Selling to a cash buyer allows you to sell faster and at a lower cost. If you’ve never participated in a cash sale, you’re likely curious about the process. It’s very straightforward and can offer you a variety of benefits.
Cash Sale vs. Traditional Sale
Before you sell to a cash buyer, it’s helpful to know the difference between a cash sale and a traditional sale. In a traditional sale, the buyer needs to get approved for a mortgage loan before they can purchase a home. It can take weeks to months to complete this process and it puts the sale on hold until the loan is approved. In a cash sale, the buyer has all the money for the sale upfront without the need for a mortgage loan. These buyers can begin the sale immediately and the lack of a mortgage loan also excuses you from several steps in the process.
The Process of Closing
A cash sale begins when the buyer makes an offer on your home and you accept it. Next, you will need to verify that they have the funds for the sale. This usually involves requesting bank statements. As part of the process, you need to hire title and escrow companies. The escrow company will oversee the entire process and they collect the money as well as important documents. The title company is responsible for searching the title of your home to make sure the process can carry on without any issues. Once this is done, you can begin officially closing on the house. During closing, you and the buyer sign the official documents, and the closing costs are paid.
Finding a Cash Buyer
Often, the first step of a cash sale is actually finding a buyer. You can find individual buyers in many ways. However, selling to a home buying company is perhaps your best option. You contact them directly and you have full control over the timeline of the sale. Start by looking for home buying companies in your local area. Next, you simply enter the details of your home into their website and you can expect a cash offer in just 24 hours. Home buying companies are experienced buyers and you can guarantee they won’t drop out on the sale.
Cash sales are a great option when you want to avoid the hassle that comes with a typical sale. There are fewer steps involved and it’s easy to move through the process. Working with a home buying company can make things even easier.
Living Way Properties is available to offer you solutions when it comes to selling your home. Click here to see if they can help your situation and to receive a fast cash offer in only 24 hours.