Selling a house can be a tedious task, just like buying one. Individuals need to research, meet professionals and potential buyers, negotiate, renegotiate, and then move to close the deal. However, the process can be expedited if one wants to sell their house quickly for cash. Selling a home for cash is an easy way as it eliminates the need for staging and other delays. Let’s see how to navigate through this process.
Find the value
Knowledge is important. Homeowners should know the value of their property before looking at what is being offered. The easiest and quickest way to determine the worth of the house is by asking a real estate agent to conduct a complimentary comparative market analysis (CMA) at no cost. The CMA process involves evaluating the property’s value based on comparable and recent sales of similar properties in the area. Those who do not want to go through the process of hiring an estate agent might get a better and more accurate valuation with the help of a professional appraiser. Buyers who are looking to purchase a property in cash usually put forth lower offers compared to traditional buyers. People who make cash offers know their proposition is more attractive to those looking to sell their property with fewer contingencies.
Generate offers
If individuals are short on time, they can reach out to platforms that can help them get a cash offer on their property. These platforms have an online and offline presence and can provide offers in as little as 24 hours. However, it’s important to note that some buyers charge a hefty processing fee. Therefore, it’s crucial to factor in these fees while finalizing the deal. In addition to these platforms, individuals can also approach estate agents who can help them generate cash offers that cater specifically to cash buyers.
Avoid scammers
Accepting cash offers for the property also means homeowners are opening themselves to a higher possibility of being scammed. Therefore, when reviewing cash propositions, sellers need to keep a watchful eye for offers that can be scams. Sure, the offers might include some reputable and honest cash buyers, but that does not rule out the possibility that the buyer might be unethical. Some points to follow when looking at cash offers for property purchases include:
- Not sending money to anyone except the title company
- Asking for references
- Looking for proof of funds
- Being careful of buyers who can’t meet in person and,
- Looking for a sizeable amount in non-refundable profit
Sellers also need to get expert advice while trusting their gut. Sometimes, this can be the easiest way to prevent oneself from falling victim to these scamsters.
Review offers
Before accepting any offer, carefully consider the terms placed by the cash buyer. Any purchase agreement made on the buyer’s end should mention earnest deposit money, contingencies, sale price, and closing date. When individuals are looking to sell their house fast for cash, they should ensure that the buyer is willing to share their proof of funds. The documentation will provide sellers with the confirmation that the buyer can afford to pay in full and afford the property. For sellers, another benefit is that cash buyers are, at times, readily available to put down a larger Escrow deposit. Factors like this are the reason sellers should inspect every single aspect of the purchase agreement rather than simply focusing on the purchase price.
Do a search
Once the purchase agreement has been agreed upon and signed, the buyer would want to run an inspection and title search. This step remains common for financing as well as home buyers. However, unlike traditional buyers, cash buyers can decide to close on the property once their title search comes clear. However, if the house title is not clear, the cash buyer might want to renegotiate the deal since they are agreeing to buy the property with a few encumbrances.
Hire attorney
Hiring an attorney will help sellers achieve some peace of mind. Not only are they great for mental peace, but they can also prevent sellers from falling for scams. Selling a home to a cash buyer is not necessarily an easy process, although it is undoubtedly fast. All sellers need to do is get an attorney on board and rely on their expertise before and during the procedure and negotiations.
Close the deal
This is where the parties are ready to finalize and close. This is the day when the seller receives the cash they sold their house for, and the buyer receives the paperwork with the title transferred. However, before closing, buyers are expected to do a quick final walkthrough. Expect the money to be transferred via a cashier’s check. Some cash buyers might prefer wiring the amount.
