A seller’s goal should be finding the highest offer with the strongest probability of closing. An offer may be full of unwanted contingencies and red flags that may compromise your position as the seller, even though it’s near the asking price. What if you knew what to look for at the start of your home-selling journey? What if you knew what questions to ask of an interested cash buyer that would prepare you with the necessary information to make the best decision possible? Below are just some of the things a strong cash buyer should have when working with one on the sale of your home.
1. A strong cash buyer should have strong Offer Terms
A strong cash buyer should have an offer to purchase the property “as-is” in its current condition without any expectations of the seller doing any work to the property before the closing of escrow. Contingency periods should not take too long and should finish between 3 to 10 days depending on the complexity of any necessary due diligence. The earnest money deposit should be considerable and it should be submitted to escrow within 72 hours of offer acceptance or sooner. While cash sales typically close quicker than traditional financed offers, there should be no rush from the buyer’s side to close escrow. In fact, a strong cash buyer should have the flexibility to close on the Seller’s timeline!
A Team Marketing buys properties “as-is” and makes sure to make things a whole lot easier for home sellers. Just a simple e-Signature and everything else will be handled by them. You can count on them to make things smoother for you!
2. A strong cash buyer should have access to capital
One of the basic things a cash buyer should have is a proof of funds letter. This letter is usually from an attorney or lender that shows they have the funds available to close escrow; however, you shouldn’t just skim through this and assume everything is fine. There are two significant parts you need to keep in mind to verify: One is the date of the proof of funds letter. The other one is where the funds are coming from. The cash buyer may already have depleted the account if the date of the letter is months old. The cash buyer can also be hiding something from you if they have a very outdated proof of funds letter.
It’s also extremely crucial to note what kind of an account the funds are coming from. If the money isn’t in a liquid account, there could be obstacles to access it. A cash buyer may have difficulties in closing escrow without immediate access to their funds. This could risk pushing out the agreed-upon close date.
3. A strong cash buyer should have a proven track record
Credibility may be one of the most important things a cash buyer should have before accepting their offer. Doing so is easy if you know what questions to ask and where to look to confirm a cash buyer’s track record. Always ask for referrals. Reach out to people they have worked with in the past for feedback. See how their transactions went. Research the buyer online and check out their testimonials. Get a sense of what other people are saying about them. Check out their social media pages and the comments on their recent posts. See how they interact with their customers and followers. Ask the buyer for a list of active or past projects in your area to get a sense of how active they are. Check what their local experience is like.
Check out A-Team Marketing’s Facebook page, https://www.facebook.com/ATeamMarketingLLC, or their website, http://www.ateammarketing.com. You can know more about the properties they have closed. You can also check their active projects and the testimonials of people they have worked with.
4. A strong cash buyer’s responsiveness
Late responses and bad communication will make any relationship bitter. Worse when money’s involved and you’re trying to sell your home in a hassle-free way. Real estate transactions need lots of follow-ups, whether it be about the offer terms, paperwork questions, deal structuring, signatures, etc. If the cash buyer and/or their agent respond to a call or text too quickly or return contract changes in a timely fashion, something fishy may be looming. Be aware that there are buyers out there that don’t practice ethics and integrity that may just be spinning your wheels – bad communication can often be a tell-tale sign things are going in a negative direction.