In a traditional home sale, you could be going through the process for a month or even longer. Many people turn to cash sales largely because they are a much faster process. How fast is a cash sale exactly? Looking through the closing timeline can help you understand the speed of a cash sale.
Negotiations, Title, & Confirmations
The process begins once a cash buyer puts an offer on your house. You and the buyer will negotiate a price and this usually doesn’t take more than a day. Once you settle on a price, you begin the official sale process. In a cash sale, the buyer will have all of the money up front rather than applying for a mortgage. Because of this, one of your first steps will be verifying that the buyer has the money. Next, you will begin the process to transfer the title of the home to the buyer. Often, this will take just a couple of days.
Home Appraisals and Inspections
A cash sale differs from a traditional home sale in several ways. In a traditional sale, you are required to have an appraisal done in order to determine the value of your home. This is essential because it will determine the loan amount. In a cash sale, since there is no loan being issued, you don’t need to have an appraisal done unless the buyer insists. Without an appraisal, the process is shortened. Similarly, you are not required to have your home inspected unless the buyer asks for it. If you do choose to have an appraisal and/or an inspection, this will typically take about a week to complete.
Your last step will be the final closing. At this stage, you’ll be signing several documents to make the sale official and to verify that everything was completed. At this time, you will also pay the closing costs. One of the greatest benefits of a cash sale is you will actually have lower closing costs. You don’t need to cover the commissions of any real estate agents and the closing costs will largely cover taxes and other fees associated with the sale. The final closing process will take no more than a day to complete.
In the end, a cash sale can take as little as two weeks to complete. You don’t need to agonize through a long sale process. Once you find a cash buyer, you can move quickly through the process and on to your next home.
Selling to a cash buyer can offer a variety of benefits. Click here to find a buyer to sell your home to.