Over the last year, the housing market in Jacksonville, Florida, has definitely tapered off.
While it’s still possible to receive multiple offers for a listed property, the process is taking longer.
Most properties remain on the market for months and end up lowering the asking price. The homeowners are stuck maintaining the property, paying taxes and dealing with showings. However, there are a growing number of businesses offering to buy homes for cash. The actual meaning of selling a home for cash can be a bit confusing. Obviously any type of sale of the home results in an influx of funds into the bank account. Cash home buyers don’t show up to the closing with a briefcase full of money. Companies that make a cash offer to purchase a home are agreeing to buy the property outright. There is no financing involved. Because the cash home buyer doesn’t need to apply for a mortgage, they aren’t reliant on the demands of the bank. They have sufficient funds to cover the entire purchase price, liquid and ready to go. They simply transfer the lump sum into the home sellers bank account. The process is wonderfully straightforward, speedy and simple. No financing eliminates the underwriting process and contingency of approval. Cash buyers also have much lower closing costs. There are no lender-related fees, such as application, appraisal, credit check and loan origination. The turnaround is much faster. Cash buyers take on homes in as-is condition. The homeowner avoids home inspections, code violations, insurance requirements, lender expectations and demands for repairs. It’s a good idea to find a local company that has been around for a while.