Read to the end to find out everything you need to know about the process of buying a house in Arizona and about our offers.
Buying a House With Cash Process
More people are choosing to buy homes with cash than ever before.
In fact, currently, four out of every ten homes are purchased without a mortgage, let’s look at the process of buying a house with cash.
There are a lot of benefits that come with buying a house with cash, but it can definitely be a daunting process if you’re not prepared.
Before you decide that buying a house with cash with the right fit for you, it’s important to make sure you know exactly what you’re getting yourself into.
Benefits Of Buying A House With Cash
You’ve probably heard of the perks that come with selling a house for cash, but what about the benefits of buying a house with cash?
There are many reasons why you might want to take this approach, including the following:
In some cases, you can save quite a bit of money by purchasing a house with cash instead of getting a mortgage.
Sellers may be willing to sell their homes at a lower price to avoid the lengthy process of working with a lender and jumping through all the hoops that they put in place.
If you want to buy a house for less than the asking price, offering to pay in cash could make a big difference, especially if the seller is eager to move on and doesn’t want to waste time dealing with a lot of buyers.
Lower Closing Costs
You also get to save money when you buy a house with cash because you get to avoid expensive closing costs.
You don’t have to pay a bunch of money to an attorney to handle the mortgage, nor do you have to pay a lot of taxes upfront or cover the cost of a mortgage application.
Nobody likes dealing with closing costs during the home purchasing process.
If you have the means to pay cash for a house and skip this step, why wouldn’t you?
Mortgage Approval isn’t Guaranteed
Lenders are getting better about approving folks for loans these days.
But, there’s no guarantee that your mortgage application will get approved.
If you want to guarantee that you are able to move into a house, you definitely need to consider buying with cash.
As long as you have the money the seller is requesting, there’s no risk of you getting turned down when trying to purchase your dream home.
The traditional process of buying a house can be long and arduous.
There are so many hoops to jump through and it’s easy for things to take months to fully wrap up.
When you buy a house with cash, though, things get a lot easier. You don’t have to deal with the process of gathering a bunch of documents or searching for the right lender or estate agent.
Peace of Mind
Finally, buying a house with cash provides you with something priceless: peace of mind.
When you buy a house with cash, you know that it’s yours.
There’s no chance that it can be taken from you if you’re going through a difficult time financially.
You also have a lot of equity in the house when you pay cash.
In the future, should you need a loan, you can borrow against that equity to cover your expenses more easily.
Guide To The Buying A House With Cash Process
Clearly, there are lots of reasons to buy a house with cash.
How do you actually do this, though?
Listed below are some tips to guide you through the process of buying a house with cash:
Start Saving Early
If you’re going to buy a house with cash, you need to start saving as soon as possible.
Unless you already have a sizeable chunk of money set aside, it’ll likely take a little time for you to gather the funds necessary to purchase a home.
Do some research to determine the type of house you’d like to buy and figure out how much it will likely cost you.
Then, do some math to figure out how much you need to save each month in order to purchase the house in your desired time frame.
Consider putting the money that’s meant for your house fund in a special, high-interest savings account.
This will help you reach your savings goals a bit faster.
Choose the Right House
This tip applies whether you’re getting a mortgage or buying a house with cash, but it’s especially important for cash buyers.
Choosing the right house will help you get in more quickly and can save you a lot of money.
You may want to purchase a house that’s on the smaller side or a bit older — these are going to be much more affordable.
Think about what you truly need and avoid getting distracted by luxury items.
Think about the location of your house, too.
Buying in a less popular neighborhood or moving a little farther outside of the city could help you save money and purchase a home sooner.
Hire a Surveyor
Finally, be sure to hire a surveyor to thoroughly inspect the house before you buy it. This step is essential.
Lenders typically require inspections before the mortgage will be approved. When you’re buying a house with cash, the inspection process becomes your responsibility.
Hiring a surveyor to inspect the house ensures that you’re buying a structurally sound property that is in good condition.
Remember, when you buy a house with cash, the principle of “caveat emptor” applies. This means you cannot sue the seller for defects that you find after the sale. Because of this, it’s crucial that hire a surveyor and identify any issues before you make your purchase.
Get Cash Today
There are definitely benefits to buying a house with cash instead of taking out a loan.
Before you begin the process of buying a house with cash, though, you need to make sure you have the cash ready to go.
Have you thought about selling your current home for cash? If not, it’s an option you definitely ought to consider.