Are you thinking about selling your home or a second property? Before you pick up the phone and call your nearest real estate agent, it may be time to consider doing things a little differently.
Enlisting the services of a cash buyer could be a legitimate option, depending on your situation. You might have heard about them before and wondered whether they are worth it. Spoiler alert: they can be absolute lifesavers in specific scenarios.
What is a Cash Buyer?
Cash buyers aren’t like your average property buyer. While a typical homeowner may require a mortgage approval, along with surveys and endless back-and-forths, cash home buyers have the total funds in the bank, ready to rock and roll. There’s no need to deal with mortgage lenders or get mixed-up in a huge property chain and the weeks of potential nail-biting anxiety. In many cases, these services can make an offer and close the transaction in as little as seven days.
But who actually benefits the most from selling their property to a cash buyer? We’ll look at a typical seller below. Who knows, you may just fall within one or several of the following demographics.
Anyone Who Needs a Quick Sale
Sometimes people just want to move on and start afresh. It may be that the property is becoming too expensive and time-consuming to maintain it or prepare it for the open market. In this scenario, selling with a cash buyer can save you time and energy.
Alternatively, you may have secured a new exciting job in another town, city, or country. In which case, you don’t have time for the slow lane, which is where a cash buyer can shine.
Those Facing the Threat of Repossession
There are times in life when financial curveballs come your way. These challenges can force you to fall behind on the mortgage repayments, leading to a potential repossession by your lender. If you’d rather sell up and avoid this embarrassment and potential bankruptcy proceedings, a cash buyer can liquidate your asset fast and give you a chance at a fresh start.
Probate or Inherited Properties
If your spouse dies and you can’t deal with the idea of living in the property without them, a cash buyer can help you to close this chapter in your life and try to turn the page. Similarly, if you unexpectedly inherit property from a friend or family member, you may not have the time or the inclination to spend preparing and marketing the home on the open market.
Divorcing Couples
Finally, couples that are taking the difficult step of initiating divorce proceedings may also find a cash buyer beneficial. They can offer a quick, clean break, giving you equal proceeds to move on without unnecessary emotional baggage.
Ultimately, if you’re prepared to accept that you won’t get top dollar for your property, cash buyers can be a refreshing alternative to diving into the open market. They offer speed and certainty that can be way more valuable than getting a few thousand bucks more in your back pocket.
Lynn Martelli is an editor at Readability. She received her MFA in Creative Writing from Antioch University and has worked as an editor for over 10 years. Lynn has edited a wide variety of books, including fiction, non-fiction, memoirs, and more. In her free time, Lynn enjoys reading, writing, and spending time with her family and friends.
