In October 2020, the annual sales of owned residential properties reached almost 5.5 million units. With so many properties on the market, selling your home to cash buyers can speed up the process. Most buyers are looking to finance their purchases. These kinds of buyers depend on financing to buy your home, which makes the process long and painful. This is where a cash buyer shines above all other buyers.
Sell Your Home Faster
Selling your property to a buyer that plans to use financing is not a fast process. The financing bank will send out appraisers, inspectors, and make unreasonable requests last minute in order to approve the loan. On top of the bank’s approval, you will deal with the long wait from your potential buyer to have their loan approved. This makes the process feel as if the contract means nothing without the bank’s approval and your prospective buyers’ approval.
But you want to sell your house quickly. With a cash buyer, that’s exactly what you get. Cash buyers still require inspections and appraisals, but they do not require bank approval to purchase your property. Cutting out an extra decision-maker from the process, and allowing the process to move quickly.
Fewer Chances of the Sale Being Canceled
When selling your home to cash buyers, contracts are not subject to bank approval. On top of this, when cash buyers put in their contracts, there is an earnest money deposit. This earnest money gives sellers peace of mind that their buyers will not back out of the deal without a serious reason. Giving them further incentive to close on the deal or lose out on their deposit.
Selling Your Home to Cash Buyers without Repairs
The majority of cash buyers are looking for homes in their as-is state. They are not looking for the owner to make any repairs or updates to the home before the cash buyer purchases. This prevents sellers from wasting any money on costly repairs or making improvements that the new owner would probably remove. This makes the sale less stressful.
Are You Thinking of Selling Your Home to a Cash Buyer?
There are many benefits to selling your home to a cash buyer as you can see. The 1st thing you need to do is verify they have the cash through a proof of funds letter from their bank, or bank statement. The 2nd step is to have their deposit in escrow with your desired closing company. And the last step is to complete the process of clearing the title of the company and collecting your funds.
Need to get an offer on your hard-to-sell house? Fill out our Contact Form today to receive a fair cash offer on your property.
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