If you’ve never sold to a cash buyer before, you may be wondering what the sale will look like. Generally, a cash sale is simpler than a traditional home sale. The steps are straightforward and require little effort on your part.
Finding a Buyer and Verifying Funds
Perhaps the most involved part of the process is finding your buyers. Cash buyers can be found in many places. If you want to make things easier for yourself, you can sell to a home buying company. There are many of these companies available and it’s easy to work with them. You simply enter your address and other information on their website and they will send you a no-obligation cash offer in just 24 hours. Then you can get started on the process. Before moving forward with the sale, you just need to verify your buyer has funds. To do this, they simply need to send you a bank statement as proof of funds.
Hiring Title and Escrow Companies
To actually transfer your property to someone else, you need to hire a title company. The title company is responsible for performing the title search. During this search, they make sure there is nothing in the way of transferring the title of your home. Common obstacles include outstanding liens on the title or even other potential heirs to the property. Once the title search is cleared, the title will be transferred to the buyer. In addition to hiring a title company, you need to hire an escrow company. They are a neutral third party that will facilitate the sale. The escrow company will hold the funds for the sale and collect any necessary documents.
Since cash sales don’t involve the buyer applying for a mortgage, a home appraisal and inspection are not required. However, some buyers may still request them. Through an inspection, the buyer can see what condition your home is in and what repairs may be necessary. The state of your home can affect how much they offer to pay for your home. Your buyer may also ask you to make a few repairs before they purchase the home.
Selling to a cash buyer streamlines the home buying process. There are fewer steps to worry about and less work for you to do. Additionally, working with a home buying company means you are selling to an experienced buyer who can guide you through the process.
Selling your home to Living Way Properties can simplify your home selling experience. Click here to receive a cash offer within 24 hours.