There are many obstacles in the real estate investment market in Mobile, Alabama. From changing financial regulations and interest rates to an economic future that still has a lot of question marks about its direction, home buyers and home sellers are not sure how to keep up.
One smart strategy that buyers and sellers are exploring is the all-cash strategy.
Why cash is key for property sellers
First: Sellers often have to sink a lot of their own time and money into their property to bring it to sellable standards. If a home seller wants to do this, that’s fine; but many people lack the time, money, and skill to make the necessary changes. So a cash offer, although sometimes slightly lower than a market offer, can actually be more valuable by saving the home seller the pain and frustration and cost of having to work on their property before listing it.
Second: Houses sold at market price can often only be bought with a mortgage. Sometimes it can take days or even weeks for a financial institution to grant a mortgage, leaving the seller waiting. However, selling for cash is a much faster process. Serious home buyers have the cash ready within hours or just a couple days at the most, and companies like Southern House Buyers LLC handle all the closing costs and legal fees.
Third: Financial institutions don’t always grant the mortgages that home buyers they qualify for, leaving room for deals to fall through. Again, selling your house for cash can save you time and money.
If you’re a home seller and you want to explore the possibility of a cash deal, just fill out the form to get started.
Why cash is key for buyers in Mobile
First: Cash deals can be, sometimes, below-market pricing because of the value provided to the seller of a fast property sale. Cash assures the seller that the property is accepted the way it is.
Second: Cash is fast and there is no waiting. Sellers love the rapid transaction, and buyers don’t have to wait for banks to approve them for a mortgage.
Third: Cash is preferred because properties bought with cash doesn’t require any additional interest. When you buy a home with a mortgage, you pay interest on that mortgage — often thousands of dollars more than the original value of the home. But if you pay cash, the price you pay is the only amount of money you pay — and not a penny more.