What is a cash offer?
A cash offer on a house is when a homeowner wants to sell their house quickly and reach out to a cash home buyer for an offer on the house. The cash offer of course doesn’t mean that the home buyer company or individual is simply gong to show up at the sellers home with a suit case full of money. The money will be transferred by the tittle agency to the seller in which ever way the seller wants it.
With that said keep in mind that unless the seller owns the house free and clear, any amount that is a lien in form of course of a mortgage on the house, any back taxes. HOA fees that are past due will have to be paid first at closing. So the tittle for the house will be clean and free of any debt first.
How do you close on house?
Cash home buyers close with a tittle company in the Tampa Bay Area. Closing is pretty much the same as a regular home closing, except the transaction is a cash transaction and they can close fast. Meaning, that the buyer of the home is not applying for a loan to buy the house. The cash can be obtain in some other manner. Sometimes it could be proceeds from a previous house that was flipped, an IRA, capital money made from another real estate transaction and others.
Receive a Cash Offer!
At any rate, with a cash offer the seller doesn’t have to worry about the buyer qualifying for for a regular loan and the money is available right away. This is great for a seller because neither the buyer has to qualify for a loan or the loan for the house. For example if a house needs a lot of repairs and doesn’t qualify for a conventional loan then a cash buyer can still buy it. When buying in this circumstance with cash,… the house can be bought AS-IS.
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