Over the last 24 months it’s been common to hear stories of buyers paying all cash for homes in Orange County and many home buyers have asked us “should I accept a cash offer on my home?” The answer to this question is yes and no.
Why You Should Accept A Cash Offer
Cash offers are fabulous for homeowners because the home buyer doesn’t need to be pre-approved or qualified for a mortgage loan.
Buyers who pay all cash can close on a home very quickly, in as little as 5 to 6 days or up to 3 weeks compared to 32 days or more with a traditional financed offer.
40% of the Market
Did you know that in 2014 all cash offers make up 40% of the Real Estate market across the United States?
According to a recent study by CoreLogic cash offers are not coming from institutional investors like they were last year. Cash offers on homes during 2014 are coming from wealthy individuals and investors from overseas.
Before Accepting a Cash Offer Consider This
Let’s say you have two offers on your home, one offer is a financed offer while the other offer is an all cash offer, but the financed offer will net you up to 30% more than the all-cash offer, which offer makes more sense?
Although every homeowner likes the idea of accepting an all cash offer on their home the reality is that when you’re selling your home your goal should be to accept an offer that will net you the most money for your home so.
Take a Step Back and Consider All Offers
Before accepting a cash offer take the time to step back, consult with your Realtor and make sure you’re accepting the offer on your home which will enable you to walk away with the most money possible from your sale.
To learn more about all cash offers, or to view homes for sale across Orange County contact Fred Sed & Associates by calling us at (949) 272-0125.