Watch this video to learn the basics of cash for houses deals. Buying a home in cash can be advantageous. One may settle for this option instead of a loan or mortgage and reap huge benefits.
It helps the buyer to avoid closing costs. Closing cost generally stands at around 3%, above the cost of the property. That is a lot of money you save when you go for cash instead of a loan. Buying a house in cash also saves you from paying appraisal fees. It may not be much, but everything you save counts.
You still maintain the right to do an appraisal in a contract. Cash buying also means that you have no fear of loan rejection. No banks or lenders are involved in cash for houses transactions. Banks and lenders can take you through a lengthy approval process and even reject funding. It is a plus because you deal directly with the seller and transact business on direct exchange terms. Finally, there is no interest to pay in cash for houses transactions hence saving you money. There are no loans involved that come with a hefty interest hence saving you a lot of money. You can close the deal quickly, which is convenient for all.
