Buying a home is a huge investment and can take a long time especially when following the conventional route of finding a listed home, negotiating with agents and then making an offer to purchase only to be kept in limbo waiting for a response or a counter-offer.
Cash house buyers
Cash buyers, however, can avoid some of these steps making the process a lot easier for all parties. Paying cash for a property has a number of advantages over financed options for both parties. There are plenty of cash buyers, both foreigners and locals, especially in an area like Las Vegas who are looking for an investment opportunity in the city and they are a lot easier to work with than real estate agents.
Why cash sale?
With cash sales, there is no need for appraisals as you work directly with the buyer and not the financers. This makes it less likely for your purchase price to be affected by the appraisal and may mean better margins for you as a seller. Additionally, since they do not need external financing, there is no risk of the sale falling through if their loan is not approved or the house fails the inspections ordered by the bank. These processes usually delay the sale and can result in the sale falling through altogether. It also makes closing faster as there is no waiting period for the loan approval and the sale can go through as soon as all parties are satisfied with the conditions set forth. Closing costs are therefore lowered for both the buyer and seller as there are no additional fees for mortgage brokers or bank attorneys and the buyer does not have to wait longer which costs him money.
Not affected by the market
Market fluctuations are also highly unlikely to affect the sale because of the short period. Market fluctuations also affect other charges such as appraisal rates which can get your property valued lower than expected if the market dips. Cash buyers generally make the process easier and cut down the time spent haggling with banks and agents and eliminates all other middlemen that can make it slower to close on a property. This is the benefit you get as a seller when you work with cash buyers. For the buyer, you get to reduce various charges that would otherwise drive the purchase price even higher.