Cash home buying companies are typically looking to secure properties at below-market prices.
House flippers are usually willing to pay no more than 70% of the property’s value once repairs have been made.
However, in Florida’s especially competitive cash home buying market, there has been an upward swing in purchase price of properties. For those residences that are in sought-after neighborhoods and are move-in ready, there is minimal difference between the offers from cash buyers and conventional sales. The lower-than-market offers are more common when homes have problems. A house with an aging, dilapidated roof won’t qualify for a mortgage. A property with termite infestation, black mold and a worrisome septic won’t do well on an appraisal. When there are concerns with systems such as HVAC, plumbing or electrical, it can be nearly impossible to sell the house through conventional methods. A cash home buyer eliminates the home inspection and appraisal. Code violations are not a deal breaker. For all types of sales, there are major advantages to this more flexible route. When listing a house, the buyer needs a mortgage to finance the deal. That can require months and the deal can fall through. There’s always the possibility that the buyer offered more than an appraiser believes the house is worth. A cash home buyer makes an offer that is firm. There’s no haggling and no lender requirement. The closing process can be completed in seven to ten days. For anyone looking to sell their home in Jacksonville, Florida, why not find out if a cash transaction is the better fit? There’s no cost or obligation. Skip the repairs, open houses, prep work and simply fill out an online form. Get an offer in less than 24 hours.