The Advantages of Selling your Property to Cash Only BuyerPosted by Eddy Flower in Property Sales, on July 21, 2015
Selling your property to a cash-only buyer might seem too good to be true, but the fact is that there are really buyers today that engage in transactions involving cash only.
The first question you will probably ask is: is this completely legitimate? After all, not everyone has the ready-cash to purchase property outright. Most people have to take out a loan in order to buy a house said John Matthews of Repossession Stoppers.
Note though that cash-only buyers are typically composed of various individuals, forming an institution with the goal of buying properties quickly and cleanly – hence the ready cash. What they do with the property can be to sell it off or to rent it out, but the main goal is still profit. The question is, why would you want to sell to these people? Following are some of the most prevalent advantage of selling your property to a cash only buyer:
It is Faster
There is no question that cash-base sales are faster. Once you and the buyer reach an agreement, it is all a matter of drafting the papers, signing, and transferring the payment. A cash-basis sale is typically closed in as little as 1 or 2 weeks, depending on the terms that need to be ironed out. In a typical purchase where buyers still have to obtain a loan, the process can be longer
Although interested buyers may act like they are ready and willing to purchase the property, the fact is that some problems still occur during the course of the transaction. Their loan may not be approved or perhaps something happens to make them change their mind. This can be terribly frustrating for the seller. With a cash only buyer however, the deal is as good as done once an interest has been communicated. With the cash ready for transfer, the length of time between agreement and sale is severely broken down into a number of days with very little doubt in between.
Option to Rent
The beauty of some cash only buyers is that they purchase said property with the intent of selling it off or obtaining profit through other means. For some sellers, this can translate to having the option to rent their previous property, therefore bypassing the need to move out or finding another location as your domicile. This is definitely a convenient way of disposing of property while at the same time still having a backup plan.
If you need cash fast, a cash-only buyer will provide you with the funds you need for whatever purpose. This is especially true for failure to make your mortgage payments in which case, there is a good chance that your house will be foreclosed. Prevent this from happening with an immediate sale, bypassing deadlines and giving you the chance to move on with a completely clean slate.
Most people think that there’s a catch when it comes to direct cash-only purchases, but this isn’t always the case. Buyers often instigate valuations so that there’s fairness when it comes to the determination of the cost of the home and its market value. This way, you’ll be getting your fair share of the property without having to worry whether you could have gotten a better price from another buyer.
Most cash-only buyers are well-rounded in the process of buying property, having all the necessary qualifications to close the sale as fast as possible. This prevents you from having to go through an extensive process, bypassing some of the most common headaches related with the sale of a house. In fact, some of these buyers give you the chance to decide when you want to move out of the house. Hence, with this kind of direct sale, you’ll have all the time in the world to make plans and make sure that you’re moving on at a relaxed and orderly pace.
Of course, those are just few of the benefits of selling your property to a cash only buyer. Keep in mind that despite the many advantages, it’s still a good idea to choose the buyer you’ll be transacting with. Compare them with each other before finally making your decision on the sale. Don’t be afraid to ask questions to the buyer and be aware of the value of your home to give you a starting price.