What to Look for in a Cash Buyer

When to Seek Out a Cash Buyer?

Cash buyers are not suitable for every home sale. If someone has a house in good condition in a good location, he will likely face high competition for his property. If he is not in a rush and can wait a month or two or three, he has a higher chance of receiving his optimal asking price. (In December 2022, the average amount of days on the market for a house was 67 days.)

But for some people, cash buyers are a blessing. 

Cash buyers are an ideal option for those looking to sell their house quickly and easily. Cash buyers are investors who have the ability to purchase a home outright, without relying on financing or a loan. This can be a great option for sellers who have a neglected property on their hands or who don’t want to wait to find a buyer who can get a loan, which is often a lengthy process. Cash buyers also don’t require closing costs, which can save sellers a lot of money. If a seller is looking for a quick, easy sale, then a cash buyer may be the perfect solution. As Fortune Builders puts it, “By eliminating the need for a lender, cash buyers simplify the overall real estate transaction.” 

So Which Things Should You be Looking For in a Cash Buyer? 

1. Experience 

As with any profession, experience is key to providing quality service. First and foremost, you want to find a buyer who has a portfolio of at least 8 houses under their belt. You don’t want to take a newbie who watched an HGTV show and bought and flipped a house or two. 

2. Local Expertise 

We can’t stress this enough: find cash buyers who specialize in your city and if possible, even in your county! Cash buyers often market themselves as national experts with across-the-country experience. These are the cash buyers people often have sour experiences with. Not because they’re malicious or snarky. They simply aren’t familiar enough with the local real estate market, culture, and legalities. Conversely, a cash buyer with expertise in a specific area knows the ins and outs of that particular location. For example, Heyday Home Buyers specializes in buying homes in New Jersey. But even more than that, we specialize in very specific cities within New Jersey among them: Clark, Elizabeth, Linden, Rahway, Roselle, Union, and Winfield. 

3. Reputation 

Check out the cash buyer’s website, Google reviews, or LinkedIn profile, for testimonials from former clients. You can also ask for references who are willing to be contacted for inquiries about the cash buyer. Ask questions not only about the cash buyers’ professionalism but also their personality – if they’re easy to work with, easygoing, patient, understanding, etc. When selling a house for cash, the seller is often facing other stresses in his life. He needs to deal with someone who is empathetic and understanding. 

4. Quick Response 

Cash buyers need to be able to communicate and make decisions quickly. 

It’s important to note how long it takes for cash buyers to return your call/email/message. If you need to wait a couple of days to hear back from them, that’s a sign things can drag on – something you’re looking to avoid when selling for cash.

Researching cash buyers is essential when selling a home. It is important to research the cash buyer to make sure they are reputable and have the funds to purchase the home in full. Additionally, it is important to make sure that the terms of the sale are clear and agreeable to both parties. Researching cash buyers can help to ensure that the seller is getting the best deal and that the sale closes quickly and smoothly.

Brought to you by Steven Honig, Real Estate Investor & Consultant