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What does cash buyers only mean?
A cash buyer is someone who isn't relying on selling a house of their own or for a mortgage approval to be able to buy a property. Cash buyers are very popular with selling homeowners as they are less risky and can complete on the sale faster than a standard buyer, but there are negatives to selling to a cash buyer.
The property market has faced a huge amount of change over the past 6 months, and the ways in which homeowners have chosen to buy and sell property has changed along with it. More and more properties are now being advertised as cash buyers only, but what does this mean and why are homeowners doing this? We Buy Any House have done the research, so you don’t have to.
A cash buyer is someone who isn’t relying on their own sale or for a mortgage application for them to be able to complete on buying your property. These buyers are less common, as generally buyers don’t have that level of liquid assets and need to wait to sell their house or get approval for a mortgage before they can find the funding they need to purchase a property. Cash buyers, however, can move much faster than a standard buyer because they aren’t having to wait for their cash to be freed up, and can therefore allow you to sell at a much quicker rate than a traditional buyer.
Why are houses listed as cash buyers only?
Some buyers can be put off houses that are advertised for cash buyers only, as they will assume that something is wrong with the property. Sometimes it can be that a house that has been listed as ‘cash buyers only’ does have an issue that makes it an unmortgageable
property, especially if it’s suffering from subsidence or other structural issues. However, not every house that is advertised as cash buyers only has problems like this.
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For some sellers, it can be time constraints that have led them to market towards cash buyers, as selling in the traditional way to a buyer who needs to have a mortgage or sell their own house to be able to complete, will generally take much longer. These sales often take more than 6 months, and especially in the current conditions with the levels of uncertainty still high around what will happen next with potential further lockdowns and restrictions, homeowners are wary of committing to a long-term deal like this that is fraught with risks if they can choose a faster route.
Do cash buyers bring less risk to a house sale?
You may have heard that another advantage of cash buyers, as well as the shorter time frame, is that there is less risk involved. In a traditional house sale on the open market, there are all sorts of risks involved, from your buyer dropping out to struggling to even find an interested buyer for months on end. Because cash buyers are able to act much faster, the risk level is automatically dropped, and there isn’t the added worry of their mortgage application being denied or them struggling to find their own buyer and resulting in them not being able to complete on buying your house.
Can I request cash buyers only for my property?
As a seller, you can request when selling your house that you want a cash buyer, but you will need to consider why you want to do this. If it’s because you’re looking for speed, it can be a good option, but if you’re looking for a standard house sale, this may not be the best decision. Generally, cash buyers will put in a lower offer for a property. When you’re looking for a quick sale, this might not be a big concern for you, but if you’re looking for the best offer possible for your property, then you may decide that this isn’t the best option. It will depend on why you’re looking to sell and what you’re looking to get from the sale, but you can weigh this up and decide which is the best method to sell your house.
Some people think that the only houses that cash buyers will purchase are run down, damaged, or low-value houses, but this isn’t always the case. A cash buyer will almost always have significant funding and be able to purchase houses in a huge range of conditions and values. Some cash buyers, specifically investors or property flippers, will tend to offer on houses of a lower value, but this isn’t every cash buyer and will be down to their personal choice and what they want to do with the property long-term.
No matter what reason you’re looking to sell your house, if you can do it in a faster and easier way than the traditional house sale, why wouldn’t you? We Buy Any House can offer you exactly that – a quick, hassle-free sale that relieves you from the stresses and lets you focus on the other things that are important in your life. Get in touch with us today for your free cash offer and see how quickly you can sell to us!