- Charlene Phung
How Long Does It Take to Close On a Cash Sale?
One of the main reasons people choose to go with a cash sale is because they are much faster than a traditional sale. But how much faster are they? To understand the timeline of a cash sale, you need to know more about how they work and what they include.
Why It’s Faster
In an ordinary sale, the buyer will apply for a mortgage loan and then wait for approval. This process alone can take several weeks to complete. Even if you get an offer on your home, you can’t begin the sale right away. Cash buyers have all the money upfront and don’t require any kind of mortgage, so you can begin the sale immediately. Additionally, selling to a cash buyer removes a few steps. If a mortgage is involved, you are required to have an appraisal and/or home inspection done. It can take 1-2 weeks to schedule these. With a cash sale, both are only optional.
What Needs to Get Done
In a cash sale, your first step will be hiring title and escrow companies. A title company will handle searching the title of your home and making sure it is ready to be transferred to the buyer. The escrow company will hold the funds of the sale until closing and they facilitate the sale as a whole. Hiring both of these companies will take care of most of the steps involved with the sale. The last thing you need to do is show up on the closing day to fill out all the paperwork. In many cases, you can be done with the entire sale process in about a week.
What Slows You Down
While cash sales are quick, there are still things that can slow you down. When the title company is searching the title of your home, they are making sure there are no additional heirs or liens on the title. If there are any liens on the title, this will halt the process until they are dealt with. Of course, the sale can also be halted if there are things you have not disclosed. Just know that the title company and any inspectors will find issues, so it’s better to take care of them beforehand.
Going with a cash sale allows you to sell your home much faster. You don’t need to spend months with your home on the market as you have multiple people come and view your home. Instead, you can be done with the entire sale in just a few weeks.
Atlas Residential can provide you with an offer in 24-48 hours. Click here to begin the process.