Are Cash Offers for Houses Legit or Scams?
AuthorVivian Tejada. Date:
They say cash is king and this sentiment has certainly rang true in the real estate industry over the past couple of years. According to the National Association of Realtors, cash sales made up 23% of home sales in 2021. By the end of 2022, that percentage had risen to 36%. So, what’s causing the rise in cash offers for homes? The answer could be linked to rising mortgage rates. With interest rates hovering at around 7%, buyers are struggling to obtain an affordable mortgage. Those who have the funds readily available often prefer to pay cash for homes and avoid the mortgage application altogether. Given the scarcity of cash buyers in the market and lack of familiarity with closing with a cash offer, it’s understandable that sellers would be skeptical of accepting one. However, cash buyers are not the only ones benefitting from cash offers. Sellers stand to gain … Continued
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