In a world where the full process of selling a home can take two to three months, the quick turnaround times that come with selling your home to a cash home-buyer can be confusing and can raise questions about how they are able to move so quickly. While the process is similar on the surface, there are some things that allow them to streamline the home-selling process.
They Provide Their Own Financing
Financing is one of those things that almost everyone needs to buy a home, but almost no one is able to move quickly on. This is because of the regulatory oversight and the numerous checks that mortgage and loan companies make before actually loaning the money needed to make the purchase. This isn’t a bad thing, but it does slow the closing process down substantially. Conversely, cash home-buying companies provide their own financing, as part of the purchase of your home. They don’t have to go to a bank or lender, they provide the money as part of the operating expenses of the company. Because they don’t have to go through the approval process, they are able to move much faster than otherwise.
They Can Work with Your Schedule
A traditional real estate process requires people to work with the schedule of both the seller and the buyer. This comes to play in both the negotiations and things like the moveout and occupancy date. Because the company isn’t moving into your home, they are able to be more flexible on the moveout date. They also have a lot more availability to go over the details of the purchase and to work with you to finalize the closing process. Everything is able to, within reason, work around your schedule. There won’t be any delays because one party isn’t available or is pushing for a different final date.
They Aren’t Exclusive
Buyers in traditional real estate sales are looking to buy a single home, which means that they spend a lot of time viewing different homes, considering whether they do or don’t want specific features, and how much they are willing to pay. They don’t move quickly because they don’t want to make the wrong decision about where they want to live. Cash home-buying companies are looking to buy your home in order to flip it and sell it to someone else eventually. This means that they are in the business of buying multiple homes. Because they aren’t comparing and contrasting homes that they are interested in, you don’t have to wait for them to make a decision. They simply have to evaluate your property and make an offer.
Understanding more about why cash home-buying companies are able to move quickly can help you be prepared to work with them. Luckily, they are always willing to work with you and help you understand more about their company and process, which will make your research fruitful.
Want to learn more about our process? Click here to learn about the steps we take to buy homes!