These differences mean a few things; that the state of the home can vary depending on who you sell to, that the closing process can vary depending on the way you sell, and the time it takes to sell will differ. To illustrate, when selling a home on the market, you’ll need it to be in great shape, ready for move-in. When selling to a cash buyer, the home can be in any state, as they purchase properties as-is. Any damage, necessary maintenance or renovations can be undertaken after the purchase, and does not impact the ability for them to buy the home.
The closing process varies, too. With the traditional sale method, contingencies for mortgage approvals and inspections can cause delay and even uproot the sale, which can hurt the sellers prospects. With a cash buyer, there are no contingencies, and no bank or appraiser will have an effect on the transaction.
Lastly, the time it takes can make the most impact and truly determine which route is best for each homeowner. With the traditional route, in most markets in Canada it takes an average of 3+ weeks to sell a home, and that’s not including the closing period. With a cash buyer such as BC House Buyer, the home can be sold within days of expressing interest, with a closing date and transfer of funds in as little as 3 weeks.
Therefore, it’s evident that there is a choice here for sellers who may not be ideal candidates for a traditional sale. If you’re a homeowner with a dated home or some extra clutter, someone who doesn’t want to rely on banks or inspectors, or someone who needs to access their capital quickly, a private sale may be the right choice for you. Talk to a Seller Service Representative at BC House Buyer today to learn about what they can do for you and the sale of your home.