There are plenty of benefits to selling your house to a cash buyer rather than to someone relying on financing to complete the purchase, just as it can be very beneficial for the buyer to pay cash for a property. While you may find it fairly straightforward to understand what makes this kind of transaction appealing to both parties, it may be a little less clear how exactly they can find one another.
At Cash4Homes, this is a big point of confusion we see a lot of people run into before meeting and selling to us. Finding buyers for a home in general can sometimes be difficult, as it’s a big expense that’s difficult for many people to make even with financing, let alone with cash. This creates a situation where a property owner willing to do a fairly quick cash sale, even at a discount, runs into trouble finding a buyer.
In this post, we’ll go over why a cash sale is still a great idea for many homeowners, what cash buyers are actually looking for in a house, and where to find buyers like us to get your house sold fast.
As we’ve written before on our blog, the benefits of selling your house for cash basically boil down to cash sales being quicker, simpler, and potentially more profitable than if you had paid commission fees to a realtor. With us, some homeowners have even received cash from the sale in as little as a week.
Selling for cash does come with a potential con you should keep in mind ahead of time. This kind of sale often means a discounted price for the buyer, due in large part to the speed at which the transaction can happen and the convenience for the seller. In a lot of cases, cash sellers are looking to get rid of a property fairly quickly for any number of reasons, and discounting the price allows them to do that with at least most of the money they expected to make from the sale.
Some of the factors mentioned in the previous section also help make cash transactions more popular for buyers. It’s a popular enough option for many homeowners, in fact, that about one-fifth of home buyers pay cash instead of taking out a mortgage, according to Nerdwallet. The common cash discount likely has a lot to do with this, of course, but there are a number of things that also help make this kind of sale more appealing from the buyer’s perspective.
Buying cash means you don’t have to pay interest on a mortgage, decreasing the amount you pay on the home long-term by removing one big recurring expense. It also makes an appraisal optional, which reduces the risk that a buyer may have to make a bigger down payment if the home is appraised for a higher value than it’s being sold for.
Generally, a cash buyer is not at the mercy of a lender in the same way a mortgage borrower is, and this frequently makes cash buyers more attractive to sellers. Many cash buyers are aware of this and are paying cash for this very reason.
Getting cash offers for your home is just a matter of making your offer known in the places where interested buyers are. Finding companies like ours which focus specifically on buying homes for cash is the simplest way of getting your house sold, but you can also market it through flyers or online ads in your local area.
We’re ready to give you one! Get in touch with Cash4Homes Utah for more information or to get started now!
