Selling your property the traditional way is no picnic. If you’re looking for quicker and more effective ways to sell your property, you might be considering selling it to a cash buyer. But what exactly are house cash buyers and what makes them different from other options?
If you’re looking to sell your home in Portland as fast as possible, this post will give you all the information you need. Let’s dive in!
Real estate cash buyers
A cash buyer is a real estate investor who can purchase a property in a matter of days, without requiring inspections or contingencies. This can save a lot of time and effort for both the buyer and the seller. Unfortunately, not all cash buyers have the funds they need to purchase a property, which can quickly become a problem for you — the seller.
But don’t worry — cash buyers are not all the same. So, how can you find a real cash buyer that actually helps you instead of causing you headaches?
First, let’s talk about wholesalers.
Wholesalers vs. Cash Buyers
Many people who call themselves “cash buyers” are actually wholesalers who sign contracts with sellers with the hope of selling the contract to a true cash buyer for a fee. This can be a misleading and confusing experience for sellers who think they have found a ready and willing buyer.
If the wholesaler is unable to sell the contract, they don’t have the funds to close on the purchase, and the seller can be left back where they started. This can be a frustrating and time-consuming process, especially if the seller is under time constraints. To avoid this scenario, it’s important to differentiate between true cash buyers and wholesalers who are posing as cash buyers. Make sure to thoroughly scrutinize any potential buyer to ensure they have the ability to close on the purchase without any complications.
How to spot a wholesaler?
To protect yourself from signing a contract with a wholesaler instead of an actual cash buyer, take a few precautions. Here are some helpful ways to ensure that you’re working with a true cash buyer:
- Ask for a copy of a recently dated bank statement with the buyer’s name to demonstrate that they have sufficient funds to purchase the property. This is a great way to ensure that the buyer is able to close on the purchase without relying on outside parties.
- Request at least $10,000 in an earnest money deposit, and insist that the deposit be non-refundable and released to the seller. This will give you some financial security and ensure that the buyer is committed to the purchase.
- Request contract wording that states there are no contingencies whatsoever. This will help speed up the process and ensure that the sale is not delayed by any unexpected obstacles.
- Request contract wording stating that the contract is not assignable or transferable to any third party. This will help to protect you from any surprises and ensure that the buyer is the only person involved in the sale.
By following these steps, you can protect yourself from signing a contract with a wholesaler and ensure that you’re working with a true cash buyer who can close on the purchase quickly and efficiently.
Real estate investors
When it comes to selling your house quickly, local real estate investors can be your best option. Unlike wholesalers, they can make a fair offer and close the deal quickly without the added stress of finding a new buyer.
Working with a local real estate investor also has financial benefits. By selling directly to an investor, you can avoid paying any fees or commissions. This means you’ll be able to keep more money in your pocket, giving you more financial flexibility.
Want to sell your property for cash? We can help
We believe that you deserve the peace of mind that comes with a fast and professional home sale, and we are here to make that a reality. If you’re looking to sell your home in Portland, Columbia Redevelopment is here to help. Reach out to us today — Call: (503) 200-8730.