Cash House Buyers in Richmond Hill

The Richmond Hill housing market is well into a steep incline. Housing prices in the last year have climbed 30%. The average price of a detached home in Richmond Hill has now cleared $2 Million. All the people wanting to escape the city for health reasons, needing more room to work from home comfortably, or enjoying the chance to live where they want to instead of where they need to for work has pushed prices up quickly.

What You Need to Know About Selling Your Richmond Hill Home for Fast Cash

Some people are moving so they can cash in on their opportunity for maximum equity in their home. While doing this by way of the traditional housing market and listing with a real estate agent is one way, but it’s not the only way. It also may not be the best way during these really unique times we’re in. There’s really no precedent to know what will happen day to day with the housing industry. Taking an all-cash offer may be the best way to sell your house fast so you don’t miss out. 

Cash Buyers vs Traditional Methods

The traditional method of listing with a realtor is what comes to mind first for many people. That only makes sense because it’s what’s become the standard. Because this method has been so ingrained in our culture it can create a little weariness about going another route, such as taking an all-cash offer. Even though it’s a valid option and, in some circumstances, the better choice. For example, when there’s a need to sell the house quickly.

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The speed of the sale is one of the biggest benefits of taking a cash offer, which can be done in as little as 48 hours. Part of the reason why cash sales can happen so quickly is because, more often than not, homes sold for cash are sold as-is. That means there’s no need for worrying about doing time-consuming and costly renovations. Often, all-cash offers are done with no real estate agents in the mix. This helps speed up the process because there a fewer people involved in the deal.  It also means there is no commission to pay. While a realtor’s commission is typically only 5%, on an expensive item like a house it makes a huge difference to your final take-away from the sale.

Why should you sell your home for cash?

While anyone selling their house should at least consider the option of selling for cash. There are some scenarios where an all-cash deal makes more sense than going with the traditional route with an agent. Most of these scenarios are about selling the home or condo as fast as possible.

For example, a couple going through a difficult divorce that doesn’t want the process to drag on, someone that just inherited a house and can’t afford the upkeep of two homes, or someone in the midst of financial difficulties or foreclosure. Any homeowner in these scenarios, would be good candidates for taking an all-cash offer. Cottage owners also find all-cash sales a good option because of how fast they can sell the cottage and how hassle-free the entire process is.

Another, less obvious reason why someone may be more suited to working with a cash home buyer is privacy. Not everyone is comfortable with strangers walking through their home. When you work with a cash home buyer, no one has to come to your home, cash home buyers can inspect and appraise homes through pictures and videos, they do not need to intrude on your privacy. 

Why people buy homes in Richmond Hill with cash?

To give yourself the best chance at a good cash offer it’s worthwhile keeping in mind why people buy homes with cash. Most often, these buyers are flippers. They buy homes, fix them up and then resell them at a profit. Speed is everything to these buyers. They want to get in, do the work and get the house back on the market as quickly as possible. The faster back on the market the more profit they can expect to get. This being the case, the fewer hoops they have to go through and the faster you’re willing to close on the deal the better.

Some cash buyers are actually looking for an investment option. They might be considering living in the home themselves, but more often they are looking to rent out the property to someone else. There are cases where the new owner will actually rent the property back to the previous owner. The price you’ll get will depend on why the buyer is interested in the property.

What goes into a fair cash offer?

There are different considerations to take into account when it comes to settling on a price for a cash offer versus the traditional housing market. Both methods start by calculating the average price similar homes have sold for in the area. The biggest difference between the two methods comes in with renovations. Where cash offers are typically as-is, the buyer is taking on all the risks that come with the home. The final price will reflect they are taking on the risks by deducting the cost of the renovations in the final price. Established brokerage and cash house buyer, Mortgage Broker Store, says that usually, a cash offer will be somewhere between 75 and 95% of what your home’s market value.

How to find a cash buyer in Richmond HIll?

Cash buyers are pretty easy to find no matter if you’re in Hamilton, Scarborough, Oak Ridges or anywhere in between. They look for potential properties on the Multiple Listings Service (MLS), Facebook, Kijiji and Craigslist. A simple “For sale” sign on the lawn and a trip to a real estate auction can work too. The easiest way if you really want to sell your condo fast though is a quick Google search for companies that specialize in buying homes for cash.

Find a Legitimate Cash Home Buyer in Richmond Hill

As with anything, you want to do your due diligence when it comes to working with a cash buyer. Don’t be shy about asking questions like, why they want to buy the property or how long they’ve been in the industry. A reliable indicator of a good company is one that offers one point of contact and gets back to you promptly when you leave a message. They’ll also be upfront on what to expect when it comes to the buying process with them, especially when it comes to a payment schedule, which they stick to without fail. Finally, a legit buyer, whether in Toronto or Niagara, will always do a walkthrough of the house before they sign on the dotted line.

Have More Questions?

As Cash House Buyers ourselves, we can directly answer any questions you may have about the process. Since everyone’s situation is a bit different, we can look at your unique circumstances and give concise and actionable advice.

Contact Us

If the idea of selling your home for cash has piqued your interest, but you still have questions, the experts here at Mortgage Broker Store can help. You can speak with a cash home buyer in Richmond Hill today by calling us at 416-499-2122 or filling out a form displayed throughout our website.