We buy houses in West Palm Beach Florida. We offer cash for houses in Florida where you’ve listed your home for sale! Now all that’s left to do is wait for an offer. As your local West Palm Beach FL home buyers, we can give you an all cash offer on your house. When you finally get one, you may think the waiting is over.
Closing the sale after getting an offer involves even more waiting—about 60 to 90 days of it. But this all changes if you get an all-cash offer. These types of offers are fast, but can you really trust them?
We’ve put together this guide to help you figure out what to do if you get an all-cash offer on your home and whether or not you should accept it.
So make sure you keep reading below.
How Does an All-Cash Offer Work in Florida?
When someone makes an all-cash offer on your home, they aren’t going to show up at your door with bags full of literal cash.
Instead, it means the buyer has all the money they need to buy the house in their bank account already. They don’t have to get a mortgage or apply for any other type of financing.
They’ll simply transfer all the money into your bank account electronically. Or, if you or they prefer, they’ll give you cashier’s check.
Many cash offers come from real estate companies who are interested in buying your home, improving it, and selling it for a higher price. But people looking for a new home can make cash offers as well.
Benefits of Accepting a Cash Offer When Selling Your Home in West Palm Beach
Since all-cash offers aren’t the norm for most home sales, you might be a little cautious about accepting this type of offer. However, cash offer can benefit you in a number of ways. If you get a cash offer, you shouldn’t shy away from it.
Here are two of the main reasons you should consider taking a cash deal.
Faster Closing Process for the Florida House
Buyers who have enough money saved up to buy your home don’t have to work with a bank or any other type of lender for financing. This can speed up the process.
For example, the average closing time for all-cash sales is about two weeks (depending on your circumstances, it may be even faster). To put this in perspective, most other sales take at least a month to close.
When you accept a cash offer, you get your money faster, and you can move into your new home right away.
Less Risk of the Sale Falling Through
Since there is no other financing involved in the process, the sale has less chance of falling through. Even if the seller got pre-approved for a loan, the lender might deny them the money if something changed with their financial situation.
This means you have to wait for another buyer to come along and make a new offer on your home. When a buyer makes a cash offer, there’s very little that can make the offer fall through in the end.
How to Accept a Cash Offer For Your House in West Palm Beach
Accepting a cash offer is a little different than accepting a traditional offer. But don’t let that turn you away from taking this type of deal. While the steps are a little different, the process isn’t more difficult or stressful than normal.
Make sure you follow these steps when you’re handling a cash offer.
Get Proof of Funds From the FL Home Buyer
Before you do anything, you should request proof of funds from the buyer. Since you won’t be getting any money from a lender, you’ll want to make sure the buyer actually has enough money for the purchase.
You should ask for about 1 to 2% of the purchase price upfront (which is often called earnest money). Then ask the buyer to provide bank statements that show how much money they have in their account.
If the buyer refuses to give you these statements, proceed with caution. Talk to your real estate agent before moving forward.
Sign the Contract for the Property in Florida
Once you’re satisfied the buyer has enough money to cover the purchase, you can sign all the necessary contracts.
Again, talk to your real estate agent at this point in the process. They’ll be able to tell you what documents you need to sign, and they’ll ensure both you and the buyer fills out all the right paperwork.
Hire the Right Companies in Florida
Even though the buyer is paying for your home in cash, you’ll still need to work with a title and escrow company. In some cases, the buyer will already have companies picked out that you can use.
These companies will ensure the sale goes smoothly and that everything is legal and proper.
Close the Sale of Your West Palm Beach House
Now you’re ready to close the sale. This will involve a lot of paperwork, and since making a mistake can slow down the process, make sure you get a real estate agent to help you with all the details.
Is Accepting an All-Cash Offer for Your FL Home a Good Idea?
The short answer to this question is yes.
If you do your research and get proof of funds, there’s nothing risky about accepting an all-cash offer for your home. In fact, an all-cash offer might be better than a traditional offer. If you get two offers on your home, one a traditional offer, and one a cash offer, you should probably accept the cash offer.
Are you looking for cash buyers to speed up the home-selling process?
We’re interested! Don’t wait to get in touch with us today to talk about your home and how much you’re looking to make from the purchase.
Sell My House in West Palm Beach FL
If you think you need to sell your house in Florida fast, then you may need us. We at Florida Cash Home Buyers are local homebuyers in West Palm Beach FL, and we’re helping local homeowners have a quick and hassle-free sale. If your West Palm Beach house qualifies, we can make you a quick and fair cash offer.