Cash buyers used to be the unicorn of real estate transactions. But today, finding cash buyers is as easy as answering a few questions on your computer or smartphone.
Not too long ago, selling your home meant countless hours spent prepping your home for showings, coordinating with buyers’ agents, and convincing a buyer your home is worth your asking price.
But technology is changing all that and making it easier than ever to find cash buyers and make a quick cash sale.
Today, cash buyers can make an offer on a home within a few days of you deciding to sell it.
And you don’t need to spend days cleaning, arrange to be elsewhere during showings, or negotiate offers.
Real estate cash buyers: A quick overview
Cash buyers are interested in purchasing your home and can pay cash. They don’t need to obtain financing such as a mortgage.
Cash buyers are often more appealing to home sellers because there’s less risk of the deal falling through. A cash sale also typically offers a quicker closing.
Who are iBuyers?
iBuyers are investors or companies that buy homes for cash.
These buyers typically work directly with a seller, eliminating homeowners needing to pay real estate agents, spending time and effort cleaning or staging the home, or scheduling showings.
Instead, sellers provide information about their home, often through a short questionnaire, such as the home’s age, location, and details about its current condition, as well as any upgrades or repairs recently completed.
iBuyers evaluate the home using conventional methods, like a quick home inspection, in conjunction with new technology, like computer algorithms that help assess the local market, etc.
After evaluating your home, the iBuyer makes its cash offer on your home.
There’s no obligation, and you can accept or reject the offer as you see fit. Sellers who accept cash offers typically get their money within a few days of closing, often in as little as seven days.
The cash that sellers receive is free and clear of restrictions. Sellers can spend the cash they receive however they choose.
iBuyers can be venture capital-backed investment companies or ordinary consumers who are interested in a straightforward, no-stress real estate purchase.
How Do iBuyer’s work?
While the process will differ depending on who you choose to work with, there are standard procedures most iBuyers tend to follow.
Because iBuying is rooted in using technology to buy a home quickly, selling your home to an iBuyer typically begins with going online. Sellers get in touch with a company that makes cash offers for homes, such as Simple Home Offer.
After getting some information about your home, you’ll find out if your home qualifies for a cash offer. This can take less than 48 hours.
Most sellers can take up to a week to carefully consider the pros and cons of cash buyers before having to make a decision.
Once a homeowner accepts a cash offer and the arrangements are made, homeowners choose a closing date and start packing.
Benefits of cash buyers
Some of the benefits of cash buyers include:
- Close in days (compared to traditional home sales, which can take weeks or longer)
- Fewer contingencies like home inspections or financing
- Homeowners can choose the closing date they want
- Peace of mind knowing the deal won’t fall through because a cash buyer lost financing
Cash buyers from an iBuyer have additional benefits such as:
- No cleaning or staging required
- No showings required
- No real estate commissions
On the other side, disadvantages of cash buyers include:
- Accessibility: Not every buyer has the funds to purchase a home for cash
- Online translation: The deal is more impersonal than a traditional sale
What questions should I ask an iBuyer?
When considering selling your home for cash, feel confident with the process by asking these questions.
How long does it take to get a cash offer?
Depending on the buyer, getting a cash offer on your home can take anywhere from a day to a few weeks. At Simple Home Offer, eligible homeowners get a cash offer the same day they reach out to us.
How long does it take to sell my house for cash?
Markets can be unpredictable. A market that was super hot when a homeowner listed their home can cool off almost overnight, causing anxiety while they for someone to buy their home.
With Simple Home Offer, homeowners can often sell their homes in a week to a cash buyer.
Will someone physically come to my property?
While most of the selling process can be completed online, iBuyers typically arrange for a professional home inspector to visit your home and complete a home inspection.
Do I have to pay closing costs?
Home sales with cash buyers eliminate many closing costs, but you could still have expenses tied to selling your home.
For example, you may have to pay municipal property taxes or other fees to transfer the property to the new owner or pay processing or filing fees.
How quickly can I get paid?
Cash offers are typically faster compared to homes bought with traditional financing. And iBuyers are often even faster than conventional cash sales. With Simple Home Offer, sellers can often make a quick cash sale and receive their money within a week of closing.
You can sell your house today
High-quality cash buyers could be the right solution if you hope to sell your home quickly for a fair price.
To see if your home qualifies, reach out to Simple Home Offer or complete our questionnaire online.
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