Selling your home to a cash buyer can be a quick and easy process, as there are fewer steps involved compared to traditional home sales. However, it’s important to understand what to expect during the process. Here are the basic steps to closing on a cash home sale:
Settle On a Price and Verify Funds
Settle on a Price and Verify Funds: Once you find a buyer, you’ll need to agree on a price. If you’re selling to a home buying company, they’ll provide you with a cash offer within 24 hours. After settling on a price, it’s important to verify that your buyer has the funds for the sale. This is usually done by reviewing bank statements.
Work With Title and Escrow Companies
Work with Title and Escrow Companies: In cash sales, real estate agents aren’t typically involved, but you’ll need to work with a title company and an escrow company. The title company will search the title of your home and make sure that there are no outstanding liens or other issues that could prevent the sale. Once they clear the title, it will be transferred to the buyer. The escrow company will hold onto the funds for the sale and all important documents.
Pass Any Inspections
Since cash buyers don’t need a mortgage, there are no requirements for an appraisal or home inspection. However, your buyer may still request one. This inspection will help them understand the condition of the property and identify any issues that need to be addressed.
By understanding these basic steps, you can feel more confident about selling your home to a cash buyer. If you want an even simpler process, consider selling to a home buying company that can handle all the details for you.
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