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What You Need To Know About Cash Home Buyers

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Suppose you just landed a house. You weren’t even planning for it or expecting it, but when an attorney called to tell you that a long lost relative passed, you suddenly became the owner of a home in some part of the world. Excited to cash in on your bounty but reluctant to travel and repair a home in questionable condition, Google becomes your only savior. You search the internet to sell your house fast and get flooded with results.

After exploring some options, you fill out an application and receive a call almost immediately. When you explain your circumstance, the party on the phone gives you assurance about taking care of everything from cleaning, valuing the home, and repairs for you. The company may even send you a check within a few weeks.

It’s an ideal situation. And as promised, a week after signing and faxing the paperwork, you get a check for the property. Some weeks later you whimsically decide to check if the home is listed and find, to your horror, that your house is listed for a much higher price.

Naturally, you consult a lawyer, and after reviewing the documents you signed, you learn there’s nothing to be done. When you deal with someone who buys houses for cash, you’re spending for your convenience and should expect a discount.

However, that doesn’t mean every cash buyer is the same. Many sites have a tool that lets you browse through dozens of vetted investors to find the top offer for your proper.

So Did It Go Sideways?

Suppose you sell your house as-is for cash. In that case, you’re basically disregarding the conventional listing process (which is the safest route to maximizing property value) in exchange for the convenience and certainty of a cash sale.

You can avoid the hassles of showing and staging your house and the pressure of maintaining its perfect condition only to accommodate picky buyers.

A cash buyer also won’t need a mortgage to fund the deal. That means you can avoid an appraisal to appease the lender and that closing will be — all in all — a lot quicker. (The average home purchase loan took 46 days to close as of June 2020, yikes!)

However, this is a big decision and should be taken as such. Clinging to the first cash buyer you come across is risky, and if you don’t take heed, investors will sense that you’re desperate. More importantly, not every cash buyer is the same.

Who Buys Houses For Cash?

Cash buyers are a diverse breed. They may buy your home with the intention of renting it out. Or they may renovate and flip it to earn a profit. High-tech buyers known as iBuyers have recently grown in numbers. Contrary to flippers, iBuyers purchase homes in fairly good conditions at bulk, quickly turn them around, and provide a seamless home-selling experience online with convenient digital platforms.

Based on your property’s price point, condition, and location, your home will be a more attractive purchase to specific cash buyers than others. Several real estate buyers have a specific “buy box” they use with criteria for which types of properties are most valuable to them. That means your home’s worth or value may vary, even among buyers who are willing to pay all-cash.

Through their sale platform, 10D Home Buyers collaborates with thousands of cash buyers across the states, including local real estate investors who buy a few properties per year and institutional funds purchasing hundreds of homes each month. With the support of a platform like ours, you can request a cash offer on your house, and we can introduce you to the highest possible bidder.

In addition, we can compare your cash offer side-by-side with an estimate of what you could likely net on the real state market. Equipped with this information, you’ll be less inclined to sell your house for cash and then regret your decision later on. You’ll be satisfied since you made the decision knowing the full picture.

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