Contingencies in traditional sales can be a double-edged sword. They protect you, the home seller, from unforeseen circumstances, but they can also slow down the process and frustrate potential buyers. So, how do cash buyers handle these contingencies?
First, one of the biggest advantages of the process of selling your home without a realtor to a cash buyer is the elimination of the financing contingency. Traditional buyers rely on loan approvals, which can be a major hurdle. Cash buyers bypass this entirely, removing a significant delay from the closing timeline.
While less common with cash buyers, contingencies can still be negotiated. Focus on contingencies that are crucial to your specific situation. For example, if you’re contingent on selling your house before purchasing a new one, you can negotiate a closing date that aligns with both transactions.
Key Takeaway: Cash buyers offer a streamlined approach to contingencies. Eliminating things like financing contingencies significantly speeds up the process. However, you can still negotiate important contingencies, ensuring a smooth and secure sale.