Are you looking to take advantage of the booming housing market?
It’s been 14 years since the housing market has seen this many sales! Sales of existing homes have gone up 2.4% this year. The increase means that in 2020 alone, there have been about 6 million home sales.
If you’re looking to sell a home for cash, then this article’s for you. We’ll review everything you need to sell a home fast to a cash buyer, as well as a few tips to speed things up even more.
Read on to learn the truth about how to sell a house for cash.
How to Find a Cash Buyer
The first step is to locate potential cash buyers. Typically, cash buyers are local investors who buy homes, and they’ll usually have websites you can visit.
We suggest you look for investors who are willing to buy your house, no matter what condition it’s in. That way, you won’t have to worry about a home inspection slowing down the closing process.
Once you get a cash offer, you’ll want to compare it to the sale prices of homes similar to yours in the area. Finally, serious cash buyers are usually willing to put down a deposit that’s 3-5% of the purchase price.
An Official Contract
After reviewing the cash offer, if you like what you see the next step is to prepare an official purchase contract. The contract will need to include the amount of the deposit, the closing date, and of course the purchase price. Oftentimes, the buyer will create the contract, and you’ll just have to review it for any errors.
Request Proof of Funds
When you decide to sell a home for cash, you have to verify the proof of funds that are coming from the buyer. Bank or investment statements will work just fine for verifying the proof of funds.
Help From a Title Company
Moving on, to properly sell your home for cash, we suggest you enlist the help of a title company. The title company will make sure that the property lines are in the right place. They’ll also be able to check for any property liens that you need to take care of.
Home Inspection
If the buyer has an inspection contingency, that means they’re going to pay to have the house inspected. If the buyer finds any issues, they can then renegotiate the sale price.
Sign All Closing Documents
Last but not least, you’ll have to sign a bunch of different closing documents. Here’s a shortlist of the documents you’ll likely sign:
- Final closing directions
- Title deed
- Certificate of title
- Loan payoff statement
- Bill of sale
- Statement of closing expenses
In addition to the list above, you’ll also have to sign a statement of information form to verify your identity.
Sell a Home for Cash
Are you ready to get out there and sell a home for cash? To have the fastest sale possible, we suggest you do an online search for buyers who will pay cash, without requiring an inspection.
In addition to speeding things up, you’ll also save money since you won’t have to do any home repairs. Before you know it, you’ll be free of your home, and on the way to the bank to deposit your cash!
Are you ready to learn more real estate tips like these? Read another one of our articles.