Selling your home has never been an easy job. However, quite recently, a lot of “cash buyers” have been popping up. If you haven’t looked into what cash buyers are, they’re essentially an individual or companies who will make a cash offer on your home and purchase it from you without them having to go through the mortgage approval process.
If you are considering selling your home, and want to do so quickly, it’s worth considering a cash buyer. And if you do decide to go that route, run through this checklist beforehand:
Request and Receive an Offer
The first thing you are going to do in this process is finding a buyer, usually online, and request an offer from them. You can state the condition of your home and whether or not you’re going to make repairs.
If you do choose to make any necessary repairs or updates, the buyer will likely offer a higher price for your home.
However, the good part about cash buyers is that most of them will purchase your home as-is. Once you receive an offer, you will want to move on to the next step.
Have the House Evaluated
Upon receiving an offer, you’ll then have the house evaluated by the buyer so that they can gauge the value of the property. From there, they will work on creating a contract and let you know what they are willing to pay for the house.
It’s important to note that many buying companies will offer an amount that is lower than the value of your home.
Before accepting any contracts, get a free home appraisal to see how close they are willing to get to the true value of your home.
Go Over the Contract and Ask for Proof of Payment
After they have provided you with an offer on how much they are willing to pay for your home as well as a contract, you can review the terms and conditions and decide whether or not this is the best move for your property.
Additionally, while most buying companies and individuals are totally legitimate, it’s better to be safe than sorry when it comes to a transaction of this scale.
Do your research to make sure that the buyer has the money available to transfer to you after all is said and done!
Go Through Inspections
Depending on who you sell to, they may or may not want to go through with inspections. If they do, they will probably send an inspector over to your house to check for any major issues or code violations.
If you did not disclose any of these issues, you might run into problems with your contract. Be sure to be open and upfront about any repairs or maintenance that needs to be done on the house in advance.
Close on the House and Transfer the Title
During most real estate transactions, waiting for the buyer’s loan to be approved is usually the longest part. However, with a cash buyer, the process is quick and simple because the buyer has the money upfront. Once the contract is approved on both ends, the title is successfully transferred, and the house is closed on, you get paid.
Whether or not you decide to sell your house for cash is totally up to you. If you’re someone who is in a hurry and are potentially willing to sell your house for less than its value, then this route is something to consider. The checklist above will help you get an idea of what the process is going to look like!