Most people dread selling their homes because they expect it to take a long time. True, some homes can be on the market for months before a buyer is interested. Selling to a cash buyer, however, can allow you to sell your home in 30 days or less.
Steps In a Traditional Sale
A typical buyer needs to get approved for a mortgage before buying a home. If they aren’t pre-approved it can take weeks or even months before they get approval for their loan. In the meantime, you aren’t able to move forward with the sale. There are also several processes that need to be completed. The mortgage lender needs to make sure your home is a worthy investment. This means you’re required to have your home appraised to determine its value and it must be inspected for any potential damage, defects, or hazards. Once all of this has been completed and your buyer is approved for their loan, you can move on to transferring the title of the property and closing on the home.
Steps In a Cash Sale
In a cash sale, your buyer doesn’t need to be approved for a mortgage loan because they have all the money for the sale upfront. This simple change creates a world of difference in a home sale. Since they don’t need to get approved for a loan, you can begin the sale process immediately after the buyer makes an offer on the home. It’s also not required for you to have the home appraised or inspected, so you can skip this unless the buyer requests it. Additionally, many cash buyers purchase homes in their current condition. This means you don’t need to spend time renovating or repairing your home before selling.
Average Timeline of a Cash Sale
Once you find a buyer and you’ve settled on a price, the process is fairly straightforward. Your first step will be hiring a title company to perform a title search on your property. This will typically take about three days to complete. If any inspections are done, it takes about a week to schedule them and then a few hours to complete. Closing on the sale will typically be completed in one day. Depending on the specific requirements for your sale, you can close on your home sale in as little as two weeks.
Cash sales can help you sell quickly. Selling your home doesn’t need to be a stressful process that weighs you down. Instead, it can be quick, easy, and even cheaper when you sell to a cash buyer.
Living Way Properties buys homes in any qualifying condition. Click here to learn more and receive a cash offer.