Most people associate selling a home with being long and stressful. Selling to a cash buyer simplifies the process in many ways. Understanding what it takes to close on a sale can help you know what sort of timetable you should expect.
Finding a Buyer
Your first step will be finding a buyer. In a cash sale, there are a couple of buyers you might expect to encounter. Many cash buyers are house flippers. This means they purchase homes as-is, fix them up, and then sell them to make a profit. Often, these types of buyers are individuals. However, there are also home buying companies. These companies also buy homes in order to fix them up and sell them. With a home buying company, you may experience less of a risk because these companies are well-established and experienced. In addition to these types of buyers, you may also encounter any type of buyer who has the funds available to purchase the home without needing to apply for a mortgage.
Negotiations, Title Transfer, and Inspections
Once you find a buyer, you’ll begin the process of actually selling your house. On day one, you and the buyer will negotiate a price. This typically doesn’t take more than a day. Next, you’ll move on to transferring the title of your home. To do this, you will hire a title company that will make sure all documentation is correct and up to date and they will make sure there are no liens or outstanding debt. Title transferring is usually completed in just a few days. The longest process you can expect are inspections. In a cash sale, these are not required but are sometimes requested by the buyer. They can take a week to schedule and about a day to complete.
Closing on the Sale
Your last step will be actually closing on the sale. Closing should only take one day and is typically done in only a few hours. During closing, you and the buyer will sign all the necessary paperwork, transfer the funds, and take care of anything else necessary to transfer the property. For example, you should give the buyer the keys to the home as well as any garage door openers. To prepare for closing, you should also make sure to bring a few forms of identification. Overall, this process is quite short.
Cash sales are known for being much faster than traditional home sales. You can complete the entire process in just two weeks depending on the situation. As you learn more about the process, you can understand why these sales are so quick.
Are you looking for a buyer? Click here to learn more about Leverage Companies and cash home sales.
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