- Charlene Phung
The Closing Process for a Cash Home Sale
If you’ve never gone through a cash home sale, you may be uncertain about the overall process. The important thing to know is that it is typically a quick and relatively easy process that mirrors that of a traditional sale.
Negotiations and Securing the Title
It all starts when the offer on your home is first made. It’s likely you’ll do some negotiating with the buyer, but it shouldn't be too extensive. In most cases, this step is done within a day. Next, you move on to securing the title of the home. The title of your home will be transferred to the buyer. During this process, the title will also be searched to make sure there is nothing preventing the sale from going through. For example, if there are any heirs to the property, this could prevent the title from being transferred. Overall, searching and securing the title should be completed within a few short days.
This phase of the process will be different from sale to sale. In a traditional home sale, your home will need to be inspected and undergo an appraisal. An inspection is an important step where a professional will go through the home to make sure everything is safe. During their inspection, they will make note of any areas of concern and they will recommend repairs. Before the sale goes through, you typically have an appraisal done in order to determine the value of the home. This is to make sure the buyer is getting a fair deal. The unique thing about cash sales is these are not required and not all-cash buyers will request them. If an inspection and/or an appraisal are requested, this will take about a week to complete.
The last step is simply signing the papers. In order to sign the papers, you need to make sure the buyer has the proper funds for the home, the title has been secured and approved, and all other processes have been completed. Now that everything else has been taken care of, you just need to make it official. Signing the closing papers shouldn’t take more than a few hours.
Selling your home to a cash buyer is a relatively fast process. Instead of spending months preparing your home and looking for buyers, you can have your house sold in its current condition in no more than a few weeks.
If you’re looking for a buyer, contact Atlas Residential.