If you’ve been contacted by a buyer who is offering to pay cash, you may be tempted to accept. On the other hand, you may be worried about a low-ball offer from a disreputable cash buyer. How do you know if the offer is fair?
The Myth of the Cash Buyer
Many people think that cash buyers try to get by with a low offer, assuming the homeowner is desperate enough to take anything. The truth is that cash buyers do their research and know the value of any property they’re interested in. They make an offer similar to or even higher than what you would get from a traditional buyer.
When a cash buyer does research on a property, they look at comparable properties, other homes in the same neighborhood or subdivision that are similar in size and amenities. For instance, they would compare a three-bedroom home with other properties that have three bedrooms. The buyer would factor in work that needs to be done, updates and repairs. They would deduct that from the market value of the property for an offer that’s fair for everyone.
Why Choose a Cash Buyer?
You may wonder about the benefits of choosing a cash buyer if they offer the same thing as any other buyer. However, the benefits of working with a cash buyer go beyond the offer price of the home. The big advantage of choosing a buyer who can pay cash is that you don’t have to worry about whether your home will pass inspection.
If you have an older home that hasn’t been updated in quite a few years, this will be a big deal. Everything may not be up to code, which would require you to fix it before a lender would finance the purchase for a traditional buyer. You could spend many thousands of dollars on repairs before you could list the house. A cash buyer can purchase the house in its current condition and pay for any renovations that are required.
When you think about all the money you save by not paying for repairs, you can see why a cash offer can make sense. An added benefit is that you can close on the home sooner and move on with your life. If you’re ready to get a fair cash offer for your property, contact LV Cash Buy today.