Want a competitive edge on buying a home? An all-cash offer will give you an advantage! Here’s everything you need to know!
As discussed in Florida’s April Real Estate Update, it is a seller’s market. This is a competitive market for buyers, and it is a hurdle just to get your offer accepted. If you have the capital on hand, you may be wondering what your best move is. Should you make an all-cash offer or finance your new home with a bank loan? In this hot market, there are huge benefits of an all-cash offer. Here’s what you need to know.
Lower Overall Closing Costs
Many of the fees associated with closing pertain to the mortgage loan. These include document fees, loan origination costs, and appraisal fees. With an all-cash offer, these costs simply do not exist, meaning you save a significant amount of money on the closing costs of your new home.
Close on Your New Home Faster
When obtaining a mortgage loan, it can take at least 30 days to close on your new home. The primary reason is that it takes this long is to get your loan in order. This includes drafting the necessary documents, setting up and conducting an appraisal, confirming approval, etc. One of the benefits of an all-cash offer is that you do not have to wait for any of these processes to occur, which can allow you to close much quicker. How exciting!
Peace of Mind
It can be tempting to make a down payment and finance the rest so that you can spend money on other aspirations, goals, and dreams. However, when you pay cash for your home, you will have peace of mind knowing that you own your home right out. This means you do not have to worry about losing your home should you run into unforeseen financial trouble down the road.
Gain a Competitive Advantage
In this market, buyers need every advantage they can get. The chances are good if you find a home you like and want to make an offer. At least one more person wants to make an offer on the same house. However, offering all cash is more appealing to sellers because it cuts down on the steps that have to happen before a successful closing can take place. Furthermore, choosing this route reduces the hassle of buying a home and increases the chances of your offer getting accepted over other buyers with financed offers.
Let Us Help You Take the Hassle Out of Buying a Home
We understand how important it is to make the transition to the next chapter of your life as stress-free as possible. As the best Realtor in Lake Mary, we will go over and beyond to help you find the perfect dream home and increase your chances of having your offer accepted by the seller. Feel free to reach out with any questions you may have at 706-424-6397 or gittasells@gitta.com!
