Why is CASH considered KING in real estate? Because it comes with less contingencies and offers the seller a quicker close.
The advantages a cash buyer has over a financed buyer are:
Quicker close: A cash buyer can closer quicker on a house than a financed buyer thus reducing the sellers holding costs. A cash transaction can close in as quick as 14 days while a financed transaction can take between 21 – 45 days.
No appraisal contingency: A buyer paying cash does not have to get an appraisal on the house. There’s one less contingency that has to be removed. One less opportunity for the contract to bust out. A buyer who is securing financing will be required by his lender to get an appraisal. If the property’s appraised value does not equal or exceed the agreed upon sales price, the buyer can terminate the contract.
No financing contingency: A cash buyer is not waiting to receive final loan approval from a lender. He already has the required funds to close on the purchase of the Spring TX house. A financed buyer may or may NOT receive loan approval. Although the financed buyer has initial loan approval / loan preapproval, it is NOT full loan approval. If the buyer is unable to secure full loan approval, the sellers house goes back on the market.
On time closing: A cash buyer offers a seller a guaranteed on time closing. A financed buyer may or may NOT close on time. The financed buyer is at the mercy of his lender’s underwriter schedule and the timeline requirements for disclosure of closing documents. A cash buyer is not waiting on a third party to perform their tasks. He already has the money to close on the house.
CASH is KING in real estate because it offers the seller more certainty that he’s going to close sooner and on time and at the agreed upon sales price.
Jill made me feel like we were genuinely in the BEST of hands for the duration of our home sale!... read moreJill made me feel like we were genuinely in the BEST of hands for the duration of our home sale! She is absolutely incredible at her job and we never had to worry about anything because the second we begun to wonder about anything, she already had an email or text on the way to put our minds to rest. :)
I really cannot thank her enough for the amazing job she did with selling my first house. I always felt like she made my husband and I a high priority and I am beyond elated with the impeccable work she did for us to sell our home at full asking price--and SO quickly! Her marketing strategy was for our home was brilliant, the photos she took were exquisite, and her patience with me during this new process was really admirable. I asked many, many questions since I had not sold a home before and I was humbled by the amount of generous time she spent solely answering my lengthy list of questions.
Thank you Jill. You are the BEST realtor. We are so grateful for you! read less