Buying a house with cash might seem like an unusual step. But it’s surprisingly common. Last year, around one in three US homes were purchased with cash.
That’s the rise of the property buyer. This new wave of home buying has transformed the housing market in recent years.
But how much do you know about property buyers, who they are, and why sellers use them? Read on for all the answers to your most pressing questions, and find out if it’s the best choice for your home sale.
What Is a Property Buyer?
A property buyer is more commonly known as a cash buyer.
It’s usually a company that buys real estate direct from an owner. It doesn’t have to be a company and can be an individual who buys for cash, though that’s rarer.
The distinct feature of a property buyer is that they cut out the realtor part of a house transaction. You don’t put your house up for sale and invite offers via a real estate agent. It’s a direct deal instead.
The primary reason for using a property buyer is when you want a quick and hassle-free sale. It eliminates house inspections and mortgage approvals.
It also means you don’t have to spend money improving or upgrading your home. It’s a service that benefits many people, particularly those who need a rapid sale for financial reasons.
The Rise of Property Buyers in Real Estate
The US has seen a surge in cash home buyers in recent years. There are a few reasons for this.
First, economic changes and shifts in the job market have meant people relocating to high-employment areas. Cash buyers have made it easier for people to fit in with the timescales demanded by job relocations.
Harrisburg, PA, has seen economic growth in line with the rest of the US. That’s made properties more attractive investments.
Together, these trends have meant new cash buyers on the market, offering easy and smooth sales processes.
Property Buyers: the Benefits for Sellers
We’ve already touched on some advantages of cash buyers, like a speedy sale. It’s notably different from a traditional house sale, which can take many months.
Traditional sales have many things that can delay timescales, like mortgage delays or buyers changing their minds.
In contrast, commercial property buyers can complete the process in less than a month and sometimes within days.
Convenience is another benefit. When you put your home on the market, you must accommodate viewings. That means having your house accessed by strangers and being available to show people around at short notice.
This isn’t always welcome if you are busy or value your privacy.
Additionally, cash buyers mean you can avoid some of the expenses of a house sale, like legal costs and realtor fees.
Finally, a cash buyer will accept a house as-is. You can still sell to a cash buyer if your home needs repairs or upgrades like garden landscaping.
A traditional sale might mean spending thousands on repairs before attracting the right buyer.
How the Property Buying Process Works
The property buying process begins with the seller. The seller will generally head directly to a cash-buying website for a valuation.
This valuation is straightforward. It involves submitting some essential details about the property via an online form.
When the seller submits the form, they will receive an initial cash value. That’s a figure the cash buyer offers to pay for the property.
It’s then back in the hands of the seller, and they’ll need to decide whether to accept the offer. A more thorough property inspection is often the next step if they agree.
After an inspection, it’s time to complete the paperwork. That’s a purchase agreement that outlines the sale and amount.
It needs signing by both parties but won’t involve mortgage providers or agents.
After that, the seller hands over the deeds to the property in exchange for cash. The property buyer will deposit funds direct in the seller’s bank account.
Evaluating an Offer From a Property Buyer
The best cash buyers will make offers that represent the property’s value fairly.
Yet it’s helpful to set expectations. That price will reflect the financial benefits of a speedy transaction, like skipping realtor fees. The property buyer will calculate a price based on the current market value and economic conditions.
That value will also consider the costs of any repairs needed on a property. Thus, if you have a home with significant maintenance, expect the price to be lower than similar houses in excellent condition.
Overall, because of the cost savings of a cash sale, the value can appear lower than a realtor’s valuation.
That’s why it’s essential to consider all selling costs when comparing the two instead of the raw valuation figure.
It’s possible to get valuations from multiple cash buyers.
If you want to do that, check the small print about fees or other downsides like lengthier timescales. Doing this research will help you secure the best deal for your property.
How to Find a Reputable Local Property Buyer in Harrisburg, PA
When choosing a cash buyer, you want to focus on the buyers that serve your local area.
Look for property buyers with experience in Harrisburg. They will have a more in-depth knowledge of the local market. That’s to your advantage because they will likely offer you a fair valuation that reflects the location.
Speak to past clients or read testimonials. This will tell you what other sellers felt about the experience.
You’ll find out whether the process was hassle-free and speedy and whether there were any unexpected costs or other problems.
Check the company’s business license and if they are listed on independent websites like the Better Business Bureau.
Cash Buyers for Houses Near Me in Harrisburg, PA
Property buyers are an increasingly popular way of selling a home.
The benefits are clear. It’s convenient, fast, and hassle-free. It could be the right choice if you need the cash from your house and don’t want the complexities of waiting for a traditional sale.
Take the first step now by requesting a cash offer from us. It’s no obligation, and you could be surprised by your home valuation.