If you're selling your home and it's been on the market for months, you likely aren't going to be that picky about the type of buyer you sell it to. But in a seller's market where most homes that are listed receive competing offers from multiple buyers, you may want to focus on buyers making cash offers. Selling your home to a cash home buyer can lead to an easier home selling process. Here are three reasons why cash home buyers are appealing:

The Home Sale Is Faster With Cash

One of the main benefits of selling to a cash buyer is that the sale process will be much faster. When a prospective buyer is applying for a mortgage, you have multiple steps to get through, lenders to deal with, and a lot of paperwork on both sides. With a cash offer, the title company simply verifies that the buyer has the funds on hand, allowing the deal to close much faster.

Cash Home Buyers Let You Skip the Appraisal

A common hold-up and reason for home sales to fall through at the last minute is the appraisal process. In order for a mortgage loan to close, banks require an official appraisal of your home. In some cases, the appraisal value comes back as lower than the listing price, which can lead to the deal falling apart.

Even if the appraisal goes fine, it takes time to schedule the appraisal and then wait for the appraisal report to come back. Skipping the appraisal makes for a more streamlined home-buying process.

The Sale Is Not Dependent on a Mortgage Approval

Finally, one of the best reasons to work with a cash buyer is that the sale is not contingent on the buyer's mortgage loan application being approved. In order to look at homes and put in an offer, a prospective buyer normally only has to be preapproved. The preapproval for a mortgage is much less thorough than the actual approval process.

If your prospective buyer's loan application is denied during the sale process, you are back to square one with looking for a buyer. With a cash buyer, there is no mortgage involved and therefore no mortgage approval is needed. 

As you can see, there are definite perks to selling your home to a cash home buyer. Work closely with your real estate agent to evaluate each offer that comes in.

Contact a local real estate service, such as Advantage Home Buyer, to learn more.