The influx of immediate cash is one of the biggest benefits of selling a house to a cash home buyer.
With a traditional real estate sale, even after the offer is agreed upon, funds are often delayed because of loan processing.
There are bank approvals, appraisals, inspections and all sorts of financial formalities that create stumbling blocks. It can take months to gain access to the proceeds from the sale. There is also the very real possibility of the deal falling apart at the very last step. A bad credit check, failed inspection, safety codes or lower than expected appraisal can undermine the mortgage loan. Cash sales are more straightforward and involve far less risk. The result is a very swift influx of cash. The cash buyer can typically arrange the closing in about a week. The buyer doesn’t show up at the closing with a suitcase filled with cash. However, having the resources to cover the full amount without involving the bank makes a huge difference. The cash home buyer deposits the proceeds into the bank account and the seller gains immediate access. Knowing exactly how much and how soon the money will become available allows the seller to plan ahead. This rapid turnaround and assurance is especially advantageous for anyone dealing with financial emergencies. Relocating in a hurry, getting out from under debt, facing a divorce, hoping to avoid foreclosure, getting out from under the burden of a damaged property, probate or inheritance can be problematic. Selling a house for cash makes the money available right after closing.