Knowing which offer to accept can be tricky, but if you’re able to secure a cash buyer, your decision may suddenly become much easier.
There are numerous benefits to accepting a cash offer, so let’s explore what they are and how you can get the most out of your house sale.
What is a cash offer on a home?
A cash home buyer already has the money in their bank to buy your property outright without the use of a loan or mortgage.
A cash home buyer is often a property developer who intends to buy your home and renovate it, which could be an attractive option if, for example, you’ve inherited a home and you need to sell it quickly.
However, it’s important to make sure that they are a genuine cash buyer before accepting their offer, otherwise you will likely face delays.
Your Parkers agent can advise you on this and help you decide which offer to accept on your property for the best outcome.
The advantages of accepting an offer from a cash home buyer
A faster sales process
One of the most compelling benefits of choosing a cash home buyer is the significantly faster sales process.
By choosing a buyer who can pay upfront, you can bypass the challenges of a conventional home sale, such as lengthy negotiations, mortgage approvals and potential chain delays.
Cash buyers naturally speed up the sales process as you wouldn’t need to wait for their mortgage application to be approved, which can take weeks.
Certainty and reliability
Property chains are notorious for causing issues and delays during a sale, sometimes resulting in a collapse. As one sale is contingent on another, chains are inherently fragile and prone to disruptions at any stage of the sale.
By opting for a cash buyer, you can sidestep the complexities of property chains altogether, eliminating the risk of chain-related setbacks and allowing a reliable, simplified sale.
Flexibility and convenience
If your property is in need of repairs, subject to legal complications or facing foreclosure, cash buyers are typically more willing to accommodate such scenarios, allowing more flexibility if you need it. This can be particularly advantageous if you’re dealing with a time sensitive situation, or your property may not appeal to traditional buyers.
Related: Selling your home ‘as-is’: pros and cons for sellers
Potential savings
While it’s true that cash offers can sometimes be lower than offers form traditional buyers, there are potential savings associated with a cash transaction.
Firstly, due to a quicker sale, you can save on holding costs such as mortgage payments, utility bills, and maintenance expenses. Secondly, cash buyers are often looking for an investment opportunity, so you may not need to worry about splashing out on renovations to attract these buyers.
Further reading…
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