A cash buyer translates as someone who is able to buy, in this case a property, without needing to take out a loan or mortgage. It can be a good move for some vendors who want – or need – to sell their property quickly and with minimal hassle.
Some of the benefits of selling to a cash buyer include:
1) The sale is less likely to fall through
Many house sales fall through if the potential buyer loses financing support. Even if the buyer has got an agreement in principle for a mortgage or loan, the lender can still decide, for various reasons, not to go ahead with the deal. If the sale falls through, the vendor has to look for a new buyer, and the stressful process begins again. With a cash buyer, the sale is more guaranteed. Likewise, a lender can pull out if a survey reveals major structural issues which the vendor might not have known about. Click here for a list of independent mortgage advisors.
2) There is no chain
Usually there is a reliance on other people in the chain for their transactions to run smoothly for the sale of your property to go through. With a cash buyer, you won’t encounter the same issues. A cash sale is generally less complex and, as highlighted before, is less likely to fall through.
3) The process is simplified
The house selling process tends to be a lengthy one, especially if you are part of a complicated chain. When you sell to a cash buyer, this isn’t the case. For vendors who want to sell their property as quickly and simply as possible, you can consider cash buyers.
4) The sale process will be faster
Cash buyers generally make things easier and more convenient for the vendor as they have the capability to close the sale as quickly as possible. There may also be more flexibility as to when you have to move out of the property. This will allow the vendor to be more relaxed and have more time to plan the move. A property sale on a cash-basis is typically faster, and everything can be sorted in a matter of a few weeks.
Selling to a cash buyer does have its benefits, but it also has its pitfalls. For example, the price a cash buyer is willing to pay for a property may fall far below the asking price. Many cash buyers will be people looking to buy a home for themselves, but other cash buyers may be investors or companies looking to get a good deal. As a vendor wanting to achieve as good a sale as possible, a cash buyer may not be the best option.
Even if you do decide to sell to a cash buyer, we are able to act as an intermediary between buyer and vendor, helping ensure a smooth process.