Have you ever wondered what sets cash buyers apart from traditional buyers? It may seem obvious at first–cash buyers pay in cash (technically through an electronic wire), while traditional buyers pay using money they obtained from a lender. That’s not the only thing that sets cash buyers apart though. They also close much faster than traditional buyers.
They Know What They Want
To start, cash buyers may know what they want better than traditional buyers do. In many cases, this is because cash buyers often have more experience with buying houses by comparison. They know what things matter to them and what doesn’t. They know what the deal breakers are and where they can compromise. That makes it easier for them to negotiate efficiently, allowing them to move through the buying process faster.
That extra real estate experience also means they don’t just know how the closing process works and what to do–they know how to do it faster and more efficiently. They know what documents need to be prepared, who they need to work with, what appointments need to be made, and what order to do things in. Some steps in the closing process can be completed simultaneously. Knowing how to organize timelines is a major contributing factor to cash buyers’ ability to close faster than traditional buyers.
They Have Funding Already
The other major factor at play is where the money is coming from. Cash buyers already have the money to pay for properties they make offers on. That’s why they’re called cash buyers. Traditional buyers, on the other hand, have to rely on lenders to finance their home purchases. Because cash buyers don’t need a mortgage, all the steps in the closing process that involve lenders are no longer necessary. Say goodbye to waiting for buyer credit checks and loan approvals. Some cash buyers may even choose to skip appraisals and inspections (which are often required by lenders), further cutting down on how long it takes to close.
The speed and efficiency with which cash buyers close make them an appealing choice for many sellers. Instead of taking a month or two to close, they take an average of two weeks. Some, like WNY Home Buyers, can close even faster. WNY Home Buyers has streamlined the closing process so well that we can close in as little as 7 days. It doesn’t get much faster than that!
Are you ready to sell your home fast? Click here to contact WNY Home Buyers today to get started!