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Is a Cash Offer on a Colorado Springs House Better?

Is a cash offer on a house better than a financed offer? If you sell a house in Colorado Springs, you’ll likely receive offers from both financed buyers as well as cash buyers. But is a cash offer on your Colorado Springs house actually better than one from a buyer going through traditional financing?

In this blog post, Colorado Springs realtor Barb Schlinker and the professionals at Your Home Sold Guaranteed Realty - Barb Has the Buyers Team will discuss if a cash offer on a Colorado Springs house is better than a traditionally financed offer.

Key Takeaways

  • One of the biggest advantages of a cash offer is the ability to close extremely quickly, often in just two to three weeks compared to 30 to 45 or more days with a financed buyer.

Is a Cash Offer on a Colorado Springs House Better?

Close in Days or a Couple of Weeks

One of the biggest advantages of a cash offer is the ability to close extremely quickly, often in just two to three weeks compared to 30 to 45 or more days with a financed buyer. There’s no mortgage approval process to go through, so you can skip that entire step. This also eliminates the risk of a deal falling through at the last minute due to the buyer’s financing falling apart.

Avoid Contingencies that Only Benefit the Buyer

Cash home buyers usually make offers without stringent contingencies that give them an “out.” For example, contingencies based on home inspection results, appraised value, the sale of their existing home, and other conditions. This streamlines the process considerably and reduces the chances of renegotiation or the deal collapsing entirely.

No Need to Deal with Appraisal Issues or Renegotiations

With financed buyers, the mortgage lender’s appraised value of the home is a critical factor. If the appraisal comes in low, it can derail the whole deal unless the buyer brings more cash to make up the difference. Cash buyers have no lender approval or appraisal requirements to worry about.

Sell the Home in its Current Condition

Cash buyers, whether individuals or investment companies, are generally much more willing to purchase homes in “as-is” condition. This means you may not need to spend money making repairs or renovations to attract a cash offer.

Benefit from a More Streamlined Process

Deals with cash buyers tend to have less paperwork, back-and-forth over minor details like who pays closing costs, and an overall more convenient process. For example, there won’t be a lender involved to ask for different information or documentation throughout the process.

However, cash offers are not necessarily a slam dunk for every home seller in Colorado Springs. Potential downsides include:

  • Most cash buyers ask for a lower price since the seller is sacrificing contingencies and conveniences.
  • Some companies that buy houses for cash may pad their offers with junk fees or “service charges”.
  • The seller does not have access to the full equity in their home until the sale closes.

In Colorado Springs‘ competitive real estate market, sellers may be able to get an even higher price from a strong, conventional financed offer, especially if they receive multiple bids. For this reason, the advantages of a cash offer need to be carefully weighed against the terms of other offers on the table.

Our Colorado Springs Realtors Can Help You Sell a Home for Cash Fast

Is a Cash Offer on a Colorado Springs House Better?
Barb Schlinker

If you’re looking to sell a home for cash in Colorado Springs, Barb Schlinker and our team at Your Home Sold Guaranteed Realty - Barb Has the Buyers Team can help. With nearly 30 years of real estate experience, our real estate agency has handled many cash transactions and helped hundreds of sellers achieve a quick and profitable sale.

On top of our experience, we also offer a unique Guaranteed Sale Program to protect your interests. With this guarantee, you can sell a home within your desired time frame and for your ideal purchase price, guaranteed.

Want to learn more? Call the best realtor in Colorado Springs at 719-301-1802 and get ready to start packing!

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

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