Have you ever heard of someone paying for a house with cash? These buyers are known as cash buyers. Don’t worry if you haven’t heard of cash buyers before–they aren’t as common as traditional buyers. Despite being outside the norm, they are still an attractive option for many sellers.
Did you know that traditional buyers can take anywhere from 30-60 days to close the deal on a home? If there are hiccups along the way, closing could take even longer than that! Not everyone has that kind of time. If that’s too long for you, selling to a cash buyer could be a better option. Cash buyers can often close in about 2 weeks since they don’t need any lender approvals before making the purchase. A subset of cash buyers, known as professional home buying companies, can close even faster, closing in as little as 7 days.
Less Spent on Closing Costs
Sellers often cover a significant portion of the closing costs they split with the buyer. This makes sense from the perspective that the seller is likely profiting from the sale of the home and therefore will have more money readily available to cover closing costs. Among other things, closing costs pay lender fees. If there is no lender involved (as is the case when selling to a cash buyer), there is no need to pay those particular fees, effectively lowering the dollar value of the closing costs. Selling to a professional home buying company like WNY Home Buyers can be even more advantageous–we cover 100% of the closing costs.
Potentially Fewer Contingencies
Contingencies allow buyers to back out of a sale without any penalty provided certain conditions are met. Traditional buyers may have a financing contingency–if they can’t get financing, they can get out of the deal. Obviously, that particular contingency isn’t anything you have to worry about when there isn’t any financing involved, as is the case when you sell to a cash buyer. Cash buyers like WNY Home Buyers often go a step further and don’t have inspection contingencies either.
If you want to have a successful experience selling your home, you need to know who your ideal buyer is. Some sellers’ ideal buyers will be traditional buyers, while others will have a better experience with cash buyers. If you want to sell your home fast, save money, and reduce your risk of the sale falling through, a cash buyer like WNY Home Buyers could be the perfect buyer for you!
Do you need to sell your Tonawanda, NY house fast? Click here to take the first step toward selling your house to WNY Home Buyers today!