Cash house buyers make up a drastically growing percentage of property investors in the United States. Whether you’re a buyer or seller, there are numerous reasons why cash transactions can get rid of some of the stress that comes with moving home. In this article, we are going to explore these benefits further. – house buyer Evergreen Park IL
But First, What is a Cash House Buyer?
A cash house buyer is an individual or entity that purchases property exclusively with cash, and without using a loan or mortgage. The definition of a cash house buyer Evergreen Park IL is usually misunderstood. The buyer needs to have the money necessary at the time of providing a cash offer.
As such, in order to be considered a cash buyer, you need to be able to afford the new house without depending on the money from selling your existing property.
Cash House Buyer Evergreen Park IL Benefits
When a house sale falls through, it can be both costly and frustrating. According to Nested.com, over 30% of house sales in the United States. This is certainly one of the most nerve-wracking aspects of buying or selling a house.
Perhaps the buyer is unable to secure a mortgage or loan for the property. Maybe they changed their mind and backed out of the sale. Perhaps it’s due to chain links or unforeseen issues after a survey.
Whether you’re a seller or buyer, one of the best things about cash transactions is that the deal is highly unlikely to fall through.
2. No Mortgage Issues
A substantial number of failed sales are due to the potential buyer being unable to secure a loan or mortgage. Even if they have an agreement in principle for a loan or mortgage, the lending institution, can still decide, for different reasons, not to approve the loan.
If the sale falls through, then you need to search for a new buyer, which can be costly, time-consuming, and stressful.
With a cash buyer like us, you do not have to wait for the buyer to arrange for a mortgage. We use our own money and so, the sale is more guaranteed.
3. No Complex Chains
The primary reason for unsuccessful house sales is somebody changing their mind in the chain. This may be because they found another house they prefer, or their situation has changed.
However, dealing with a cash house buyer Evergreen Park IL like I Buy IL, avoids a chain-forming beyond the buyer as there is no waiting until someone has purchased the property. Since there are fewer parties in the chain, it’s likely that all transactions will run smoothly and the sale of your home won’t fall through.
4. Faster Process
A cash sale releases your funds quickly and the deal can go through in a matter of days. In a conventional sale, where the buyer needs to arrange for a loan or mortgage, this process can take months from the initial application.
This is an extremely appealing benefit to you the seller, especially when you need to sell fast and access the funds as soon as possible. It’s also advantageous if you need to relocate soon due to a job, divorce, etc.
In addition, fast sales reduce the risk of the deal falling through. According to stats, about 15% of property sales fall through because the sale process is taking too long.
5. More Security
When you deal with a cash house buyer, they will own it outright. This means there’s no need to fret about your house being repossessed if you are facing financial hurdles and are unable to make the mortgage payments. So, if you are facing foreclosure, a cash house buyer Evergreen Park IL like I Buy IL might be your best option.