If you’re looking to sell your home, you know that there are several different avenues you can take. However, it can be a hard choice to determine the pros of using a cash buyer vs. a traditional buyer. One of the biggest differences between a cash buyer and a traditional buyer is the amount of time it can take for your home to sell.
Things to Consider:
The Process of the Sale
With a traditional buyer, the process can take longer than it does with a cash buyer. They usually have to go through a conventional form of financing with a bank or other investment company. Before moving forward with purchasing the property, there are several steps that have to be done before the bank will approve the loan. Since lending money to a buyer can be risky, several inspections and appraisals are required, which take some time to conduct.
This process doesn’t happen with a cash buyer because they already have the funds ready to go. With cash home buyers, the sale normally happens in a week or less. Since cash buyers have a company dedicated to buying and selling homes quickly, they can be more hands-on and move through the process more quickly.
When you contact a cash buyer, they’ll quickly set up a meeting to see your home. From there, they’ll evaluate your house, and then they’ll conduct research for several days to determine what your house is worth and what they should offer you. After that, they’ll make you an offer that you can either accept or you can attempt to negotiate with the buyer more.
What Will Happen to Your Home After You Sell
One big difference for selling to a cash buyer vs. a traditional buyer is the fate of your home after the title no longer belongs to you.
Many cash buyers are buying homes “as-is” so they can fix them up and sell them at a mark-up. Your home would receive a facelift and then would be able to become a home for someone else once the cash buyer sells it again. It could also be used as a rental property if the cash buyer chooses to go that route.
Some cash buyers are also looking to buy housing to demolish it so they can build and develop something new. If you don’t care what happens to your home after you sell, then selling to a cash buyer could be a great option for you.
On the flip side, a traditional home buyer will typically live in the house once it is theirs. They will most likely change a few things to fit their personal style, but it is less likely that they’ll demolish the whole home unless they’re only interested in the land that it’s built on. They may also choose to make it a rental property, but that depends on the buyer and what their situation is.
How to Choose Between a Cash Buyer vs. Traditional Buyer?
At the end of the day, selling your home to a cash buyer vs. a traditional buyer is up to you. If you’re not in a big rush to sell, it may be better to go with the traditional sale. However, if you’re experiencing financial hardship or other stressful situations and need to get out of your home fast, a cash buyer is the way to go.
If you need help deciding the best way for you to sell your home, contact Enlight Homebuyers at 801-939-0123 today! We are trusted cash home buyers in your area and would love to help steer you in the right direction.