Whether you have sold a house a thousand times or maybe it’s your first time, the real estate business can be pretty complex. Selling a home involves several parties, such as the real estate agent, buyer, lenders, the title company, an escrow company, and an attorney. But with a cash offer, selling a house becomes easier because fewer parties are involved in such. Also, the time required to close the deal can be shortened by simply searching for people with signs like ‘We buy houses California’ on Google, and you should get someone willing to buy.
What does an all-cash offer mean?
An all-cash deal happens when a person outright buys a house without financing. These people usually pay using cashier’s checks or electronic fund transfers. All-cash offers to emanate from two types of buyers: real estate investors and individual buyers buying without a bank’s help.
Processes involved in selling your house for cash
Signing the contract
The first step involved in closing the house sale is to accept the offer from the buyer and have the Sale and Purchase Agreement completed.
Verify the funds
Your buyer is probably using our funds to buy your house, so you want to be sure they have the money. Usually, you may request a certain percentage of the money paid upfront and ask for proof of funds in investment or bank statements. A real estate agent should be able to facilitate this easily.
Engage escrow or title companies
Depending on where you are, you may select the company, or the buyer may choose the company. Title companies are usually saddled with the responsibility of ensuring the property lines are correctly drawn, and there are no liens that need to be addressed. An escrow company is burdened with handling all closing documents, ensuring the funds are transferred, and completing the legal paperwork that records each sale.
A property lien is a legal notice that deals with all unpaid debts. For instance, if you have failed to pay child support, taxes, and settlement for court cases against you, a lien may be placed on your home until the debt is paid.
The inspection test
It is pretty standard for buyers to submit their offer and an inspection contingency, a supplement stating that they will pay for inspections. However, they opt to request repairs based on their findings. The moment the negotiation is completed, the closing is almost ready.
Sign the documents
As far as the deal signing is concerned, you will face a lot of paperwork even when selling for cash. Some of the documents you will have to review and sign include final closing instructions, HUD-1 settlement statements, certificate of title, loan payoff statements, a title deed, and mechanics liens.
A cash buyer for your house means you won’t be dealing with a lender, and the closing time will be shorter. A cash sale may be closed within two weeks after you are under a contract. But to enjoy a seamless and easy process, ensure you have all your documents properly signed, sealed, and delivered.