Should you accept a cash offer on your Austin house? Selling your Austin house for cash comes with a number of advantages. But is it the right move for you?

In this post, our Austin realtors at The Seely Group will discuss several factors you should consider before accepting a cash offer for your home.

Key Takeaways

• Since there’s no need for the buyer to go through the mortgage application and underwriting processes, it’s possible for a cash deal to close in a week compared to the average time of 30 to 60 days.
• Cash offers are less risky than financed offers. With a financed offer, there’s always a risk of the deal falling through at the buyer’s end, especially if they never had pre-approval. 
• Cash offers are more convenient and streamlined since there’s no paperwork or third-party lender involved.

Should You Accept a Cash Offer on Your Austin House?

Cash offers tend to be popular with home sellers because of the advantages they provide over traditionally-financed sales. Some of the benefits of cash include:

• Speed: Cash offers are especially desirable for sellers looking to sell as fast as possible. Since there’s no need for the buyer to go through the mortgage application and underwriting processes, it’s possible for the deal to close in a week, compared to the average time of 30 to 60 days.
• Less Risk: Cash offers are less risky than financed offers. With a financed offer, there’s always a risk of the deal falling through at the buyer’s end, especially if they never had pre-approval. For example, the buyer might not meet the lender’s requirements or the property might not meet the lender’s contingencies in order to qualify for a loan. This scenario could jeopardize the entire deal and ultimately make you look for a new buyer.
• Convenience: Cash offers are more convenient and streamlined since there’s no paperwork or third-party lender involved. This simplifies the entire transaction and makes it easier through the closing process.
• No Lender Contingencies: With a cash deal, there’s no need for the property to meet lender contingencies, such as an appraisal contingency. While the buyer may still want an appraisal of their own, they don’t have to meet the lender’s requirements.
• Ability to Sell As-Is: If you’re looking to sell fast, you may not want to deal with renovations or upgrades. Cash is a good solution to this problem since many cash buyers are willing to purchase a home as-is.

Are There Any Drawbacks to Accepting a Cash Offer?

While cash offers have many benefits, there are a few drawbacks to keep in mind. First, cash buyers are harder to find than financed buyers. So if you’re only after a cash offer, you may have to wait longer to find the right buyer.

When you do find a buyer, you and your realtor will have to verify their background and ask for proof of funds. These measures ensure the buyer isn’t a scammer and actually has enough cash to complete the purchase.

Lastly, keep in mind that cash offers have lower final sales prices compared to financed offers. If you’re willing to sacrifice some profit for a fast sale, less paperwork, and selling as-is, then cash could be a good fit. But if you want the highest price possible, a financed offer can ultimately get you more for your home.

We Can Help You Get a Cash Offer For Your Austin, Texas, Home

At The Seely Group, Amy and Dallas Seely and our entire team of real estate experts help over 300 families in the Austin area every year. And according to Realogy, we’re in the top 0.1% of realtors nationwide.

We’ve handled hundreds of cash sales throughout our career, and can easily help you get the best possible offer on your home.

To learn more about working with us or how to receive cash offers for your property, call 512.943.2572 or send a message to [javascript protected email address]. You can also fill out the form on this page.

To Discuss Your Home Sale or Purchase, Call or Text Today and Start Packing!