Recently many people have begun selling their homes to a cash buyer rather than going through with a traditional home sale. If you’re selling to a cash buyer, it’s important for you to know what you’re getting into. Understanding what to expect can help you have a better experience.
Negotiating with a Buyer
The very first step of a cash sale is negotiating a price with the buyer. In many cases, this process won’t take much more than a day, so you can begin the closing process soon after. With a cash sale, the buyer is prepared to offer the entire price of the home up front. This means that you don’t need to wait for them to get approved for a loan and you can be more confident in the sale going through because you know they already have the money. Keep in mind that in some cases the buyer will offer slightly lower than the asking price. However, a cash sale will save you money overall.
Title Transfer and Property Evaluation
Your next step will be transferring the title of the home to the buyer. Either you or the buyer will hire an escrow company to evaluate the property and make sure there are no outstanding debts. Next, the title will be transferred to the buyer. This process will usually take a couple of days. In addition to having the property evaluated for the sake of the title transfer, you may also have other evaluations done. For example, you could have a home inspection done or you can also have your house appraised. Both of these processes are typical of a traditional home sale, but they are not required for a cash sale. Normally, you don’t need to do them unless the buyer insists.
Your last step will be closing on the sale. At this stage, you will be signing a lot of papers. These papers include the final closing instructions, the settlement statement, certificate of title, title deed, and several papers verifying that there are no outlying debts or liens. When you begin closing, there are a couple of things you should make sure to have with you. These include your ID, the deed to the home (if it’s paid off), and any keys, garage door openers, or door codes.
A cash sale is known to be a much faster process than a traditional home sale. Overall, you can complete it in just two weeks. Now that you know what to expect, your home sale can be a much easier process.
Are you trying to find a cash buyer? Click here to find a qualified buyer.