Are you getting ready to buy in St. Johns? Are you wondering what to know to cash buy a home? According to the 2023 Profile of Home Buyers and Sellers, 20% of buyers paid cash. Let’s learn more about this process, should it be of interest to you during your home search. My goals is always to set you up for success in real estate.
Home Purchase: How Cash Factors Into the Equation
We all know the saying “cash is king.” When purchasing a home, secondary home or investment property – many would-be homeowners prefer the convenience of cash. It makes for a stronger offer (less risk to the seller as there is no loan contingency) and often leads to a quicker transaction. This speed comes from not having to go through the traditional loan approval process.
What Do Sellers Want in a Buyer?
In general, sellers look for the strongest possible offer for their property. Cash is typically as the strongest way to dominate the offer phase. That said, there are times when sellers will look beyond cash. Why the push for strength in offers? A strong offer to a seller usually comes with the highest probability that the deal will close without issue.
When a seller is faced with competing offers – from a cash buyer vs. a pre-approved buyer – it is likely that they would opt for the cash offer (assuming all other facets of the offer remain equal). Interested in paying cash and wondering what a seller will require? Typically – proof of funds or a letter from your bank are accepted in this instance.
Getting Ready to Cash Buy in St. Johns
Buyers wanting to be successful at home shopping are always wise to present the strongest possible transaction. Cash buyers are among the strongest possible shoppers. With that in mind, if you have questions on the home purchase process or would like to arrange a consultation, please contact me. I would be happy to help with your search St. Johns, FL.
You can also reach me on my other pages, like on Instagram. Thinking about financing your purchase? Check out this article on the topic. Which leads me to – if you are in need of a lender contact – please advise as I have some great contacts to present for your consideration.