’t cover the cost of expensive repairs or renovations. Therefore, you’d have to find a buyer who is willing to pay out of pocket for closing costs, a down payment and repairs. A better option is to sell your fixer upper in Las Vegas for cash.
- You need to sell quickly. Whether it’s a new job offer or a spousal separation, you can sell your home in just a couple of weeks to an all-cash buyer. Traditional sales can take months, especially now with coronavirus affecting the housing market.
- The property is an inheritance. If you were left a property that you don’t know what to do with, sell it for cash! This way, you can liquidate your inheritance without having to put your hard-earned money into fixing it up.
Selling your home for quick cash in Las Vegas isn’t for everyone, but it’s easy to see why some sellers prefer this route. If you are interested in seeing how much your home could sell for, contact We Buy Any Vegas House. We buy ugly houses in Las Vegas – let us provide you with a free, no obligation offer on your property!