Selling a house is a daunting process and you may be even more confused if you’ve never sold to a cash buyer before. While it might seem intimidating, a cash home sale is actually more simple than a traditional home sale. The process is fast, easy, and worth exploring.
Finding a Buyer
The first step is finding your cash buyer. A cash buyer is anyone who is prepared to pay for the full amount of the home upfront without getting a mortgage. There are several types of cash buyers. Some cash buyers are simply individuals who can afford such a thing. A common individual buyer is a house flipper. These individuals will buy homes as-is, fix them up, and sell them for a profit. In addition to these buyers, you will also see professional home buying companies. These companies purchase homes for cash, often in their current condition, and they are an extremely reliable option.
Title Transfer, Inspection, and More
Once you have a buyer, the process actually begins. First, you will need to transfer the title of the home. This process begins with a title search to make sure there are no issues with the deed or current mortgage and to make sure there are no other liens on the property. Once the search is complete, you will sign some paperwork and the title will be transferred to the buyer. Transferring the title can be done in a matter of days. In a traditional home sale, your next step would be to have an inspection and appraisal done on the home. This is not required for cash home sales, but many buyers will still ask for one. It often takes 1-2 weeks to schedule and complete this.
Closing
Finally, you will reach the closing date. During closing, you and the buyer will fill out all the necessary paperwork. The money for the home will also be transferred at this time. Unless you are working with a home buying company, you may be responsible for paying several closing costs. These include fees and taxes associated with the sale. Make sure you bring the keys for the buyer and bring personal identification with you which will be used to notarize your signatures. The closing process normally only takes one day and may even be done in just a few hours.
Selling to a cash buyer is a quick and easy process. If you’re selling your home, why not consider a cash sale rather than a traditional sale? You can save yourself a lot of trouble and move on to your next home in no time.
Are you selling your home? Click here to learn more about the hassle-free process of selling to a home buying company.