More and more Florida residents are opting to sell their homes for cash.
Recently, a study revealed that more than thirty-four percent of homes sold in the Sunshine State went through a cash buyer.
Jacksonville topped the list, reporting over fifty percent of cash sales. This proves an increasing trend of selling properties for cash. There are many reasons why people are turning away from conventional sales methods. One of the main benefits is the quicker turnaround. There is no need to wait for underwriting. It’s not necessary to negotiate with a buyer who is financing the purchase. There is far less risk of the deal falling through. Cash buyers typically make an offer the same day the contact form is received. They have the full amount required to purchase the home upfront readily available. A cash buyer eliminates the need for a lender, which also avoids lender-related fees, including application, credit check or loan origination. Once the process is completed, there is no real estate agent taking a considerable percentage. The homeowner receives the entire agreed upon amount right then and there. Plus, there is a lot less paperwork and bureaucracy involved in all-cash exchanges. Another advantage is the possibility of selling the home in as-is condition. The cash buyer doesn’t need the property to pass a home inspection or qualify for insurance to secure a loan. This eliminates the need to make repairs or stage the property. For homes with aging roofs, termite infestation, storm damage or electrical systems that won’t pass a safety inspection, this is especially helpful. Cash buyers aren’t impacted by interest rate hikes that would otherwise delay or cancel settlements for buyers who are financing the transaction.