Updated: Feb 16
Who is a Cash Buyer?
Simply Put, a cash buyer is someone who can buy a property without the need for a mortgage or a loan. It also means they don't need to sell their house to buy yours. All the money they need is available when they make an offer.
Why should you Prefer a Real estate agent?
Now a cash buyer undoubtedly has advantages for the seller, and avoiding a property chain is a very big one; those property chains are notoriously difficult to manage and more often than not cause delays. If the seller's property falls through, the whole chain can collapse, and everyone has to start again; it can be a bit of a nightmare.
Whereas selling to a cash buyer will shorten the chain as they don't have anything to sell, the first-time buyer has a similar appeal, although, of course, they usually need to arrange a mortgage, and this is something that cash buyers don't. Arranging a mortgage on a property can take weeks, if not months, and many house sales don't go ahead because buyers can subsequently not secure a mortgage they had wanted. Cash buyers also have the freedom to buy unique or unusual property that some lenders might refuse to lend on. So a sale to a cash buyer is usually more secure and faster. Now speed is a big plus because the longer the sale process runs, the more likely it is to fall Through, so it's a win-win.
Often Cash buyers are more certain they're able to move quickly, so when they put in an offer, they're usually sure they want and can afford the property, but it's also fair to say that there are downsides. Cast buyers tend to be very aware of their advantages and often put in a lower offer. Banking that a speedy, secure sale can sometimes outweigh the appeal of more money.
If you're looking to maximize the value of your property, selling to a cash home buyer may not be the best option. Make sure that you have a realistic grasp of how much your home is worth before putting it on the market. Unfortunately, some scammers will disguise themselves as cash buyers. It's rare, but it does happen. Working closely with a reputable estate agent can give you some safeguards here and make sure you have a good solicitor on board. They should ensure proof of Funds and provide legal advice every step of the way.
Please don't make the mistake of assuming that selling to a cash buyer means problem-free delays can occur of course they can, and sales can fall apart even after an offer has been accepted. To avoid this, stay on top of the process at all stages keep good communication going with your estate agent, your solicitor, and with the buyer. So you know what needs to happen next at every single stage. Accepting an offer from a cash buyer should be a great move if you do this.
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