Ever wondered what is a Cash buyer’s role in the Real Estate market?
Anyone who is exploring the property market won’t take long before they come across the term ‘cash buyer’. The word Cash Buyer seems self-explanatory, However it can often be twisted and misconstrued. Fortunately, we had set the record straight about cash buyers in our articles in the link below.
But to clear the air in this article about ‘Cash buyer’s role in the Real Estate market’. Fastbuyhouse will answer the burning question again about what a cash buyer is
What does cash buyer mean?
The definition of a cash buyer is a trusted entity that can purchase a property outright with money at its disposal. This means the idea of getting a mortgage or loan to buy the home is not in question. A cash buyer must have the money at hand.
A lot of people usually claim they have a cash buyer ready for a fast house sale.
The truth is that some of these buyers, will need to sell another property at first before they can afford the money required to buy your home.
This does not qualify them as cash buyers.
Is the sales process the same for cash buyers?
Generally, yes – especially if it’s from a seller’s perspective.
The biggest difference here is that a cash buyer does not need to obtain a mortgage, which removes a hoop-jumping on their part.
However, a wise cash buyer will employ due diligence and conduct proper checks that a possible lender should perform before signing a contract agreeing to lend on a property.
In this light, a survey, property searches, and evaluation must be carried out, before when the sale will be made.
Fortunately, these situations are usually dealt with in a faster and quicker manner by a cash buyer than a slow-moving lender.
Are there pros and cons with cash house buyers?
Having known the definition of a cash buyer again, and that the process of sales stays largely the same.
It’s the right time to look now at the pros and cons of working with someone who has the money for your property ready and waiting in their account.
Selling your house to a cash buyer could be all rainbows and unicorns, but most cash sales might have a hitch. Let’s discuss the advantages and disadvantages in more detailed depth.
Cash buyer pros
- Chain free: The ability to buy your home outright fast with cash that’s already sitting in a bank means that selling your house to a cash buyer removes the dreaded property chain. Taking out the chain from the process means there will be no realtor, no middleman of any sort for the sale falling through because of a third party.
- Fewer hurdles: Taking out the chain from the picture entails, there’s more chance of a fast close of sale falling through. This makes mortgage also has its benefits not necessary and needed. Erasing all the need to raise the required capital finance being another sad huge obstacle that has to be dealt with from the beginning.
- More certainty: Generally, Cash buyers are long in the property market route. They will only make an offer to deal when it is certain it’s the best move to make. They will also take comfort from the fact that since you have no mortgage implications there will be no concerns over future finances. In simple words, the fear of repossession is not even on their radar. If you get a solid offer from a cash buyer, it’s a good bet that they will follow through on it.
- They will buy anything: is it a Short lease? Nothing to worry about.
- As far as the cash buyer is fine with the deal on the table, they will not hesitate to go ahead and buy the house in question. This is not even an option for sellers who need to obtain a mortgage before they can move forward. However some lenders are loath to back such purchases.
- Quicker sale: This is the King reason why a cash buyer is extremely desirable to those selling their homes fast. Most especially when they are desperate to sell up fast.
Be reminded that removing the lender or a real estate agent from the picture will dramatically reduce the time it will take to follow through a sale and close.
This is actually what a seller wants if they need for a secure quick move is a priority.
Cash buyer cons
- Low price: Although not set in stone, cash sales sometimes result in the seller receiving slightly less than the market value for their properties. For some sellers, this is acceptable because they want to move quickly. But it’s also important to go deal with a cash buyer who is there to help (FASTBUYHOUSE) with eyes open to this possibility. At fastbuyhouse we buy houses in Broward in any shape and condition.
- Scams can happen: While this is rare, sometimes scams are unfortunately part of the cash buyer. To avoid them is pretty easy, sadly a lot of people have fallen for scammers in the past. So as a seller you need to be aware that it does happen.
- The best way to steer clear of scams is to work with a trusted, reputable, and guaranteed cash buyer(fastbuyhouse) when selling your home. Selling your property yourself is a hassle and sometimes brings trouble.
Having known the cash buyer’s role in the Real Estate market, learn more:
- 5 Tips For First Time Home Sellers
- How to sell your home with code violations and without repairs
- Selling Your Property With Existing Tenants 5 Vital Tips
If you’re based in Florida and are looking to secure a fast cash sale for your property, talk to us.
We buy houses in Broward, FL. etc.
Having known the ‘Cash buyer’s role in the Real Estate market. FastBuyhouse will buy your house as is.
We have been operating locally, with a great wealth of experience when it comes to making things happen in the property market.
Do not hesitate to give our team a call today and let us help you.