If you need to sell your house quickly then selling to someone with cash is always your best option. A cash buyer is someone who can buy a property outright without needing to take out a mortgage or loan. In this article we take a look at the benefits of selling to a cash buyer.
- Less Likely for the Sale to Fall Through
The reason many house sales fall through is down to their potential buyer losing their financial support from the bank. Having a sale fall through is a stressful ordeal as you have to start the whole process again from scratch. Mortgage lenders each have their own criteria and will not lend on all properties. Fewer people involved in the transaction also means a lower risk of the sale falling through.
- The Process is Simplified
When selling your property to someone who requires a mortgage there are many hoops to jump through to ensure the sale completes. Firstly, mortgage lenders will require a valuation survey to be done. If the property is valued lower than the purchase price then the mortgage company will not give the buyers the funds to complete with. Traditional buyers are also more likely to get additional surveys done ie. a homebuyers report, structural survey etc, both of which will delay the process.
When selling to a cash buyer however, this generally isn’t the case. Cash buyers typically look to buy properties at a slight discount and therefore don’t bother with additional surveys.
- They Buy in As-is Condition
Cash buyers usually buy properties in as-is condition which means you don’t have to do any DIY before putting it on the market. This is due to the fact that most cash buyers will look to buy the property as an investment, and they’ll likely carry out any refurbishments themselves.
When you sell to families and first-time buyers, they’re usually looking for a property they can move into straight away which they don’t have to do much work to.
Summary: What are the Benefits of Selling to a Cash Buyer?
The benefits of selling to a cash buyer are great, but it can have some drawbacks. The price they are willing to pay may be lower than if you waited around for a traditional mortgage buyer.
Some cash buyers will be looking to purchase a new home for themselves, but most will be investors who will be looking to buy the property as an investment. If you want the best price for your home, then a cash buyer might not be right for you. However, if you want a quick and easy sale then it’s definitely something to consider.