Hey guys, it’s Brett Johnson with New Again Houses here in Denver. I’m going to cover the topic of cash at closing. Very often, I get asked the question, “what does it mean when you say we will buy your house for all cash here in the Denver metro area?” Does that mean you’re going to come to my closing with a briefcase full of cash?
Well, technically no, but what it does mean is that we close 100% of the transaction with our own funds, so we don’t have to go get a loan. And that fact certainly differs from the typical transaction with your typical home buyer. In a typical transaction when a house is listed on the market and a home buyer gives you an offer through a broker, in their contract they are generally going to have a financing or loan contingency. What this means is that most buyers don’t have that cash readily available. They have some money, and likely have the down payment required, but they also have to go get a loan to pay for the rest, which is completely normal. So when the buyer has to get that loan, they will ask for a contingency in the contract that says if they don’t eventually qualify for a loan, or if the loan they qualify is not appealing to them, then they are allowed to terminate the contract and walk away from the deal.
As far as the process for a homeowner to go get a loan, it is tedious. The buyer will need to contact a bank or a mortgage broker and go through the lender’s arduous qualification process. Importantly, that will require an appraisal to be done by the bank. And the buyer will want to do an inspection. The lender wants to make sure the buyer is not overpaying for the home. The lender also wants to ensure the buyer can afford the home and won’t default on the loan. So there are a bunch of steps that have to happen. This means, your contract or your sale is at risk until all that happens. And a lot of contracts fall out because of that, meaning that the buyer will go away and now you’ll have to go find another buyer here in the Denver metro area.
So when I say, New Again Houses Denver purchases houses with all cash in the Denver metro area, I mean it, because we purchase with our own funds. We don’t have banks, we don’t have any appraisal process. There are no lenders. We can close in less than 10 days because it’s our own money. As well, we don’t do any kind of appraisal process, so there’s no risk of a bank sending out an appraiser and the appraiser creating difficulties for the transaction.
So that is what it means when we say we buy houses with cash. With New Again Houses Denver, we can buy your house fast and we buy houses all over Denver in any condition.
New Again Houses Denver buys houses in all shapes and forms. If you need to sell your house or inherited an unwanted property, give us a call at 720-505-3968. We’ll get in touch with you as soon as possible to get more information about the home, and to set up a time to walk through it. We typically can schedule a walkthrough within 24 hours of speaking since we are a local Colorado company. As soon as we have evaluated the property in person, we can determine a fair offer (typically within 24 hours) and close quickly.
New Again Houses Denver buys houses in Denver and the surrounding areas and uses talented local contractors to transform old houses into fantastic homes. Leave the question “How do I sell my house fast?” to us.