Sellers often think of a bag with lots of money when they hear about a house sale for cash, but the scenario is different. The fact is, a cash offer means not including a finance contingency. That is, the buyer will not depend on a loan. In this article, you can know the process that involves selling the house for cash.
On Blue Sky properties, we buy houses for cash with no repairs, no closing costs, and no commission. The expert team offers services from haunting a house to move-in and beyond to make life easier for the clients.
About cash buyers
The traits of cash buyers are, these investors will purchase the house off-market and they will not lend money to pay. By this, you can escape from the showings and stagings to impress the loan provider from your end. Services offered by cash buyers are:
- These buyers will buy as well as hold the house for some period to rent out
- They purchase at a fair price to develop the house and to make good profits.
- Instant buyers (iBuyers) use web platforms and AVMs to make an offer on houses online immediately.
Process of selling a house for cash
Finding cash buyers
- Search online – These days, many cash buyers have an internet presence, but you have to do a bit of research.
- Sale tools – You can even use simple tools to choose the right match depending on your criteria.
Review your cash offer
Once you find an investor with a cash offer, evaluate it whether it is a fair number or not. Check the house price that is sold recently in case the condition of your house is appealing. Now, reduce the commission of the agent from it, and finally quote the price.
If the house is not in a good condition take the approximate value of the updated house in the area, reduce the cost required to get the house in that condition, subtract commission and investor profit, and finally, you will get the fair price.
Questions to ask an investor while evaluating the offer
- Ask for the standard contract. Also, review the terms and conditions of the contract.
- Ask for the records of previous closing transactions
- Ask for a plan of depositing the amount
Identify the requirements
Most of the cash offers are simple, easier, straightforward, and fast, but few times the process can lengthen a bit. For instance, the homeowner is a member of HOA then the process takes 30 days, in other cases like few municipalities take 3 to 4 weeks for lien search, while others take some days.
Overall, a cash sale is always faster compared to traditional financial transactions in the same municipality and situation.
Close the sale
Closing a sale will go faster compared to a deal that involved lender financing. In general, the sales with cash buyers will close within 2 weeks. The agreement of traditional sale and cash sale are similar that held company name and signature of the buyer on the document with a settlement statement, property disclosures, and more.
Many cash buyers offer good services and bids, choose the best one, and discuss today to sell your house with a good ROI.