The appetite of owning a home is stronger than ever this 2022. Interest and mortgage rates are likely to increase but the lack of available homes means the prices may not go down anytime soon. This is great news for anyone in Sudbury looking to sell their homes. Add the fact that city dwellers are moving away from their urban neighborhoods to a more rural and less populated cities, you won’t have any trouble looking for home buyers. But if you are looking to sell your house, condo, or cottage quickly, selling to a cash house buyer is the option for you.
What is a cash home buyer?
A cash house buyer is someone willing to purchase your property for cash. This can be a person or a company that doesn’t need to take out a mortgage loan or any other means of financing in order to buy your home.
This is a great option for you if you want to sell your house fast as it involves less paperwork to fill out, fewer steps to do, fewer people to deal with, and ultimately, less stress. You don’t need to deal with the underwriting, the appraisal, and the mortgage lending process which takes about 30 to 60 days. There are no real estate agents involved which means no commissions and fees to pay. It is also less risky since there is no financing involved so there is no risk of the deal falling through.
Speak With A Cash Buyer Right Now
With quick and friendly service, we are always happy to offer free advice. Whether you are serious about selling or just curious, we can explain your options and what to expect.
Let’s get to know more about Sudbury and help you sell your home quickly in the next following sections.
The City of Greater Sudbury
Grand Sudbury is the largest city in Northern Ontario and the second largest in Canada with an area of 3,627 square kilometers. Seated at the convergence of two major highways (Highway 69 South and Highway 17 (Trans-Canada Highway)), it is 390 km north of Toronto, 290 km east of Sault Ste. Marie, and 483 km west of Ottawa.
Sudbury is a city of lakes, containing 330 lakes on the Canadian Shield in the Great Lakes Basin and is comprised of a lush mix of urban, suburban, rural, and untouched wilderness. This is the perfect city to live in for those who love adventure and outdoor activities all throughout the year. Home to approximately 166,000 residents, it is a multicultural and bilingual community. It has the third largest French population outside of Quebec and Italian, Finnish, German, Ukrainian and Polish are the top five non-official languages spoken in the City.
Greater Sudbury is a world leader in nickel mining. Although the huge smoke stack is an eye sore and has been a cause for health concerns, this is no longer in use and the city has been making efforts to make the place greener and revitalizing its space in the last 45 years. The city is also known for its financial and business services, tourism, health care and research, education and government services.
Sudbury Housing Market
According to the Sudbury Real Estate Board, there is a sizable 20.2% increase in the annual home sales from 2020 to 2021 with 3,508 units sold. The annual average home price was $402,257, a 28% increase from all of 2020.
By end of December 2021, there were only 170 of active residential units listed, a significant decrease of 45.2% from the same month the year before. If you want to sell your house, condo, or cottage, this is the best time to do so.
Reasons to sell Quickly to a Cash Buyer in Sudbury
People usually sell their house fast if they are going through a difficult life situation like moving to another city for work, splitting equity in a property in a divorce procedure, or maybe trying to avoid the foreclosure of their homes.
Some choose to sell to a cash home buyer because they don’t want to market their home in public and have strangers going in and out of their homes. They don’t want to clean, repair, or stage their home to sell it. These processes are stressful and take up money and time.
What if your home in Sudbury is in a bad state?
If your house in Sudbury is in poor condition, it doesn’t matter to a cash home buyer. They will purchase your house in an “as is” condition. You don’t need to worry about cleaning, replacing broken tiles in the bathroom, removing mold, fixing the faulty electrical wiring, and so forth. The cash offer might be slightly lower than market price, but you save the time and stress of doing the repairs yourself. Some of the house repairs might even require you to obtain additional local permits or undergo additional inspection which you simply do not have time to do if you want to sell your house quickly.
Sell and rent back option
Another advantage of selling to a cash house buyer is having the sell and rent back option where the seller (previous homeowner) can sell to a cash buyer and still live on the property as a tenant. This can be for a short or longer term, depending on their agreement. This is a great deal when the seller does not yet have a new home to move into but needs the cash proceeds from the sale.
Process of selling your Sudbury home to a cash buyer
Ready to start the cash buying process and sell your house quickly? Know the local housing market first and determine how much you can fetch for your property. Compare it to the current listings and determine how much the discount you will deduct for the fixes and repairs if any.
Next step is finding a cash house buyer if you don’t have one yet. Ask your family and friends if they know of any trusted cash buyers or your local newspapers and real estate magazines. The easiest way is searching the internet by search terms like “Cash house buyers in Sudbury” or “Cash buyers in Ontario”. Be sure to do more research on these cash buyers. Check the legitimacy of their business and see reviews. You can contact your top picks to get a quotation for your property. They usually give it for free and reply with an offer within 24 hours. Mortgage Broker Store is a trusted cash house buyer and can be contacted for free advice.
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.
Be sure to ask for proof of funds to check if the buyer really has liquid cash to purchase your home. This can be done by means of an official bank statement. Lastly, read the fine print of your purchase agreement, ask for clarity if you do not understand something before finalizing the sale. Take advantage of the seller’s market but also be wise in selling your home fast.