Do you want to sell your home? Have you given much thought to who your ideal buyer is? Buyers can be divided into one of two different categories: traditional buyers who pay with money obtained from a lender and cash buyers who already have the money to pay for your home in their account. While there is plenty of overlap between the two, closing is one area where they differ. So how does closing with a cash buyer stack up?
Simpler
A typical real estate closing involves a lot of different steps. There’s the escrow account to open, inspections and appraisals to deal with, and negotiations to navigate, among other things. You may not have to deal with some of those steps when you sell to a cash buyer though. Some parts of the closing process are done because a lender requires them. Selling to a cash buyer cuts out the lender. This could simplify the closing process by eliminating the hassle of things like inspections and appraisals, as those become optional and are based on what the buyer wants.
Faster
As you might imagine, reducing the steps involved in the closing process also speeds it up. Closing with a traditional buyer could take 30-60 days, or even more. Cash buyers can often close in a couple of weeks. Some cash buyers, such as professional home buying companies, can close even faster. They may take as little as 7 days to close.
Less Expensive
No lender also means fewer closing fees that need to be paid, which means closing with a cash buyer is likely the less expensive option. Depending on what you and the buyer negotiate, you may split some or all of the remaining closing costs 50/50. If you really want to maximize your savings and minimize your costs, sell to a professional home buying company like Minnesota Home Guys. We cover 100% of the closing costs. It doesn’t get less expensive for you than that!
Who your ideal home buyer is depends on what you want to prioritize when selling your home. There are a few ways in which you can benefit from selling your home to a cash buyer, especially when it comes to closing the sale. It’s not a perfect fit for everyone, but if you want a simpler, faster, less expensive closing, selling to a cash buyer could be the best solution for you.
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