WorldExecutivesDigest.com | Selling Your Home for Cash: A Quick and Easy Overview | Are you considering selling your home for cash?
When people are wondering how to sell a house quickly, selling for cash is usually the first tip that comes up.
It doesn’t mean that the buyer will literally give you stacks of cash. It simply means that the buyer doesn’t require any further financing. However, there are still some steps to follow.
Check out this article for a guide on selling your home for cash.
Find a Buyer
As expected, the first step is finding a cash home buyer. Typically, you’ll find a cash buyer through an online search. Cash buyers are investors and will make themselves known on the internet.
Alternatively, you can work with a wholesaler. Wholesalers match sellers with cash buyers, but be aware that they will take a small cut.
When it comes to finding a cash home buyer, make sure to get references from other sellers and check their credentials.
Get a Cash Offer
Once you’ve found a cash home buyer, they’ll present you with a cash offer. Then it’s time to review it and see if you’ll accept it.
While there is no one-size-fits-all formula, you can get a rough idea of whether an offer is fair. If your house is in great condition, take a look at similar properties in the area and how much they went for recently.
Alternatively, if your house requires a lot of repairs, you can learn about the approximate value of other houses in your area and subtract the cost of getting your house in shape.
Then, deduct the commission that the cash home buyer, which should be around 15%, and you will see if the price is fair.
Sign the Purchase Contract
You’ve reviewed the offer and decided to accept it. It’s time to move forward with the transaction, which is quite similar to a typical house sale.
The buyer will prepare the contract. It should include the amount of the deposit, purchase price, and closing date. You may simply sign the contract or have it reviewed by an attorney first.
While some cash buyers waive the home inspection, others will require one. They may decide to negotiate the price down to cover any additional repairs found in the inspection.
Since the cash buyer doesn’t work with a lender, the process still tends to be faster than a regular home sale.
Identify Any Additional Requirements
While cash sales are quicker overall, there may be extenuating circumstances that can take a bit more time.
For instance, if the home is in a homeowners association, the HOA might require to take a look at the buyer’s application.
Additionally, the buyer must ensure that there are no remaining liens, which can take a couple of weeks.
Close the Sale
Lastly, you’ll have to close on the sale. All in all, it only takes about two weeks, barring special circumstances.
Closing is quite similar to a traditional sale. It will take place at a title company, and you’ll have to sign all the documents you would in a regular sale including the settlement statement, deed, and any property disclosures.
Selling Your Home for Cash Is Easy
One of the best things about selling your home for cash is how quick and easy it is.
First, you’ll have to find a cash home buyer. After accepting their offer, you’ll prepare the contract and sign it. Then, you’ll close on the sale much the same way a traditional transaction would go.
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