As an increase in the number of cash buyers for home companies that offer cash offers and enhance experiences for sellers with advanced technology, the idea that you don’t need to wait for months to register and cover your home to many depressed sellers.
What does it mean to sell your house with cash?
Selling your house for cash has benefits similar to your old vehicle trading to the dealer when you buy a new car. Of course, you might pocket a little more money if you sell it yourself. But it is likely to take longer – and requires extra work on your side. You have to make small improvements, advertise it on Craigslist, set a drive test for potential buyers, and handle all your own documents.
- Ask for offers
You miss the staging process and show and immediately ask for an offer. At this point you can communicate whether you sell “as is” – which means you do not intend to make improvements or change anything about the home – or if you are open to making improvements.
- The house is evaluated
The buyer will collect some information about the house, maybe send representatives to make a visit to the location of the property, and determine what they are willing to pay.
- Review the contract
You as a seller then review the offer, including contract prices and provisions, and decide whether to accept.
- Ask for proof of funds
You must always get documentation that a person or company is who they say they are and really have funds and the ability to complete this large transaction.
- Complete inspection
If the agreement moves forward, cash buyers can still take steps such as inspection and assessment – it all depends on who you work for and how they operate. Even if you sell “as is”, inspection can still be needed.
- Advance quickly to closing
Without the involvement of lenders, there will be no period of valuation or loan processing ordered by the lender. In December 2021, the average time to close the purchase loan for home was 54 days, according to reports from Ice Mortgage Technologies. Conversely, cash buyers have the ability to close within 1 year to two weeks.
- Delete Title
Cash buyers will need a title search to ensure that you can deliver free and net properties of claims or assessments of property, such as mechanical pawn rights, unpaid taxes, or boundaries.
- You are paid!
Cash buyers are likely to install funds to your bank account in a process which all only takes a few weeks or even days.
In short, selling cash will not mean that someone appears in front of your door with a briefcase full of one hundred dollar billing. You will still have an official step to be resolved and hiccups such as the title defect can still appear. But when your buyer does not have to wait for the lender to bear or process their loans, you can usually coordinate much faster sales.
Is Cash Cash Company Legitimate?
In short, the answer is yes; There are many legitimate companies out there who buy a house for cash, will give you a great experience, and are good for their words. However, we always suggest that you do a complete test on any buyer before you provide sensitive information, sign a contract, or send money.
Check their BBB ranking
Whatever type of home purchase company you decide to work for, make sure it’s an accredited Better Business Bureau (BBB) member. Check positive reviews and timely responses to complaints. (Homelight, which provides cash for house offers through our simple sales platform, has more than 500 BBB reviews with an average 5-star ranking).
Ask for proof of funds and EMD
Shaun Simpson, a leading real estate agent based in Columbus, Ohio, who helped a number of clients navigate cash sales, suggested asking for proof of official funds from the buyer’s bank and confirmed that they could provide serious money, the deposit representing buyers of commitment for sales. “If you buy a $ 500,000 house that should be closed in a week, you should not have a problem placing a 2-3% deposit into serious money,” he said.
Consult with the agent where it is needed
Estimated real estate agents are likely to have an internal path of who is in the local cash buyer market and can also help you avoid being low in balls.
