The property market is a competitive field, with houses going on the market and being sold within days. If you don’t act fast you can lose your dream property due to the simple fact of hesitation. To put you in the best position possible when buying a home, being a cash home buyer can really help. By having the money ready to spend, you can instantly act when you see a home you like. You will also benefit from not having any risk of a mortgage falling through and you will be able to move in quicker, reducing the length of the chain. If you are thinking of being a cash buyer or interested in the pros of being one when we have put together four different benefits.
No risk of a mortgage issue
The majority of house buyers on the market will be purchasing their property with a mortgage. A mortgage can be tricky to get, with many lenders having different criteria that you have to follow. If something is to go wrong during the buying process a mortgage offer can be withdrawn, ruining the process of buying. By being a cash buyer, you remove the stress of any mortgage issue, knowing that you have the cash readily available. As a cash buyer, once you know the property that you want to buy, you are in a very good position for the seller to accept as there are fewer risks involved with you.
The moving chain is smaller
Chances are if you are a cash buyer, you can move a lot quicker than someone who is trying to sell their property in order to buy a new one. This means that your property chain will be smaller, helping everyone complete the move to their new property quicker. Sometimes property chains can take months of waiting and if something falls through during the process, it delays the process even longer.
You are more likely to have your offer accepted
Being a cash buyer puts you in a good position when making an offer to a seller. The reason for this, is they know you have the money readily available to buy their property, making the process a lot quicker. If it comes to two offers between a cash buyer and someone buying with a mortgage, chances are they will choose the cash buyer. When buying with cash, remember to put some money away for the renovation of the property you are buying. Areas like the garage, garden and kitchen may need some work done on them.
There are many benefits to being a cash buyer, the above are just a few that are very important. Have you ever sold to a cash buyer before and what benefits did you receive by doing it? Do you think there is a difference between a cash buyer and someone with a mortgage when selling? Are there any points you would like to add to the above list? Let us know in the comment box below.