Benefits of Selling to a Cash Buyer
1. Quick Sale
Cash transactions wrap up much faster than traditional sales, often within a few weeks or even days.
This is a major advantage for property owners who need to relocate quickly or resolve financial issues promptly. The speed of cash sales is unmatched in the real estate market.
2. No Prep Work
Cash buyers usually purchase homes “as-is,” so you don’t have to spend money on costly repairs or renovations. This saves you time, money, and stress, allowing you to sell your property in its current condition without any additional investment.
3. Signed and Sealed
As the sale of your house doesn’t depend on mortgage approval, there’s minimal chance of last-minute complications that could cause your deal to fall through.
This is a huge relief for many sellers who have experienced the frustration of traditional sales falling apart at the eleventh hour.
4. Reduced Stress
When selling your house for cash there’s no need for time-consuming showings, open houses and lengthy negotiations, making the whole process simple and relatively stress-free.
5. Lower Costs
While some homeowners worry about how much they might lose when selling for cash, it’s important to consider the savings on realtor commissions, closing costs, and other fees associated with traditional sales. These savings can often offset any difference in sale price.
6. Flexibility
Cash buyers are often more flexible and accommodating to the seller’s timeline and needs. They can work around your schedule and may even allow you to stay in the home for a period after closing if needed.
7. Avoid Appraisal Issues
With a cash sale, there’s no need for the home to appraise at or above the sale price. Appraisal issues are a common reason traditional sales fall through, but cash buyers are not dependent on a lender’s appraisal, eliminating this potential roadblock.
7. Confidentiality
Cash sales are more private transactions, with no need to list the home publicly or host open houses. This appeals to sellers who value their privacy or have unique circumstances that they’d prefer to keep confidential.
Why Buffalo is Conducive for Cash Sales
Buffalo’s cost of living is significantly lower than the national average, making it attractive for real estate investments. This makes it more likely that you’ll find a willing cash buyer in a relatively short time.
Other reasons why Buffalo is a good location for cash home sales include:
- A Strong Real Estate Market: Despite fluctuations, Buffalo’s real estate market remains active with a growing interest from cash buyers, including investors and companies specializing in “We Buy Houses” deals.
- Historic and Diverse Neighborhoods: The city’s historic architecture and diverse neighborhoods attract various buyers who see potential in renovation and resale.
- Economic Incentives: Buffalo’s ongoing economic development projects and proximity to Canada provide additional incentives for cash investors.
Should I Sell My House for Cash?
Before selling your house for cash, keep these factors in mind:
Buyer Reputation
Sift through reviews and testimonials and deep dive into your potential buyer’s reputation. This helps you to sidestep scam artists and enjoy a smooth sale process.
Fair Market Value
Ensure the cash offer you get is fair and reflects the real market value of your property. You can do this by comparing multiple offers, seeking independent appraisals, or choosing a professional cash home buyer.
Keep the average house price in Buffalo in mind—the median home listing price is around $219,500, making the area a competitive but accessible market for potential cash buyers.
A recent consult with our professional cash home-buying counterparts, Moss Home Solutions, reported a striking trend in the Northeast: in Boston, 53% of homes are now bought with cash. These numbers show just how common cash purchases have become, pointing to a growing appetite for quick, hassle-free transactions across different regions.
Proof of Funds
Check your buyer has sufficient funds to complete the purchase. You can verify this by requesting a bank statement or a letter from their financial institution.
Contract Terms
Carefully review the contract terms, including any contingencies. Ensure they are clear and favorable to you.
Legal Advice
Consider hiring a real estate attorney to guide you through the transaction. An attorney can help you navigate the legal aspects and protect your interests.
Why A Cash Sale is Best For Some
A cash home sale can be particularly beneficial for:
- Urgency: If you need to move quickly due to a job change, financial difficulty, or personal reasons.
- Property Condition: Homeowners can avoid large repair jobs they can’t afford or don’t want to tackle.
- Avoiding Foreclosure: A quick cash sale can help avoid foreclosure and protect your credit.
- Inheritance Situations: If you’ve inherited a property and want a quick sale, a cash buyer can speed this up.
- Downsizing: A cash sale provides immediate funds for you to reinvest.