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  • Writer's pictureKristine Lucas

4 Different Types of Home Buyers

Updated: Jun 15, 2021

Finding the right home buyer for your house can be complicated. Especially when there are different types to choose from.

It is important to find a serious and committed buyer. If not, it can cause the sale to fall through at the end, and then you’re back to finding a new buyer.

Here are the different types of potential buyers you may come across.

First-time home buyers

These buyers are usually young people or couples looking for the cheapest deal. They are indecisive and will not make a quick purchase. And since they are young, they are most likely to be denied by a bank because of lack of experience with credit.

Keep in mind the risks of selling to first-time home buyers. According to Zillow, more than half of first-time buyers’ sales will fall through.

Long-time home buyers

This type of buyer is serious about purchasing a home. However, they may be picky and expect perfection since they want to live in that home forever. They will be firm and needy.

They may also take a long time to decide. If they love everything about your house, that’s good for you. But, if they only see potential and aren’t completely happy with the home, they will demand expensive repairs and renovations. And they could still fall through on the sale at the end.

Rent-to-own buyers

These buyers generally struggle with credit, but they want their own house. It can be a great investment earning all the interest on the home but be careful when deciding to become their lender. Find out why their credit is poor before moving forward with anything.

Penalizing them won't be possible if they struggle with income and make late or fail to make payments at all. You may have to evict them, but this means you have to find a buyer again.

Cash buyers

This is a for sure sale. They will come to your house and make you a guaranteed offer because they have the funds ready. If you accept it, they will give you the cash in as fast as three days.

Another advantage is that they purchase homes as is. No expensive repairs or renovations needed. Since they already have the money, the sale is guaranteed to go through. This is the fastest selling option and one that you may want to consider.

If you want to sell your house in the quickest and cheapest way possible, then do your research. Traditional selling methods take time, and they may cost you more than it's worth. So, if this is not something you want to deal with, then working with a cash buyer is the perfect solution.

Better Path Homes can help you with the quick sell you need. Call us today at (704) 899-5072. We want to help you feel comfortable about working with us!

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