According to Zillow, home values in Tampa, FL grew by 26.6% last year. This means just one thing – Tampa is experiencing a seller’s market. So, if you’re a seller, this is excellent news for you. However, you can’t relax just yet. Selling a house is a timely and costly process. Nobody can guarantee you how long your home will be on the market nor how much you will profit. In addition, finding a reliable real estate agent and dealing with all the paperwork, inspection, and other steps of selling your home make you anxious just by thinking about them. What if we told you there is a way to avoid all this stress and trouble? Yes, we’re talking about cash offers. There are many benefits of accepting a cash offer on your Tampa home, and we’re going to guide you through all of them!
What is a cash offer?
In order to understand why accepting a cash offer is beneficial for you as a seller, let’s establish what a cash offer represents. When we say a cash offer, you may imagine a buyer giving you a briefcase filled with cash. While this makes for an excellent movie scene, in reality, it’s far from that. The term “cash offer” refers to a situation in which a buyer has sufficient finances to purchase your house outright without the necessity for financing or loans. This implies a faster sale and fewer long and costly steps, which we’ll explain later in the article.
Sellers opt for cash offers if they need to sell their home quickly for whatever reason (divorce, relocation for a job, selling their parents’ house). This is a great way to make a quick profit and avoid all the paperwork. In addition, it’s more common than you think.
Now that you learned what a cash offer stands for, it’s time to find out what are some of the best benefits of accepting a cash offer on your Tampa home. So, without further ado…
One of the greatest differences between an all-cash offer sale and a traditional sale is the amount of time they take. Since a conventional sale requires the involvement of lenders and the underwriting process, it can take up to two months to close on a house. On the other hand, with an all-cash offer, the closing can be done in about two weeks. This time is dedicated to completing the necessary paperwork, getting them authorized, and submitting them properly. Even though accepting a cash offer on your Tampa home is not paperless, it does require less documentation. Not only will this save you time, but it will also save you a lot of money.
No risk of financing falling through
The most common reason for delays or terminations of real estate transactions is financial concerns. Several factors might put lender financing in jeopardy, ranging from the buyer’s financial problems to third-party appraisals.
For example, if the buyer can’t secure the traditional mortgage or the sum they prequalified for, they won’t be able to buy your house. This puts you in a difficult position as a seller. You’ll have to decide whether to chase the next offer in your pipeline or relist the property. Either way, you’re not in the ideal position anymore, time and finance-wise.
Fortunately, you’ll avoid all these unpleasantries by accepting a cash offer on your Tampa home. An all-cash offer implies that your buyer is financially capable of purchasing your home without involving the third party, aka the lender. Therefore, you don’t have to worry about the deal falling through at the 11th hour due to financial troubles.
Since cash offers allow faster closing on the house, this also implies that you’ll be able to relocate to your new home quicker than you thought. So, whether you’re moving for a new job, bad divorce, love, or you simply found your dream home, you can sell your house for the all-cash offer and move in no time. Oh, and since you saved all that money on additional fees, you can use some of it to invest in reliable and knowledgeable experts in the moving industry who will make your local relocation in Tampa as smooth as possible.
Fewer fees and saving money
We’re sure you’re familiar with all the additional fees you’ll face when you decide to sell your home. While you can’t avoid all the fees, accepting a cash offer on your Tampa home will help you reduce some of them. The obvious one is avoiding the mortgage and lenders’ fees.
Additionally, most cash offers are done without hiring a real estate agent, so you won’t have to pay a commission to your agent either. This also implies avoiding the following:
- Broker fees
- Title search and insurance
- Attorney fees
- Document fees
Not only is this favorable for you as a seller, but it’s also beneficial for buyers. So, it’s a win-win situation.
Selling the house as is
When you’re selling your home for a cash offer, you don’t have to stage it nor pay for all the necessary repairs. You don’t even have to get your belongings out of the house while you’re showing them to potential buyers. Of course, if you want to protect your items, the moving team at bigmansmoving.com advises looking for a safe storage unit.
All this implies avoiding inspection, which is also a fee you will be able to pass on. Buyers who are purchasing your home this way are fully aware of all the deficiencies regarding your house. Nevertheless, they will come up with a fair cash offer according to the current marketing trends in Tampa and buy it as is. Therefore, that’s one more plus for a seller accepting a cash offer.
No marketing strategies and showings
First things first, it’s not easy to find prospective buyers. And once your marketing strategy works and you find them, you have to stage your home and keep it in the best light possible for all the showings and open houses. This is both time-consuming and expensive. Fortunately, with a cash offer, you’re both marketing and showing-free. Most buyers don’t even come to see your house, and the ones that do, don’t require to see it in the best light possible. Actually, they prefer to see everything that needs fixing. Furthermore, when it comes to cash offers, sellers are usually the ones who seek buyers and not the other way around. That’s why showing and marketing are not necessary.
Haggling over the price with prospective buyers can be a nightmare. They can be extremely nitpicky and exhausting, making the whole situation very unpleasant. Fortunately, with cash offers, you don’t have to go through this negotiating process. More often than not, you’ll get a firm offer from a buyer which you can accept right away. And just like that, you sold the house!
If you add up all these benefits of accepting a cash offer on your Tampa home, you’ll most definitely feel less anxious and stressed during the selling process. This is a huge bonus considering the amount of stress you’d undergo if you chose the traditional sale. Compared to other benefits we mentioned, this may seem like an unimportant one, but maintaining your mental health in situations like this is extremely important. And we all know how nerve-wracking the real estate market can be.
To sum up
As you can see, there are many benefits of accepting a cash offer on your Tampa home. Since the housing market here is on the rise, this seems like an excellent way to sell your house fast and for good money. Not to mention you’ll avoid many fees and stressful situations. So, if you must relocate soon or you simply can’t wait to move into your new home, a cash offer is the way to go.