As a homebuyer, you may be considering foregoing a mortgage and paying for your new house in cash. This option can help speed up the process and make you a more attractive buyer to sellers. It can also save you money in closing costs and interest over time. However, it’s important to consider the pros and cons of buying a house in cash.

We buy houses with cash large pro of buying a house in cash is that you won’t have to wait around for the lender to approve your loan. Since lenders often get behind on the approval process, buyers who can close in a matter of days are more desirable to sellers. This can be especially true in hot real estate markets where homes are selling quickly.

In addition, you won’t have to worry about an appraisal or inspection. Nevertheless, a home inspector is still a good idea to ensure that the property you’re purchasing is in good condition.

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The main con of buying a house in cash is that it will tie up your money in an illiquid asset, meaning you won’t have access to it easily if you need it for emergencies or other expenses. Furthermore, tying up your cash means you’ll miss out on investing it in high-return opportunities. However, if you plan to sell the house quickly for a profit, this might not be an issue. In this case, you can choose to buy a property that needs minor repairs so you can turn it into a rental.