- Charlene Phung
How Long Does it Take for Cash Buyers to Close on Your Home?
Are you needing to rapidly sell your home for cash? One immense benefit is how promptly the sale can take place. You won't be kept waiting weeks or months -cash buyers are generally able to close on a house with much greater speed, ideal if you're in an urgent financial predicament. But what's the turnaround time when it comes to closing on your residence with a cash buyer?
Although the answer can fluctuate based on different variables, a cash sale typically takes 7 to 14 days for completion - much faster than traditional sales that often take 30 to 60 days or even more. So if you're in need of an accelerated timeline, then consider making a cash purchase.
Keep in mind
So what factors can impact how long it takes for a cash buyer to close on your home? Here are a few to keep in mind:
The Buyer's Financing: Cash buyers are typically considered the fastest when it comes to closing, but financing matters need to be taken into account. When a buyer gets a loan in order to buy your property, this may delay things. To gain an accurate understanding of how long everything will take, ask about their finance strategy from the beginning.
Title Issues: Title issues can be a common reason for delays in closing on a cash sale. If there are any liens or other issues with the title, it can take time to resolve these before the sale can be completed.
Inspection and Appraisal Contingencies: If you're paying cash for your purchase, it's wise to include inspection and appraisal contingencies in the sale contract. While this will prolong the closing process somewhat as inspections and appraisals need to be conducted, it can help ensure that any potential issues with the property are identified before completing the transaction.
Repairs Needed: While cash buyers typically purchase a home as-is, there may be repairs that need to be made before the sale can be completed. If this is the case, it can add time to the closing process.
Closing Company Availability: The availability of the closing company can also impact how quickly the sale can close. Make sure to work with a closing company that has availability that aligns with your desired timeline.
Is it Worth Selling Your House for Fast Cash?
After careful deliberation of your individual situation, you may determine if selling your home for fast cash is the right decision. If you are in urgent need of funds and do not have enough time or resources to prepare the house for a traditional sale, it might be better to consider a cash buyer. On the other hand, with patience and attention to detail during preparation, a traditional sale could bring about great monetary returns - far more than what can be gained from immediate liquidation.
If you need money quickly and are in a financial emergency, then selling to a cash buyer may be the perfect solution for you. While there can be variables that influence how long it takes to close on your home with a cash sale, this process is still usually much faster than going through traditional means. Just make sure that you do your research and pick an established buyer who will ensure everything goes as smoothly as possible so that closing happens at breakneck speed!