Many people have begun turning to cash buyers rather than selling the traditional way. If you’re considering this method, you should make sure you understand what the process looks like. It’ll give you more peace of mind and perhaps help you overcome any hesitations you may have.
Finding a Buyer
Your first step will be actually finding a buyer for your home. When it comes to cash sales, you have several types of buyers to look for. There are individual buyers such as house flippers or anyone with sufficient funds to buy a home upfront. You can also look for home buying companies. These buyers are easily found online and you can explore their websites to learn more about them. With other cash buyers, you may still need to put your home on a listing site and wait for a cash buyer to find you.
Title Transfer and Escrow Services
Once you’ve found a buyer, the process is very easy. You and the buyer will negotiate a price and then you’ll begin transferring the property. To do this, you’ll need to hire a title company and an escrow service. The title company will search the title of your home to make sure there are no existing liens on the house as well as any other heirs to the property. Once they’ve completed the search, the title can be transferred to the buyer. The escrow company is a third party that facilitates the sale. They will hold the money during the sale process and they will help you manage everything.
The Closing Process
Lastly, you will reach the closing process. This is where you and the buyer will sign the official documents to complete the sale. At this point, the money will be transferred to you. When you go to the closing, make sure you bring everything the buyer will need such as the keys to the home or garage door openers. You will also need personal documents which will be used for identification. In total, the closing process will take a couple of hours to complete and then your home is officially sold.
A cash sale is a much faster process than a traditional home sale. You don’t need to wait for your buyer to get approved for a mortgage and you don’t need to have an appraisal or home inspection done. Most cash sales can be down in just a few days.
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