- Charlene Phung
Understanding What it Means to Sell Your Home for Cash
When selling your home, you might be most familiar with the traditional method of working with a realtor, listing your home, and waiting for the right buyer. However, there are other options. A cash sale is a beneficial option that allows you to sell much quicker.
What is a Cash Sale?
The main difference between a cash sale and a traditional sale is how the money for the sale is provided. In a traditional sale, a mortgage loan is used to back the buyer so they can buy the house and then pay off the loan over time. In a cash sale, the buyer doesn’t need a loan. They have all the money upfront and can buy the home right away. Without a mortgage loan, the process is much simpler and many steps can even be cut out. You can get started on the sale process right away and you can sell your home in as little as two weeks.
Who Are the Buyers?
There are several types of cash buyers. Some are individual buyers. These include house flippers who purchase homes, renovate them, and then sell them again. Individual buyers will typically purchase one home at a time. There are also professional home buying companies. These companies routinely purchase homes in any condition and take on the responsibility of repairing and selling them. Home buying companies will often buy homes in probate or facing foreclosures. However, they will purchase almost any home. If you want to sell to a home buying company, you can easily contact them via their website to receive an offer.
What’s the Process?
Since no mortgage is involved, you aren’t required to have your home inspected or appraised unless your buyer asks for it. Without these steps, the process is shorter. Your main tasks will be hiring title and escrow companies. The title company will handle the title search on your home to make sure nothing stands in the way of the sale. Once the search is cleared, the title is transferred to your buyer. The escrow company is a neutral third party that facilitates the sale. They will hold the money for the sale and collect all the important documents. Your final step of selling your home will be closing on the sale. This process takes only a few hours and then your home is sold.
Cash sales are faster, easier, and cheaper than a traditional home sale. If you’re looking for a better experience, then a cash sale is the way to go. Make things even more convenient by reaching out to a home buying company.
Atlas Residential can provide you with a no-obligation cash offer in just 24 hours. Click here to learn more.