A cash buyer is a buyer who can pay for your property without having to get a loan or mortgage. It can be a smart move if you want or need to sell quickly and trouble-free.
Below are the major advantages of selling your home for cash:
Small to Zero Fall-Through Rate
A lot of house sales fall through because the interested buyer could not get needed financing support. Even if the buyer has actually entered an agreement in principle for a mortgage or loan, the lender can still decide not to push through for any reason. In case the sale does fall through, the seller must find another buyer, and there goes the usually tedious process all over again. The sale is more or less assured with a cash buyer, A cash buyer means the sale is more or less guaranteed. Typically, this type of transaction fails only when the buyer stumbles into crucial legal issues about the property that were intentionally hidden by the seller from the beginning.
Orthodox sales mostly call for a long and intricate process, in which a number of people in the chain play a part for the transactions to go smoothly. With a cash transaction, there is no such an issue. A cash sale is more direct by a mile, meaning, payment may be made the moment all paperwork is in place.
No Need to Renovate
Another highly appreciated advantage of a cash house sale is that the seller does not have to improve the property before finding a buyer. This is because cash buyers don’t really have a care in the world how a property looks – they will basically rebuild it anyway they way they want to. They are more concerned about the location and the property’s profitability. This means sellers do not have to spend cash just so they can find a decent buyer. Sometimes, all the other costs of selling a property is shouldered by the buyer, such as inspection fees, lawyer fees and so on. This is why cash house sales generally have a lower-than-usual asking price, which is totally understandable.
Profit Is All Yours!
Lastly, perhaps the best thing about cash house sales is that 100% of the profit is all yours! That’s true. Zero agent or realtor commissions to pay since there are no middlemen whatsoever – it’s just you and your cash buyer. Naturally, whatever price you ask for is going straight to your pocket and no one else’s!
Then again, cash buyers are not all made the same. There are those who are more transparent, professional and easy to deal with compared to the others. So before you choose one, do your research. Fortunately, today, this can be as easy as spending a few minutes online.