Do Cash Buyers Have an Advantage?
If you are on the property market, either as a seller or a buyer, you may wonder why so many people appear to be interested in “cash buyers”. In the following post, we are going to discuss whether or not cash buyers really have an advantage over those who need to qualify for some form of financing to buy a property, whether they are simply waiting for the close on the sale of another property or are waiting to be approved for a mortgage.
First things first, what is meant by the term cash buyer?
What is a Cash Buyer?
A cash buyer is an individual or organisation that can buy the property immediately because they have the funds and are not waiting on a property sale or mortgage approval.
Qualifications of a Cash Buyer
A cash buyer needs to be able to prove they are a cash buyer, with proof of funds. This is a piece of documentation that proves the total funds to buy a property outrightly are available to the buyer. Proof of funds normally comes in the form of a bank statement showing the money is there and ready to be spent.
Advantages of Cash Buyers
There are several great reasons to sell to a cash buyer, including:
Less Risk of the Sale Falling Through Due to a Breakdown in the Property Chain
When selling property to a cash buyer there is no sales or property chain involved. This at once makes the process less time-confusing, drawn-out and confusing. As you are only dealing directly with one other party, it also means it is less likely to fall through. This often happens when people sell their property the traditional way.
Cash Buyers Are Ready to Move Quicker
If you sell your property to a cash buyer, the process is quicker because they have the money at their disposal. The whole process can be particularly fast if you choose to sell to a cash property agency like Cash Home. A company like Cash Home is not interested in buying the house to live in it, so there is no need, on their side of the deal, to organise and arrange for removals. Another reason why the process of selling a house the more traditional way can be so slow is that everyone needs to agree on moving dates, and when you are waiting to either find a new property to buy or are looking to move once you sell up, it just slows everything right now. Often to a complete standstill.
Cash Buyers Often Are Willing to Buy for a Lower Price Than the Asking Price
Cash buyers are often looking to buy property for a lower price than the asking price. Although this may not seem like an advantage, if you choose a property cash buying company, they have to make a lower offer, due to some interesting legislation. That’s at least one way you know how you are dealing with a legitimate company or not. Any that claims they can give you the full asking price, is not a truly legitimate cash buying agency.
Selling For Cash Can Be an Overall Less Stressful Experience
It’s been mentioned already, but it’s worth drawing attention again to the fact that as the property chain often exists with other forms of property selling, there is less chance the deal will fall through. This can be incredibly relieving, especially given the fact that selling property in any circumstances is not the calmest and most enjoyable experience. By choosing to sell to a property cash buying team like Cash Home, you can rest assured that the deal will go through and that you will be able to move on and use the money from the sale almost at once after the deal has been finalised.
Why You Should Consider It
It is understandable why so many people are put off selling property to a cash buyer like Cash Home. There are lots of horror stories online and in property magazines about rip-off merchants who claim to be cash buyers but aren’t genuinely so. However, if you do your homework and check references and whether the company is part of recognised organisations, you can have confidence that your cash property sale will go through without any issues or delays.