The Florida property market continues to attract real estate investors, second home buyers and retirees looking for their own piece of paradise. But while obtaining financing is typical for most property purchases, cash sales are surging across Southwest Florida. According to a new report by real estate agent Mike Rodriguez with Coldwell Banker Realty, Naples leads the area in cash sales, followed by Cape Coral and Fort Myers. The report is based on data from Attom Data.
The surge in cash sales can be due to a number of factors. One is a booming economy and the fact that local jobs and businesses continue to thrive. Another factor is a steady flow of foreign investment capital. The high percentage of cash sales in Southwest Florida is expected to continue to fuel the local market, Rodriguez says.
Cash buyers can close on a property quickly, often in as little as seven days. This is much faster than the 30 to 45 days it takes to close a traditional sale, which can be frustrating for sellers who need to move.
In addition to closing faster, Cash for Florida Property can also reduce the need for inspections and repairs. This can be helpful if you have a distressed property or a property that needs work to get it ready for the market.
Another benefit of selling to a cash buyer is that it can help avoid costly title problems, such as liens and claims against the property. These issues can delay the closing or even cause it to fail. Cash buyers typically do not require a survey of the property, but a survey is still often a good idea. It can reveal issues such as encroachments on neighbors’ property or unpermitted improvements that may not be permitted under the local land use laws.
Besides the speed and convenience of a cash sale, it can offer other advantages to homeowners, such as greater negotiating power, privacy and cost savings compared to traditional financing. But it is important to carefully consider all the options before choosing this option.
It is also crucial to evaluate potential buyers carefully to ensure you are dealing with a reputable company. Check references, testimonials and licenses. Also, look for companies that are locally based in North Central Florida. Also, prioritize contracts with comprehensive protections, including a standard earnest money amount and a clause requiring a title insurance policy to be obtained.
Finally, it is a good idea to get a professional opinion of the value of your property before accepting an offer. This will help you understand if the purchase price is fair and if there are any unforeseen issues that might arise during the closing process.
If you’re interested in selling your Florida property for cash, contact the team at Florida Cash Home Buyers. They’ve been buying properties as-is for cash in Florida since 2014 and are considered local experts. To submit your property, simply fill out the form on their website or call them directly.