This time, let's look at cash buyers from the perspective of the seller.Sooo...you have a buyer who is offering cash for your home. Should it make any difference to you? Well, it might...and it might not.
With a cash buyer, you won't have to accept a loan contingency, which requires you to return the buyer's earnest money deposit if they cannot get the loan. Most cash buyers do not ask for a cash contingency, so if the cash "disappears" and the sale falls through, you get to keep the deposit money.
More than likely, the closing can take place sooner because you won't face the delays involved with a loan application, appraisal, credit issues and other loan-related time consumers. Verifying that the buyer actually has the cash takes a lot less time than waiting to see if a loan goes through.
You might be able to give the buyer a better deal, since the entire process is less complex and less time-consuming. If this results in your landing a good sale, it's a win-win for you and the buyer.
Let's say a cash transaction makes it possible for you to have a quicker closing, but the buyer turns out to be unable to close. At least, you haven't had your house off the market as long as if you were waiting for a loan. As a result, costly "downtime" is shorter and you can quickly get your listing back up and running.
Some sellers consider cash from a loan just as attractive as cash from the buyer. As a seller, you can weigh this against the quicker and less complex nature of the cash purchase and choose what best fits your own comfort zone.
There are plusses and minuses to having a cash buyer for your home. I encourage you to discuss these with your real estate agent and attorney before making a commitment!
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