A Cash House Buyer in Ontario might be an ideal solution if you want to sell your home quickly and easily. This page aims to answer the most common questions regarding Cash House Buyers and inform people what to expect when dealing with them.
What is a Cash House Buyer in Ontario?
A “Cash House Buyer” is an individual or corporation with the cash on hand to purchase real estate outright. Their goal typically is to rent or resell the property for a profit.
People usually turn to Cash House Buyers when the traditional method of selling on the open market with a real estate agent isn’t a good solution. The two most common reasons for this are:
- Because the seller needs to get the sales proceeds quickly.
- The property condition or occupants prevent open house showings.
Since Cash House Buyers in Ontario cater to people with the issues mentioned above, they specialize in quick closings and purchases of damaged properties.
Why Sell for Fast Cash in Ontario?
While every homeowner wants to market their home and get the highest price, this isn’t possible in many situations. The most common issue our company sees is that the homeowner is undergoing some legal process that will take away the owner’s control over the property. In other cases, an owner has other urgent personal or business debts with no way to pay. Some situations where fast cash sales can help include:
- Eviction due to non-payment of mortgage
- Eviction due to non-payment of property tax
- Divorce or separation proceedings
- Escalating disputes between owners
- Paying back mounting business or personal debt
Selling a house in today’s real estate market is not the best option for every homeowner. If you need cash immediately, a real estate agent may be unable to help you. In some cases, your best option is a cash house buyer who will purchase your house with a firm cash offer.
What If The Property Is in Poor Condition?
Most Cash House Buyers make “AS IS” offers on properties regardless of the property’s condition. When a house is sold in “AS IS” condition, the seller makes no warranties regarding the property’s fitness. If there are defects, such as a leaky roof or wet basement, the cash buyer assumes all the responsibility and expenses to repair the problem.
A cash buyer that buys “AS IS” will take over the home with any contents in the property. The seller can arrange to pick up their content later or let the buyer deal with it. In all “AS IS” sales, the cash buyer is responsible for removing contents and cleaning the house, yard, and other buildings.
Despite severe damage rendering the property unsafe, cash buyers may still make offers to purchase it. In extreme cases, they may rely on inspections from specialists or photos and videos from the homeowners.
Cash Buying Process for Ontario
Cash offers are reasonably straightforward. The buyer will come to your property and inspect it, which usually takes an hour or two to complete. The buyer will obtain pictures of all rooms, kitchens, bathrooms, basement, roof, and outdoor areas.
The cash buyer will then present the seller with an offer within 24 hours after the inspection. The offer will include any special terms or conditions requested by the seller. One such term might allow sellers to use the garage to store the contents of the house and the driveway to leave their boat or trailer for many months. These options can save the seller thousands of dollars in storage costs.
A cash buyer that buys “AS IS” will take over the home with any contents in the house. An example is an estate sale where the trustee does not want to spend time and money to empty and clean the home. Since the sale is “AS IS” the cash buyer is responsible for removing contents and cleaning. Cash buyers can be very flexible regarding the terms of the sale. For instance, the seller can have a quick closing date or a closing date several months from the signing date.
What Price Range Should You Expect?
A Cash House Buyer, such as a Mortgage Broker Store, buys houses for cash based on the condition of the house and any terms the seller requires. To come up with a fair price, a buyer will look at the selling prices for recent comparable homes in the same area. These buyers use government property databases, real estate agent evaluations, online property websites, and appraisals to find comparable homes.
A buyer would first calculate the average selling prices for comparable properties in the same neighbourhood. Then, they would deduct the costs of any needed renovations or repairs from this average when considering their cash offer. These buyers consider any repairs that need to be made right away to the property, such as roof, bathroom or kitchen repairs. Any special requests, such as a more extended move-out period, may also reduce the offer amount. Cash buyers may purchase houses, condos and vacant land across Ontario.
No real estate fees or commissions will be paid when you sell the house to the cash buyer. However, the buyer’s offer will reflect all costs of reselling or renting the property and their desired profit margin. Typical costs they will consider are real estate agent commissions, property managers, lawyers, land transfer taxes, and admin costs, among other things. A standard offer from a Cash House Buyer is usually 75% to 95% of the appraisal value.
How Can I Contact a Cash House Buyer in Ontario?
There are many Cash House Buyers in Ontario, including our company Mortgage Broker Store. Popular methods of finding these buyers include searching local classified sites such as Kijiji and searching via Google. Ontario is home to hundreds of Cash House Buyers, and it is not uncommon to find advertising for their offerings in both physical and digital mediums.
Finding a reliable Cash House Buyer can be difficult, and it’s essential to note the speed of their response and their online reputation. At Mortgage Broker Store we take pride in our speed and online reputation for providing mortgage and cash purchasing services. You can contact us for an overview of your options and a serious cash offer on your property within 24 hours.