When selling a property, most people favour cash offers if they can get them. The reasons for this are relatively self-explanatory; a faster and more straightforward sales process, lower transaction costs (mortgage lenders are typically absent), and fewer risks.
We all know these benefits. However, when it comes to actually clinching the cash offer, a few obstacles can be faced if sellers don’t have a few strategies in mind ahead of time.
Fortunately, more cash buyers are immerging in the property market, especially now that interest rates have risen elsewhere. It means cash buyers have a more stark advantage over borrowers, boosting their prospects further.
But how can sellers attract these savvy individuals? Read on for some suggestions.
Consider professional cash buyers
Cash buying homes is not just an effort for prospective buyers wanting to live in your property. There can be commercial interests here too.
Some services can make what can buy your home for cash incredibly quickly. Ideally, they’d be your first choice. Depending on your preferences, you can sell your home for cash within days, weeks, or months with them. You have nothing to lose.
For example, Hull Cash Buyers do exactly what their name suggests! They make offers on every property in any condition, eliminate unnecessary fees, and guarantee a stress-free experience. Moreover, they have accumulated over 12 years of local property experience and assign you a team member to guide you every step of the way.
Consider a private sale
Private sales aren’t for everybody. Their success largely depends on who’s involved and how much trust is shared between parties.
Still, private home sales are known to draw in more cash offerings. If you’re unfamiliar with them, a private home sale generally means selling your home to the buyer without any real estate agent or other intermediaries.
You can do a few things here to create more goodwill and improve the chances of a cash offer during a private sale. They include:
- Marketing the home to your friends and family first, especially those most likely to make an offer.
- Providing lower purchase prices.
- Offering to cover select closing costs.
- Gaining a stronger understanding of home sale technicalities and logistics; legal requirements, marketing strategies, negotiation terms, and real estate market analysis.
You can’t improvise a private sale. You must be savvy, even if loved ones let you cut a few corners in presentation and finesse. Ensure the process is fair and well-informed.
Consider an auction
Not all property auctions have cash-only policies in place. Nevertheless, some do!
Some real estate companies specialise in auction sales, so approaching and consulting them could be worthwhile. Local auction companies may also have opportunities for you to explore. Choose the right auction setting by attending a number of these events to learn the process. Set realistic reserve prices, and prepare for negotiations pre and post-sale to improve your chances of a cash offer.
Prospects are looking good here, too. 2020 wasn’t too long ago, and there was a surge in property auction sales then due to the influence of a popular BBC programme and stamp-duty saving potential. It’s hard to imagine things have flipped completely in the three short years since, so it’s worth taking a look at things here.