Many homeowners are selling to a cash buyer to sell their homes to companies that “buy any house” or offer cash offers. These may be small, one-person operations or large national companies. Before committing to a sale, consult a real estate agent or legal professional to help understand the terms of any contract you sign with the buyer and ensure that the offer meets local and state laws.

There are some major benefits to selling your home to a cash buyer, including the ability to close quickly and the elimination of any financing fall-throughs that can derail traditional sales. Cash buyers also have the freedom to waive inspections and other time-consuming steps that lenders require in order to approve mortgage loans, speeding up the entire process.

Selling to a Cash Buyer: The Pros and Cons

Lastly, a cash buyer is typically able to take the property in its current condition without any additional renovations, making it a quick and simple sale. This can be particularly attractive to homeowners who are looking to avoid the hassle of preparing their property for sale and the sunk costs that come with it.

However, the downside of selling to a cash buyer is that you won’t have much room to negotiate. Because they aren’t relying on a mortgage loan, these types of buyers tend to pay a lower price for the property. In addition, these buyers will often only purchase a property that is in good condition and free of any liens or other issues. This makes them a good option for homeowners who need to sell their property in a hurry, such as those facing foreclosure.