5 Reasons Why Cash is King in Real Estate
You may have heard that term before, ‘Cash is King’ when referring to a whole host of things. But it’s never been more true than in today’s real estate market. With such a lack of inventory, especially in the Ann Arbor area, as soon as a home comes to the market for sale, it’s not uncommon for it to receive multiple offers. Here are a few reasons why a cash offer is more appealing to the seller.
With a Cash Offer:
- There is no question that the buyer will be able to secure a loan for the purchase price.
- A lot of potential problems with financing are avoided.
- Since no bank appraisal is required, there is no worry that the home won’t appraise.
- The seller has more confidence in the buyer.
- It makes for a smoother transaction throughout the closing process.
While requiring financing isn’t a bad thing when making an offer on a home, in fact it’s the norm, if a buyer does have cash, the offer can be more appealing to the seller. To learn more about purchasing a home in today’s real estate market and the best way to make an offer, contact us at 734-761-3060 or info@bouma.com. With over 27 years in the real estate business, we have the experience to help guide you through the process!