Planning on selling your home for cash?
Then you’ll definitely want to be clear on the difference between a cash buyer and a professional home buyer.
Most professional home buyers are cash buyers, but not all cash buyers are actually professionals.
So yes, as you may have guessed, one is certainly better than the other.
And here are three big reasons why:
Experience is the biggest determining factor between a cash buyer and a professional home buyer.
A cash buyer could either be someone who just started and has zero experience or someone who plans on making a cash offer on a home they intend to live in through a realtor.
A professional home buyer, on the other hand, is an experienced real estate investor who knows what they’re doing.
Since cash buyers don’t have the same level of experience as a professional home buyer, they’re typically not able to offer the same terms, like zero closing costs or purchasing as-is.
And if they do, they usually aren’t able to deliver on their promises, leaving the seller high and dry.
A professional home buyer is able to give the seller a firm written offer after walking through the home. They can do it quickly, without the use of inspectors, because they’ve done research beforehand, and have extensive experience viewing properties, so they know what the repairs/remodeling costs will be.
A cash buyer may still go through the typical inspections that a traditional buyer would, adding time to your escrow process and contingencies dependent on the results of the inspection.
They may even drag their feet and ask for additional inspections of the home. They can ask for a variety of inspections such as a water well test, a septic test, roof inspection, or further inspection of mold.
This could potentially take thousands from your bottom line, and maybe even more if there are extensive repairs needed.
While a professional home buyer can close in ten days or less, a cash buyer won’t necessarily close quickly. They could still be waiting for funds to become available, or need more time to evaluate the project, causing major lag time.
Want to learn more about how selling a home to a professional home buyer works? Click here or fill out the form below.