Short Answer
A cash buyer is someone who purchases a home without financing, using their own funds. Cash buyers can close faster, often in 7 to 14 days, and do not require appraisals or loan approvals. You can find cash buyers through real estate investors, iBuyers like Opendoor and Offerpad, local house buying companies, or individual buyers who have sold their previous home. Your agent can help you identify and vet cash buyers.
Cash buyers offer several advantages over financed buyers. They can close much faster since they do not need to wait for a mortgage approval. They typically waive the appraisal contingency since there is no lender requiring one. Cash offers are also less likely to fall through due to financing issues. However, cash buyers, particularly investors, often expect a discount on the purchase price because they are providing convenience and speed. iBuyers use algorithms to make instant offers on homes, but their offers are typically below market value, often 5% to 15% less than what you might get on the open market. Traditional cash buyers include move-up buyers who sold their previous home, retirees downsizing with equity, and real estate investors looking for rental properties or flips. Your agent can market your home to attract cash buyers by highlighting quick close potential and pricing strategies that attract cash offers.
Bob's Advice
Redfin Senior Agent · AI Certified Agent
Cash buyers can be a great option if you need to sell quickly or want a guaranteed, no-hassle closing. But you often pay a premium for that convenience in the form of a lower sale price. I can help you evaluate whether a cash offer makes sense for your situation or whether waiting for a financed buyer at full market value is the better move. If you need to sell fast, let us talk about your options.
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