If you’ve never sold your home to a cash buyer, you may be wondering what you should expect. The process isn’t as complicated as you might think and it can actually make selling your home less stressful. Understanding the process can help you feel more comfortable before you begin the process.
Negotiating the Price and Transferring the Title
Once you find a buyer, the first steps are fairly easy. You begin by negotiating the price with your buyer. Often, this is taken care of on the first day and then you can quickly get started on the rest of the process. To sell your home, you need to transfer the title of your home to the buyer. First, a title search will be done. During this search, an attorney will search for the deed, existing mortgages, and any other liens on the property. This search will make sure there is nothing preventing the home from being sold. If there are issues, take care of them quickly. Finally, you will sign the necessary paperwork and the title will be transferred. Usually, this process will take just a couple of days. If you choose to sell to a home buying company, they will take care of this step for you.
Appraisals and Inspections
In a traditional home sale, the buyer is required to be approved for a mortgage. The lender wants to have certain assurances, so you’re required to have a home inspection and an appraisal done. Since cash sales don’t require a mortgage, you also aren’t required to do an inspection/appraisal. However, some buyers will still ask for them. Getting an inspection or appraisal done will often take 1-2 weeks to schedule and complete. Having these done can give the seller a better idea of the condition and value of your home. It can also give you a chance to address any issues with your home before selling.
Your last step will be closing on the home. During this time, you and the buyer will meet and sign all the documents that make the sale official. The money will be transferred and the deed will be updated to the buyer’s name. When you and the buyer meet to finalize the closing process, you will need to make sure to bring the keys to the home with you as well as some personal identification that will be used to notarize your signatures. Closing often only takes one day and can even be done in just a few hours.
Selling your home to a cash buyer is actually a very simple process. It can be done quickly and without all the stress of a traditional home sale. It’s worth it to consider going through with a cash home sale.
Are you trying to sell your home but don’t want to deal with all the hassle? Click here to learn more about selling to a home buying company!