There are several reasons why selling your home for cash may be the right option for you. Whether you have an inherited property or specific life circumstances have led you to sell, it’s crucial to know how the process works.
Here is the step-by-step breakdown of what to expect when selling your home to a cash buyer.
Step 1: Find A Cash Buyer You Trust
When under a time constraint, finding a cash buyer is the quickest way to sell your home. Although cash buyers can be found in a day, it’s essential to be meticulous in who you choose to work with.
Take your time to ensure the cash buyer you select is reputable and trustworthy. Look for testimonials from previous clients to determine their reliability.
Beware of scams and exercise caution with any buyer who pressures you into making hasty decisions. Performing this due diligence will keep you safe and give you the optimal selling experience.
Step 2: Agree on Property Price
Once you have identified the buyer you’d like to work with, both parties will need to align on a price for the property. Cash buyers are typically efficient communicators and are accustomed to the swift pacing of an all-cash transaction. You can expect conversations to be done in person or over the phone.
Be prepared to discuss the condition of your home and the reasons driving your decision to sell. If time is of the essence, it’s vital to communicate any constraints to the buyer.
Step 3: Get An Agreement
Come to an agreement for your home. The agreement is where both parties decide the length of the closing process along with the actual closing date, price, and other terms regarding the sale. Afterwards, both parties will sign the contract.
Step 4: Verify Title
This step is handled by the buyer. The buyer will bring the agreement to a title attorney, title company, or to an escrow company. The title company gets pay off on mortgage and confirms property is vested in the ownership.
Step 5: Inspection (Optional)
Depending on the buyer, there could be a brief inspection of the property. This may be an evaluation of the exterior or a virtual tour. In many cases, the cash buyer won’t need to see the property and will purchase as-is. This is common with most cash buyers.
Step 6: Close on the deal.
With the assistance of your cash buyer, the closing can occur within your specified timeframe, eliminating the need for additional time typically required for bank financing and multiple home inspections. All that remains is to sign the paperwork and receive payment.