Selling to a cash buyer can provide you with an easier and cheaper home sale. However, it can also be much faster than a traditional sale. To understand just how fast these sales can be, you need to know what to expect from the process.
Why It’s Faster
In a traditional home sale, the buyer needs to apply for a mortgage and wait for approval. It can be months before this is completed and you can’t begin the sale process until they are approved for their mortgage. This is not the case with cash sales. Cash buyers have all the money upfront and you can begin the sale process right away. Additionally, the process is more streamlined when a mortgage is not involved. You aren’t required to have the home appraised or inspected unless the buyer requests it. This also shortens the process.
The Sale Process
In a cash sale, there are fewer steps but there’s still a lot to get done. First, you need to verify that your buyer has funds. This is usually done by requesting bank statements. Next, you need to hire an escrow company to facilitate the sale. During the sale, they will hold the money and collect important documents. You also need to hire a title company. The title company will perform a search on the property’s title to make sure there’s nothing standing in the way of the sale. If your buyer requests an inspection, this will typically happen after the title search. Your last step will be going to closing day and signing all the closing documents.
Closing Day
On day one, you will negotiate the price with the buyer and begin a contract. By the next day, you should have verification of their funds. Having the title company perform the title search usually takes about three days. If you have an inspection done, it takes about a week to schedule the inspection and then just a few hours to complete it. Closing will only take one day and it usually lasts for just a few hours. Overall, the process can take just under two weeks to complete depending on the specifics of your sale.
A fast sale helps you move on to your next home quickly and it helps you out of tough situations such as a foreclosure. Selling to a cash buyer is the best way to sell quickly and have a better experience overall. If you want to further improve the sale process, consider selling to a home buying company.
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