The good news is, while all-cash homebuying was once limited to savvy investors, high-net-worth households and downsizing retirees who profited from long-term ownership, the cash option has become more widely available in recent years.
Today, both first-time buyers and repeat buyers have the opportunity to take advantage of cash offer programs that allow them to compete with other cash buyers even when they don’t have hundreds of thousands of dollars in the bank. A complete gamechanger for homebuyers.
Why Consider a Cash Offer
There are several main advantages to a cash offer for buyers.
• Your offer is likely to be accepted. Sellers are more likely to accept a cash offer because the deal's chances of falling through for financing reasons disappear. If you’re in a competitive housing market or just fell in love with a house that someone else wants, a cash offer can make the difference between an accepted offer or lengthy negotiations.
• You may be able to offer less. A major pain point for sellers is waiting for final approval of a loan for their buyers. If the financing falls apart, they could have to put their home back on the market or at least face delays while a new loan is secured. A cash offer eliminates that headache for the sellers, who may in turn accept a slightly lower purchase price.
• Your transaction will be faster. Whether you need to move fast to start a new job or because your family is about to expand, a cash offer means you may be able to close within a couple of weeks rather than the month or longer it can take for a loan approval to be finalized. This could benefit the sellers, too, if they’re the ones in a hurry.
With the median home sales price at $379,100 in October 2022, according to NAR, it can be daunting to understand how to amass that much cash. That’s where a cash offer program such as the one Revive offers can help.
How Cash Offer Programs Work
A cash offer program essentially means that Revive will buy your new home for you, and you’ll buy it back when your financing is in place. This program can be particularly valuable for relocating buyers who need to settle into their new home when a new position starts.
A cash offer program can provide a seamless transition, a quicker closing, and extra negotiating power for buyers. Learn more about how cash can make you king (or queen) today.