By Anthony C. & Kali K.
The Las Vegas real estate market has persevered throughout the pandemic and continues to be a seller’s market. If you are considering listing your property, it is likely that the offers will come flooding in soon after and you will want to be as informed as possible on the current market. After you have listed your home, you may be contacted by various kinds of buyers. In the following, we discuss the pros and cons of cash buyers in a seller’s market.
What is the Difference Between a Cash Buyer and Traditional Buyer?
A cash buyer is a buyer who puts in an offer to purchase your property with cash. A cash buyer may be an individual or a company that acquires and flips real estate. A cash buyer differs from a traditional buyer in that they do not need to rely on financing for their purchase. A traditional buyer will seek a mortgage or other form of financing through a third party because they do not have sufficient cash at hand to make the purchase. The cash buyer is ready to pay in cash at closing while a financed or traditional buyer is a buyer who plans on securing financing for the sale.
When Do I Need to Sell to a Cash Buyer in Las Vegas?
Selling to cash buyers can make a sale go quickly. Offers from traditional financed buyers may come with mortgage offer contingencies. A mortgage contingency is a condition to an offer which in effect means that the buyer is interested in purchasing the property and intends to do so if they can secure financing. This can hold up a property owners’ sale because there can be additional wait time while the buyer secures financing from a third-party lender. You may also find yourself in a position with a traditional buyer where they are unable to secure financing and the deal falls through all together. In an all-cash deal, there is no mortgage contingency, and a closing may go through quite quickly.
Is a Cash Buyer Worth it?
A cash buyer can be worth it if you are looking to sell your property quickly or if you own a distressed property, but it is important to note the risks. If you have received an offer from a cash buyer, it is a possibility that the offer may fall through if the buyer does not have sufficient cash for the purchase. You want to make sure that you are dealing with a reputable cash buyer. You should also be aware of some cash buying scams and make sure that you are dealing with a legitimate company or individual.
Are Cash Buyers Legitimate in Las Vegas?
Yes, cash buyers are legitimate in Las Vegas. There is a real estate frenzy in the city right now and companies that are backed by investors are looking to acquire real estate. It is always important to do your due diligence in researching your buyer but never be turned away just because a buyer makes a cash offer.
If you have received a cash offer and you are wondering if it is legitimate, you may consider doing some research. It will help you to know the buyer’s mission and business model to understand their interest in purchasing your home. Make sure that your buyer provides clear information on what they are trying to achieve with purchasing your home to ensure that you are not being targeted for a scam.
There should also be no money exchanged before the sale is closed. It should be a serious red flag if your buyer is requesting that you pay any fees up front. Asking for money before the close of sale is a tell-tale sign that your buyer is illegitimate.
Another thing an illegitimate buyer may try is to go through with the sale without ever physically visiting your home. If a buyer is going through with a sale but has not ever physically visited or seen your home, this is a cause for concern. There may be provisions contained in the contract of sale that may have risk fall back onto you if the buyer later claims the house has material faults.
What is the Fastest Way to Sell a Home in Las Vegas?
An offer from a cash buyer is by far the fastest way to sell a home in Las Vegas. A cash offer will ensure that your sale is not held up by financing contingencies. If you are looking to sell your home quickly, you want cash offers to be coming through. You will avoid significant wait times and offer contingencies.
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