If you’re looking into the property market, you’ll soon come across the term ‘cash buyer’. Cash Buyer, like so many other bits of estate agent terms, appears to be self-explanatory at first glance. But it is frequently twisted and misinterpreted…therefore we’re going to clear the air here today. Just Right Property the best house buyers Sarawak are here to assist you. Not only that, but we’ll go over the sales procedure for selling your flat or house to a cash buyers. As well as the benefits and drawbacks.
Before we go into that, let’s address the burning question…
What Does “Cash Buyer” Mean?
A cash buyer is someone who can buy property outright with their own money, which means they don’t require a mortgage or loan to do so. A cash buyer, on the other hand, must have the funds available at the time of making an offer to be regarded as such, which is where the waters can become muddy.
Some agents will claim to have a cash buyer ready and waiting for your sale. But that buyer will need to sell another property first before they can purchase your home.
Is The Sales Process Identical for Cash Buyers?
Essentially, yes, especially from the standpoint of a seller.
The obvious distinction is that a cash buyer will not be required to secure a mortgage, resulting in significantly less paperwork on their part. That being said, a prudent cash buyer will want to do their due research and run the same checks as a lender before agreeing to lend on a property.
This means that surveys and property searches will still be performed before the sale, albeit a cash buyer will typically complete these tasks faster than a sluggish-moving lender.
Are There Pros & Cons For Dealing With Cash Home Buyers?
Now that we’ve established what constitutes a cash buyer and that the sales process stays mostly unchanged, let’s look at the benefits and drawbacks of working with someone who has the funds for your property ready and waiting in their account.
Many people feel that selling to a cash buyer is always easy, but not every cash sale goes smoothly. Let’s look at the benefits and drawbacks in greater detail.
Cash Buyer Pros
Chain-Free: Because they can buy your home outright with cash in their bank account, selling to a cash buyer eliminates the dreaded property chain. The absence of a chain from the process reduces the likelihood of a sale falling through due to a third party.
Fewer Obstacles: Just as removing the chain from the equation reduces the likelihood of the sale going through, eliminating the necessity for a mortgage also offers advantages. Removing the requirement to raise the necessary funds means that another major impediment has been overcome from the outset.
More Certainty: Cash purchasers are typically long-term property investors who will only make a deal if they are certain it is the right decision. They will also be able to take solace in knowing that not having a mortgage eliminates any worry about future finances. In other words, repossession concerns are not on their radar. If they make a solid offer, they’re likely to follow through on it.
They Can Buy Anything: a short lease? Not an issue. If the cash buyer is satisfied with the offer, they can purchase the property in question. This isn’t even a possibility for people who need to get a mortgage before proceeding, as lenders are hesitant to endorse such transactions.
Quicker Sale: This is perhaps the number one reason why cash buyers are so appealing to individuals selling their houses, particularly those who need to sell quickly. Again, removing the lender from the picture can significantly reduce the time it takes to close a sale, which is ideal if you need to make a rapid move.
Drawbacks of Buying With Cash
Low Price: Although not guaranteed, cash sales frequently result in the seller receiving less than the market worth for their home. For some, this will be an acceptable price to pay in order to move swiftly, but it is critical to approach any transaction with a cash buyer with this potential in mind.
Scammers Do Occur: While uncommon, scammers are unfortunately a part of the cash buyer scene. Fortunately, avoiding them is quite simple, although people have fallen victim to scammers in the past, so be aware that it does occur. When selling your house, the most effective strategy to avoid scammers is to engage with a trusted estate agent. Selling your property on your own is a recipe for disaster. Do not do it.
Conclusion
If you live in Sarawak or Kuching and want to sell your property for cash to Just Right Property. We’ve been in business locally for more than years and have a wealth of experience making things happen in the real estate industry. Call the Just Right Property team today. We buy house for sale in Sarawak to find out what we can do for you.
Read More About A Speedy Sale: Selling Property Privately.
