We’ve all been there. You list your home for sale, you finally start to receive some offers, and you’re intrigued by a buyer who’s promising to pay cash, but you stop yourself. You’ve heard about these types of buyers before – they don’t always carry the best reputation, but is what you’ve heard about them true?
Not exactly.
Let’s get this out of the way – most cash home buyers aren’t looking to buy your house for full market value. Their offers are almost always lower than financed offers, but that’s because they’re offering a level of ease, simplicity, and convenience that financed offers can’t provide – not to mention saving money.
So, what is a cash offer, exactly?
A cash offer refers to any offer that doesn’t require lending from a bank or lending company – the buyer has the money and is ready to transfer it to you without the need for a lending appraisal. This usually allows the seller to bypass the normal 30- to 45-day closing period – shrinking it down to just 7-10 days.
Debunking 6 Common Myths About Cash Home Buyers
Most cash home buyers want to make a seller’s life easier by helping them get paid quicker, but that’s not how most people perceive their offer – in fact, most people get offended, and that leads to some rather unfair opinions about who they are, what their intentions are, and whether or not sellers can trust them.
The truth is there’s a lot of misinformation out there about those who buy homes for cash, but we’re here to set the record straight. At Sell Your House Fast Las Vegas, we’re committed to changing the negative stigma that often follows cash home buyers by debunking some of the most common myths about them.
1. You’ll Receive a Briefcase Filled With Cash
Many people hear the term ‘cash sale’ and get excited because they think they’re going to show up with a briefcase filled with cash – like in the movies. That’s not the case, but it’s actually a good thing because handling that much cash can be reckless, dangerous, and nerve-wracking – no matter who you are.
With that said, the process is actually much easier. Instead of having to handle all that cash, a cash home buyer either writes you a check or wires the money directly to your bank. It’s no briefcase of money, but you’ll get equally as excited when you see that money hit your account – the weight has been lifted!
2. All Cash Sales Are Lowball Offers
When people see the low offer that’s generally associated with cash home buyers, they immediately label it as a lowball offer – but that’s not the case. It might seem like a lowball offer when you compare it to the other offers on the table, but cash offers come with benefits that other, more traditional sales can’t offer.
For example, the seller saves a lot of money in closing costs and other expenses when they go the cash offer route – meaning some of the money you ‘lose’ with a cash offer would’ve been lost anyway through a traditional sale. Not only that, but you save a lot of time, energy, and effort – all of which are priceless!
3. Cash Buyers Are Scam Artists
It’s easy to label a cash buyer as a scam artist if you think they’re low-balling you – depending on how you look at it, that might be true. But offering 60-70% of fair market value isn’t a scam when the buyer is volunteering to close the sale quickly, buy the house as-is, and reduce the seller’s expenses.
At that point, they are no scam artist – they’re miracle workers. They give people an option to speed the process along, which comes at a price, but that price is worth it to some. And, for those who don’t want to sacrifice their listing price, they don’t have to accept the offer – all you need to do is respectfully decline!
4. Sellers Need to Accept Cash Offers Immediately
Many sellers are under the impression that they need to accept a cash offer immediately in order for the buyer to honor it. They might use it as a tactic to try and incentivize you to accept the offer, but that doesn’t mean there’s any merit to it – it’s nothing more than a tactic, so don’t let it discourage you at all.
With that said, honest, serious, and reputable cash buyers are willing to give you the time you need to make the right decision for yourself. Most of them understand how big of a decision this is for you and your family, so they wouldn’t want to rush you along the process if it meant putting you in a difficult or awkward position.
5. Cash Buyers Are Only Interested in Themselves
Piggy-backing off the previous myth, most sellers think cash home buyers are only looking out for their own interests – not so much the interests of the seller. While there are certainly some cash buyers out there that operate with bad intentions, that’s a small portion of the population and isn’t true for most.
As we mentioned above, cash home buyers are trying to do what’s best for everyone. The offer might seem low, but that’s because you’re not looking at all the things you gain from the deal – things you don’t get from a traditional sale. At the end of the day, it’s all about giving the seller a variety of unique options when testing the real estate market.
6. Selling Your House for Cash is Only for Times of Desperation
The final myth we’re going to debunk today is that selling your home for cash is only for sellers who are desperate. While it’s certainly best reserved for those situations, selling to a cash home buyer can be beneficial for a number of other reasons – in fact, some people simply want to avoid a massive headache.
We mentioned this before, but everyone has their own intentions when buying and selling a home – what works for one homeowner might not work for another homeowner. If you want to sell your home fast and easy without needing a real estate agent or having to go through the lending process, then sell for cash!
Contact SYHF LV Today for a Free Cash Offer!
At Sell Your House Fast Las Vegas, we’re prepared to send you an honest, fair, and free cash offer for your home – there’s no obligation, and you can decline if you’re not interested. To get started, send us information about your house and schedule a time for us to tour the home, an offer will be sent in no time!
