Pros and Cons with Cash House Buyers

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Pros and Cons with Cash House Buyers
The definition of a cash house buyer is someone
who can purchase property outright with money
they have at their disposal meaning they do not
need to get a mortgage or loan to buy the home in
question. A cash buyer must, however, have the
money available at the time of making an offer to
truly be considered as such, which is where the
water can sometimes get muddied.
Some agents will claim to have a cash buyer ready
and waiting for your sale, but in reality that
buyer actually needs to sell another property
first before theyll have the money required to
buy your home for Cash.
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Pros and Cons with Cash House Buyers
Is the sales process the same for cash buyers?
Essentially, yes - especially from a sellers
perspective. The obvious difference is that a
cash buyer will not have to obtain a mortgage,
which means a lot less hoop jumping on their
part. That being said, a wise cash buyer will
want to do their due diligence and conduct the
same checks that a lender would before agreeing
to lend on a property.
What this means is things such as surveys and
property searches will still be carried out prior
to the sale being made, although these are
usually dealt with far faster by a cash buyer
than a slow moving lender.
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Pros and Cons with Cash House Buyers
Pros and Cons with Cash House Buyers
Now that we know what defines a cash buyer and
that the sales process remains largely the same,
its now time to look at the pros and cons of
working with someone who has the money for your
property ready and waiting in their account.
Many erroneously believe that selling to a cash
buyer is all rainbows and unicorns, but not every
cash sale goes through without a hitch. Lets
explore the advantages and disadvantages in a bit
more depth.
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Pros and Cons with Cash House Buyers
Cash Buyer Pros
Chain free Being able to buy your home outright
with cash thats already sitting in their bank
means that selling to a cash buyer does away with
the dreaded property chain. The removal of a
chain from the process means there will be less
chance of the sale falling through because of a
third party. Fewer hurdles Just as removing the
chain from the equation means theres less chance
of the sale falling through, doing away with the
need to obtain a mortgage also has its benefits.
Removing the need to raise the required finance
means another huge obstacle has been dealt with
from the start. More certainty Cash buyers are
generally long in the property market tooth and
will only deal when theyre absolutely certain
its the correct move to make. They will also be
able to take comfort from the fact that not
having a mortgage negates any concerns over
future finances. In other words, repossession
fears are not even on their radar. If they make a
solid offer, the chances are good that theyll
follow through on it.
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Pros and Cons with Cash House Buyers
Cash Buyer Pros
They can buy anything Short lease? No problem.
Providing the cash buyer likes the deal on the
table, they can go ahead and buy the property in
question. This isnt even an option for those who
need to obtain a mortgage before moving forward,
as lenders are loathed to back such
purchases. Quicker sale This is probably the
number one reason why cash buyers are so
desirable to those selling their homes,
especially to those who are desperate to sell up
fast. Again, removing the lender from the
equation can dramatically cut down the time it
takes to complete a sale, which is just what you
want if you need to secure a quick move.
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Pros and Cons with Cash House Buyers
Cash Buyer Cons
Low Price Although not set in stone, cash sales
will often result in the seller receiving less
than market value for their home. For some, this
will be an acceptable price to pay if they wish
to move quickly, but its important to go into
any deal with a cash buyer with your eyes open to
this possibility. Scams Can Happen While rare,
scams are unfortunately part of the cash buyer
landscape. Happily, avoiding them is pretty easy,
but people have fallen foul of scammers in the
past, so be aware that it does happen. The
easiest way to steer clear of scammers is to work
with a reputable estate agent when selling your
home. Putting your property up for sale yourself
is asking for trouble. Dont do it.
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Thank You