Selling a house may sound like an easy task, but it can be equally tedious as buying one. If you have put a “for sale” tag on your house, chances are you might have received several offers since the seller’s real estate market in the Sunshine State is still strong.
After deciding the right price for your home, the biggest dilemma you may go through is choosing between cash or a mortgage buyer. Both are interested in buying your home, so does it even matter? The answer is yes; some significant differences can affect the final deal.
This article will help you explore the difference between cash and mortgage buyers and will help you decide who is better to sell your property to.
What are Cash Buyers?
A cash buyer can be an individual or a firm purchasing a house with cash they have at their disposal. They don’t need mortgage lenders such as banks to buy a home or property in question.
However, a buyer considered a cash buyer must have the money available when making an offer to pay cash for the entire transaction.
What are Mortgage Buyers?
A mortgage or a financed buyer is someone who buys a home by securing finance from a lender. Unlike a cash buyer, these buyers need a mortgage to purchase a property. The process starts with applying for a mortgage, and once the buyer obtains it successfully, they can make the purchase.
Cash Buyers vs. Mortgage Buyers: What’s the Difference?
To some sellers, a cash offer seems superior, and to some, a mortgage offer is a better deal. To end the confusion and to help you make an informed choice, here is a comparison between these two types of home buyers.
We have compared them on several parameters that affect the timelines, negotiations, and other things involved in selling a house.
The Sales Timelines
While both buyers are interested in buying your property, there is a difference in the timeline for each type of buyer.
Mortgage Buyers usually take longer to close a deal than a cash buyers because the mortgage approval process takes time. A mortgage requires bank approval, which means financing must be approved before making an offer. This means you will have to wait until everything is ready. On average, it takes 7-60 days for the mortgage approval to come through in Florida. That’s why most mortgage loans are given after three months or more.
On the flip side, if you decide to sell your home to a cash home buyer, you can expect a faster turnaround time. With 3 Step Home Buyer, you can typically get an offer within minutes and close the deal in as little as seven days. You only need to provide us with your basic information, and we will handle the rest.
Negotiations and Contingencies
When you choose a mortgage buyer, you must negotiate with them about any extra charges. Most of them have contingencies attached to every loan agreement, and those fees vary depending upon the amount of the down payment. It’s essential to know all the details before signing anything.
If you choose a cash buyer, do not incur any costs associated with contingencies. You can sell your home “as is” without worrying about unexpected expenses coming up later. In this case, there should be no negotiation since the buyer pays the fair market value.
When you sell your home to 3 Step Home Buyer, you are free of surprises. You don’t have to pay contingencies just to get the sale done. In fact, we’ll pay you the full purchase price without any added fees.
Did You Know: In 2021, nearly one-third of home purchases in the U.S. (30%) were paid for with all cash.
Hassle-free Closing
Every seller dreams of a hassle-free closing, but only a few experience it. If you had purchased your home on a mortgage, you’d agree that the buyer needs to undergo specific processes before closing.
If any of these steps, such as the “home inspection,” did not go well, it can reduce the likelihood of the sale entering the closing phase.
On the other hand, dealing with a cash buyer gives you confidence in closing. No other party is involved that can hinder the closing process, meaning you can sell the home faster and with lower or no closing costs.
If you’re looking to sell your home fast in Florida, consider choosing 3 Step Home Buyer for a smooth transaction. With our quick and easy three-step process, you can simply sit back and relax while we buy your home!
Why Selling Your Home to a Cash Buyer Makes More Sense!
In 2021, cash offers will make up more than 52% of all sales completed by Florida home sellers. Nowadays, sellers are more interested in all-cash buyers because of the less hectic selling process and the confidence that the closing will go through.
Also, dealing with a cash buyer gives you more negotiating power, and there are fewer pre-imposed terms and conditions to be met. Lastly, you get all the money that you can reinvest or use for the purpose you sell your house.
Sell Your Home in 3 Easy Steps to 3 Step Home Buyer
Experience shorter timelines, less paperwork, and a better chance of sale closure with 3 Step Home Buyer. We have made selling a home a quick, easy, and hassle-free process for you. All you need to do is enter your home address, receive a cash offer, and close the deal.
Are you ready to sell your Florida home and put cash in your pocket? Call 3 Step Home Buyer at (954) 945-7222, provide the required details, and we’ll take care of the rest.