However, having the resources to cover the full amount without involving the bank makes a large difference
The influx of immediate money is one of the greatest benefits of selling a house to a money condo buyer. With a traditional real estate sale, even after the offer is agreed upon, funds are often delayed because of loan processing. There are bank approvals, appraisals, inspections as well as all sorts of financial formalities that create stumbling blocks. It can take months to acquire access to the proceeds from the sale. There is also the very real opportunity of the deal falling apart at the very last step. A poor credit check, failed inspection, safety codes or lower than expected appraisal can undermine the mortgage loan. Cash sales are more straightforward as well as involve far less risk. The result is a very swift influx of money. The money customer can officially arrange the closing in about a week. The customer doesn’t show up at the closing with a suitcase filled with money. However, having the resources to cover the full amount without involving the bank makes a large difference. The money condo customer deposits the proceeds into the bank account as well as the seller gains immediate access, and knowing exactly how much as well as how soon the money will become available allows the seller to plan ahead. This rapid turnaround as well as assurance is especially advantageous for anyone dealing with financial emergencies, relocating in a hurry, getting out from under debt, facing a divorce, hoping to avoid foreclosure, getting out from under the burden of a disfigurementd property, probate or inheritance can be problematic. Selling a house for money makes the money available right after closing.