Short answer
A cash buyer does not need a lender appraisal, since no lender is involved. Most still look at the house, and many walk through it before making a firm offer. They may skip a formal inspection and price in the risk instead. Whatever they do, you still complete the Pennsylvania seller disclosure statement.
No lender, no lender appraisal
A mortgage lender orders an appraisal to protect its loan. A buyer paying cash has no lender, so no appraisal is required by one. Some cash buyers still estimate value on their own, using recent sales of similar homes and their repair estimate. That is part of how they set the offer.
The upside for you is one less step that can fail. In a financed sale, an appraisal that comes in low can force a price cut or end the deal.
Inspections
A buyer paying cash may do a full home inspection, a quick walk-through, or nothing beyond photos. Pennsylvania's Home Inspection Law covers inspections that a buyer arranges and sets requirements for the inspection provision in an agreement of transfer, such as who may perform it. A cash buyer is free to take on more risk by skipping one.
If a buyer inspects after you sign and finds something you did not expect, they may ask to adjust the price. Read the agreement to see whether that is allowed. If you know about a problem, disclose it up front so it is not a surprise.
Your disclosure duties do not go away
Under the Seller Disclosure Law, you must disclose material defects you know about by completing the property disclosure statement and delivering it before the agreement of sale is signed. You are not required to investigate. A material defect is a problem that would have a significant adverse impact on value or involves an unreasonable risk to people on the property.
A buyer who plans to inspect does not change that. If you misstate or leave out a known material defect, you can be liable for the buyer's actual damages, and a claim has to be brought within two years after final settlement.
How this plays out with Kaizen
Kaizen Home Buyers buys as-is and does not ask you to make repairs. We make a cash offer within 24 hours of hearing about your property. You can reach us at 267-329-0084.
As with any buyer, ask what the offer assumes about condition, and ask whether the price can change after a walk-through. A buyer who cannot answer that clearly is a risk even if the money is real. If you would rather see what the house would bring on the open market, ask a local agent for a pricing opinion and compare.
What to do if a buyer reduces the offer after looking
Ask for the reason in writing, with the item and the cost estimate. Compare it with what you already disclosed. If the buyer found something you did not know, the new number may be fair. If it was visible from day one, the reduction may be a tactic.
You can say no. You can also get another offer. A buyer who reprices a lot after inspection is a reason to compare terms, since the first number was not the real one.