Home Buying in 95624>Question Details

kennytheb, Other/Just Looking in Elk Grove Orchards,...

If someone offers cash for my home how does this change the costs to the seller? The process compared to a non cash buyer?

Asked by kennytheb, Elk Grove Orchards, Elk Grove, CA Tue Oct 23, 2012

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A cash buyer will close quicker than a non cash buyer and will usually do no appraisal. So you do not have a chance of it not appraising, or the mortgage not going through. Cash offers are the best offer if all other terms are the same.
0 votes Thank Flag Link Sun Mar 10, 2013
A cash offer really doesn't save costs on the seller's side. It often saves time on the escrow since you're not waiting on a lender. The home buying process is exactly the same whether you are buying with cash or buying with a mortgage. The only difference is not needing a mortgage, so perhaps saving time and money on an appraisal.
0 votes Thank Flag Link Tue Oct 23, 2012
The seller will not have any reduced costs... the primary advantage is that you have a quicker close and no issues revolving around the buyer getting a loan
0 votes Thank Flag Link Tue Oct 23, 2012
I don't know of any costs the seller would save, but there are advantages for the seller to accept a cash offer. There would be no loan contingency, no appraisal contingency and you could possibly have a quicker close. Most cash buyers, however, expect a discounted price for paying cash.

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0 votes Thank Flag Link Tue Oct 23, 2012
A cash deal would make the buyer's costs lower because there would be no loan fees, no pro-rated interest, and no lender's title policy, but the seller's costs should not be affected.
0 votes Thank Flag Link Tue Oct 23, 2012
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