With inventory still low and demand still high, you are still likely to be competing against other buyers when you find your dream home. Unfortunately offers with financing contingencies often lose out to all cash offers...sometimes even if you offer more for the home.
Why? Cash offers don't need a financing approval contingency so there is more certainty that a cash offer will close. Roughly 25% of finance offers fall through, causing sellers to have to put their homes back on the market.
And since cash is king, cash offers typically can win at up to 5% less offer price than financed offers!
Of course, not everyone is in a position to buy a home without a mortgage. But now with Homelight's Cash Offer program, approved buyers can submit an all cash offer on their dream home! Then the buyers buy the home through Homelight's mortgage program. So the buyers end up with a financed home, but won the deal with a 100% cash offer!
How it works:
For more info, complete the form below.
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