With banks continuing to tighten their belts around home-financing, cash buyers have become increasingly appealing to homeowners looking to sell. Looking for a cash buyer removes the possibility of going through the time-consuming sales process only to find a buyer whose financing falls through at the last minute.
So, how do you find a cash buyer? Well, that can be a little more challenging. While there are brokers who work primarily with cash buyers, these purchasers tend to be interested exclusively in luxury sales, and search primarily for homes in move-in condition. If your home is in perfect condition then you might stand a chance at selling to such a buyer. However, if your house is slightly run-down or needs a decent amount of upgrades (particularly true of kitchens and bathrooms) then you might have a more difficult time locating a cash-buyer.
Another option is to sell to a company rather than an individual. These organizations focus on purchasing a variety of homes for cash. For example, Blake Buys Homes, who buys houses direct from owners in Los Angeles County and Orange County, has a no-pressure business policy that allows the home-owner to call the shots. They fairly evaluate your home and make you a cash offer that you can choose to accept or decline. One of the benefits of this sort of cash purchase is that fees and closing costs are eradicated while the sales process is expedited. If you’re looking for a quick influx of cash, this is the way to go.
A third option is to list the house for sale on your own, and to emphasize the desire for a cash buyer. This option is a long shot, but if you are willing to wait for the price and type of offer that you are looking for, then this may be how you want to go about it. Be aware, however, that most individual cash buyers are aware that they hold the power. Because of this, it is possible that individual cash buyers may offer you a lower price than a standard home-buyer, or that of a company looking to buy.