How to Find Cash Home Buyers in Farmington for a Hassle-Free Home Sale

Inside the Farmington cash home buyers market

Real estate investors are a big part of what drives Farmington’s cash home-buying market, but other groups may be willing to buy your home mortgage-free. Let’s take a closer look at these cash buyers and what motivates them.

New residents seeking lower costs of living

Farmington’s affordable cost of living attracts new residents, particularly those relocating from higher-cost areas. These buyers often:

• Look for a quick move and are willing to pay cash to expedite the process
• Find Farmington’s lower housing prices and overall living expenses appealing
• Aim for a fresh start and prefer to avoid the complications of mortgage financing

Baby Boomers

Baby Boomers are a significant part of the cash home-buying market:

• In February 2024, 33% of U.S. homebuyers had all-cash sales, the highest share in nearly a decade
• Younger Boomers (born 1955–1964) accounted for 26% of home sellers in the past year
• More than half of Older Boomers (born 1946–1954) paid all cash for home purchases in 2023, along with 53% of Silent Generation buyers (born 1925–1945), and 32% of Younger Boomers

If your Farmington house has features appealing to Baby Boomers, like a first-floor primary suite, low-maintenance outdoor space, or wide doorways and hallways, highlight them in the listing description to attract these cash-ready buyers.

Property investors

Selling to real estate investors can be a smart move for Farmington homeowners. Investors typically:

• Include institutional buyers, house flippers, buy-and-hold investors, wholesale investors, and iBuyers
• Have a high proportion of purchases in Farmington due to attractive property values and rental market potential
• Offer quicker, more straightforward transactions as they usually have the cash on hand and require fewer contingencies

Pros of working with a Farmington cash home buyer

Cash offers can be a great choice for Farmington homeowners looking for a quick, hassle-free sale. Here are the key benefits of selling to a cash home buyer:

• Fast closings: Cash transactions typically close much faster than traditional sales since there’s no need for mortgage approvals. This can be a major advantage if you’re in a hurry to sell your home.
• No contingencies: Cash buyers often don’t require contingencies like financing or home inspections, which can simplify the process. This reduces potential delays and makes for a smoother transaction.
• Sell as-is: When selling to a cash buyer, they usually purchase the home as-is, meaning you won’t need to make repairs or upgrades. This can save you time and money, and reduce the stress of getting your home ready for sale.
• Less paperwork: Without the involvement of lenders, the paperwork required in a cash sale is often less complicated. This makes the entire process more straightforward and easier to manage.
• Reduced risk of sale falling through: Since cash buyers don’t rely on financing, there’s a lower chance of the deal collapsing due to loan issues. This offers more certainty and peace of mind throughout the selling process.

How to request a cash offer in Farmington

If you’re looking for an easier way to secure a cash offer for your home, HomeLight’s Simple Sale platform can help you connect with the largest network of vetted and pre-approved investors in the U.S. Here’s a step-by-step guide on how it works:

1. Answer basic questions: Start by answering a few basic questions about your home. This helps HomeLight understand your property and match you with suitable investors.

2. Receive an offer: Within 24 hours, you’ll receive a no-obligation, all-cash offer for your home. This offer is based on the information you provided about your property.

3. Accept the offer: If the offer meets your expectations, you can accept it and move forward with the sale. This step eliminates the need for repairs, prep work, and showings.

4. Close the sale: You can close the sale in as few as 10 days. Additionally, you have the flexibility to choose a move-out date that works for you, up to 30 days from closing.

While cash buyers usually offer less than what you might get on the open market, selling traditionally involves fees that can consume 9% to 10% of your sale price. Depending on your situation, a cash buyer could save you time and money, making it a viable option for many homeowners.

How much are Farmington cash home buyers willing to pay?

Cash home buyers often pay below market value in exchange for speed and convenience. A common guideline used by house flippers is the 70% rule, which means they typically offer around 70% of your home’s after-repair value, minus the cost of necessary repairs.

The current housing market in New Mexico is competitive, with many buyers eager to invest in properties. When the market is hot, cash offers might be closer to market value due to the high demand. However, during slower market periods, cash offers are generally lower than market value, reflecting the decreased competition

New Mexico’s housing market has been growing, with a pricing increase of 11.1% year-over-year and a median home listing price of $799,000. As such, cash buyers are likely to be buyers with substantial income, likely in the form of property investors or institutional buyers.

What’s the process of selling to a Farmington cash home buyer?

If you’re looking for speed and simplicity, a cash home sale may be right for you. Here’s a breakdown of how the process generally works:

Complete any required disclosure statements

When selling your home in New Mexico, you are required to complete the Seller’s Disclosure Statement. This document requires you to disclose any known issues with the property, such as structural problems, pest infestations, and the condition of major systems like plumbing and electrical. New Mexico is not a caveat emptor state, meaning sellers must provide this information to potential buyers.

If you’re working with a New Mexico “We Buy Houses” company, they will likely prepare all of the necessary documents for you, including the Seller’s Disclosure Statement. However, you can speed up the process by filling it out ahead of time. These companies conduct their own inspections and purchase homes in any condition, so filing the disclosure statement is more of a legal obligation from their perspective.

The buyer runs a title search on the property

The cash buyer will also verify the property’s title. This ensures you have legal ownership and checks for any liens or claims that could prevent a smooth sale. Some of the most common reasons for title issues include boundary disputes, unknown easements, undisclosed heirs, public record errors, and forgery.

The seller pays any associated fees

A cash sale typically has fewer closing costs than a traditional home sale. However, sellers may still have to pay some costs, such as title insurance, escrow fees, and attorney fees.

Deciding to sell to Farmington cash home buyers

Homeowners have a good chance of selling for cash, as New Mexico remains a popular state to invest in real estate. Whether you decide to compare buyers yourself, enlist the help of a real estate agent, or request an offer from Simple Sale, HomeLight can connect you with top professionals and valuable resources. We’re here to help you streamline your selling experience, leveraging Farmington’s investor-rich market to find a fast and efficient solution for your home sale needs.

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