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

Inside the Lexington cash home buyers market

Who is buying homes for cash in Lexington? Here are some of the main candidates that may purchase your home without a mortgage:

New residents seeking lower costs

• Lexington attracts many new residents due to its lower cost of living.
• These buyers often come from more expensive regions and have the financial flexibility to purchase homes outright.
• Highlighting Lexington’s affordability and lifestyle benefits in your property listing can attract these cash buyers.

Baby Boomers

• In February 2024, 33% of U.S. homebuyers had all-cash sales, with Baby Boomers being significant contributors.
• More than half of Older Boomers and a significant percentage of the Silent Generation paid all cash for their homes in 2023.
• Homes with features like first-floor primary suites, low-maintenance outdoor spaces, or wide doorways attract cash-ready Boomers. Highlight these in your listing description.

Property investors

• Selling to real estate investors is often more successful than traditional buyers.
• Types of investors include institutional buyers, house flippers, buy-and-hold investors, wholesale investors, and iBuyers.
• Lexington has a high proportion of real estate investor purchases, driven by profitable returns. Investors are ready to buy quickly and often pay cash, making transactions smoother for sellers.

Pros of working with a Lexington cash home buyer

Choosing a cash home buyer in Lexington can offer several distinct advantages. Here are the key benefits you can expect:

• Quick closings: Cash sales often close faster than traditional sales since they bypass the lengthy mortgage approval process. This means you can complete the transaction and move on in a matter of days or weeks instead of months.
• No contingencies: Cash buyers typically make offers without contingencies, such as financing or appraisal conditions. This reduces the risk of the sale falling through and provides greater certainty for the seller.
• As-is purchase: Cash buyers are often willing to buy homes as-is, meaning you won’t need to invest time or money in repairs or upgrades. This can save you significant hassle and expense, allowing for a smoother transaction.
• Simplified process: The paperwork and procedures involved in a cash sale are usually more straightforward compared to a traditional sale. This can make the entire process less stressful and more manageable for the seller.
• Reduced fees and costs: Without the need for mortgage processing and fewer potential complications, cash sales can reduce the overall costs associated with selling a home. This can lead to savings on various fees and expedite the overall transaction.

How to request a cash offer in Lexington

Q: What is HomeLight’s Simple Sale platform? 

A: HomeLight’s Simple Sale platform connects you with the largest network of vetted and pre-approved investors in the U.S.

Q: How does it work?

A: After answering a few basic questions about your home, you’ll receive a no-obligation, all-cash offer within 24 hours. If you accept, you can close the sale in as few as 10 days. You can also choose a move-out date that works for you, up to 30 days from closing.

Q: What are the benefits?

A: You can skip the repairs, prep work, and endless showings.

Q: Is there a downside? 

A: Cash buyers usually offer less than what you might get on the open market, but selling the traditional way comes with fees that can take up 9% to 10% of your sale price. So, depending on your needs, a cash buyer could still save you money in the long run.

How much are Lexington cash home buyers willing to pay?

Cash home buyers often pay sellers less than what their home might be worth on the open market in exchange for speed and convenience. Typically, these buyers follow the 70% rule, meaning they offer 70% of the home’s market value minus any repair costs. This results in offers that are below market value, but provide a quicker and less complicated sale process.

The housing market in Lexington is currently competitive, which can influence cash offers. Homes are currently seeing an average of 24 days on the market, while prices have increased by 6.6% year-over-year.

When the market is hot, cash offers might be closer to market value as buyers compete for available properties. Conversely, when the market is slow, cash offers will likely be lower than market value, reflecting the reduced demand.

What’s the process of selling to a Lexington 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 the Kentucky Seller’s Disclosure of Property Condition

Most states have mandated disclosure laws and require you to fill out a form detailing any material defects in the home. In Kentucky, sellers are required to disclose any defects before accepting an offer by completing the Seller’s Disclosure of Property Condition.

If you’re working with a Lexington “We Buy Houses” company, they will likely prepare all of the necessary documents for you, including this one. 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 verify the property’s title, ensuring you have legal ownership and checking for any liens or claims. Common issues include boundary disputes, unknown easements, undisclosed heirs, public record errors, and forgery.

The seller pays any associated fees

A cash sale has fewer closing costs than a traditional sale, but sellers may still pay transfer taxes, title insurance, escrow fees, and attorney fees. In Kentucky, the transfer tax is $0.50 per $500 of the property’s value. “We Buy Houses” companies often cover these costs for an offer that’s below market value.

Deciding to sell to Lexington cash home buyers

Homeowners have a good chance of selling for cash, as Kentucky is one of the most 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 Lexington’s investor-rich market to find a fast and efficient solution for your home sale needs.

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