Benefits of Buying a La Jolla Home with Cash
More home buyers are buying homes with cash these days in the midst of a weak economy that in some aspects can be seen as a buyer's market. The main reasons for this surge in buyers paying cash for a home include the lower home prices, low interest rates and higher competition for home loans. Here are some other benefits of buying a home with cash:
Get a discount on the home's asking price. The era of money is king is temporarily over as many buyers have conservative price ranges and the interest rates are low. Sellers are more willing to compromise and lower the price of their home for buyers with cash because the sale is certain. The sellers, in essence can take the money immediately instead of waiting for the buyer's loan approval or mortgage terms to be settled.
Have lower closing costs. When home buyers pay with cash, they can bypass the fees of retaining a lender and bank attorney. Paying in cash will also waive the mortgage application fee and home appraisal costs. As a result, the individual who pays in cash can see up to thousands of dollars in upfront savings.
Close escrow faster. Buyers who pay in cash can bypass loopholes and paper trails associated with loans and mortgages because the buyer paid for the home with their own funds and didn't need to apply for a loan. With no loan or mortgage to have to process, the sale of the home can close faster.
Potential home buyers may have to save more to pay cash for their home, but the benefits of buying a home with cash will be worth the wait. By paying with cash, home buyers can avoid many of the common complications and costs of purchasing a home. For more information about the costs of homes in the La Jolla real estate market and how buying a home with cash can help you, contact a local realtor from our online directory.