Selling your home can often be a lengthy and tiresome process, especially when you sell it the conventional way. This is where you take the time and effort to get the house into a saleable condition, advertise it, find buyers to view it, bargain with them, and only then can you sell it to whoever makes the best offer. You may also choose to hire an agent most of the time to help you sell your house. However, there is another way you can use to sell your property. You can sell to a cash house buyer.
Who is a cash house buyer?
When the term “cash house buyer” is used in the property market, it means someone who can purchase a home outright with the cash ready at their disposal. This means they do not have to acquire funding from lenders in the form of loans or mortgages to buy the house. One can only be considered a cash house buyer if they have the cash available when making their offer. Therefore, those buyers looking to sell another house to pay for yours are not truly cash buyers.
Pros of selling to a cash house buyer
Selling to a cash house buyer has several benefits, including the following:
When you decide to sell your house, the faster you can get cash the better it is for you. Sometimes, you may want to sell it to liquidate funds to pay off urgent debts or for other pressing needs such as settling medical bills and so on. Luckily, selling to a cash house buyer enables you to get your money quickly and move on.
If you choose to sell your home the traditional way, you usually have to hire an agent who takes a percentage of the sale proceeds as a commission. However, when you sell to a cash house buyer, you can avoid hiring an agent. You may also avoid the preparation costs for getting the home into a saleable state because most cash buying companies buy the property as-is.
No risks of the sale falling through
Many property owners end up disappointed when the buyers change their minds, and the sale process falls through. Also, some buyers may face challenges getting their loans or mortgages approved, leading to the deal not going through. Fortunately, when you sell to a cash house buyer, there is little risk of the sale aborting midway because they have ready cash. Once you accept their offer, they immediately start preparing the papers and can close the deal in a short duration, even as little as a week.
You can sell almost any property
You may inherit a house that has not been lived in for a long time and needs major work. You can sell it to a cash buyer because once they view them, they can make you an offer, and if you take it, you get your cash. You can even sell a house which you’re still living in.
Cons of selling to a cash house buyer
Despite the many advantages of selling to cash buyers, this approach has a few cons:
Typically, your house will fetch less than the market value when you sell to customers buying with cash, especially companies that deal in them specifically. However, this is a price most people are willing to pay for a faster sale.
Chances of being scammed
Although not common, scams are common when selling to a cash house buyer, but you can avoid them if you do your homework.
Selling houses to cash buyers offers many pros, including quick cash, less work, and no unpleasant surprises of sales falling through. On the other hand, it does not get the seller the best price for their home, and you can be scammed if you are not careful.