A cash buyer for a house is someone who plans to pay for a home using only their own funds, without obtaining a mortgage or other type of financing. Many of these buyers are home flippers or investors who are looking to quickly and easily turn a profit on their purchase. As a result, these types of buyers are often more attractive to sellers than financed buyers.

The biggest perk of selling to a cash buyer is that the transaction can close much faster than a traditional mortgage-backed sale. This is due to the fact that there are no loan approvals or underwriting contingencies to delay the sale. This can be especially helpful for sellers who are looking to move on to their next home or need to sell a property quickly for financial reasons.

Need to Sell Fast? Cash House Buyers Ready

However, it is important for homeowners to be mindful of the risks of selling to a cash buyer and to work closely with their real estate agent and attorneys. This is especially true when large sums of money are changing hands, as it’s possible that scammers could be involved. It’s also essential to properly vet any potential buyers and request proof of funds to ensure that they can truly afford to make the purchase.

When selling to a cash buyer, there are still a number of standard home buying fees that must be paid, such as transfer taxes, title and escrow fees. However, it’s important to note that these fees are generally less than when a seller is purchasing a home with a mortgage.