There are a lot of reasons why a homeowner may want to sell their home for cash. First and foremost, selling in an all-cash deal offers a speedy closing. This is ideal for those who maybe are enduring a sudden life change or job relocation. Or maybe you have a home sale contingency to get onto newer and better things. Whatever your reasoning, look no further to learn about our checklist for selling your home for cash.
Selling for cash can get your sale complete in as little as 10-to-14 days! This means the money in your pocket at record speed. Follow our checklist to get yourself to the closing table fast!
1. Request the offer you want
If you’re looking to sell your home for cash, it’s smart to request an all-cash offer (no brainer, huh?). It’s also a good idea if you’re trying to save on precious time to sell your home “as is”, meaning you don’t plan to offer any repairs or changes to the home before closing.
Your cash buyer will want to collect some additional information about your property to help them determine what they are willing to pay for your humble abode. They will then present you with an offer.
3. Review the offer
Utilize your real estate professional to review the offer submitted to you from the buyer. This will include the price, and contract terms. This step should not be rushed before you decide to accept or reject the offer.
4. Request proof of funds from the buyer
Especially in an all-cash situation, it’s extremely important that you as the seller request to view proof of funds from the buyer. If they don’t have the money available to them, they clearly will not be able to purchase your home for cash.
Once you’ve agreed to the contract terms, and viewed the buyer’s proof of funds, it is likely time for inspections. This includes an appraisal of your property and a formal inspection. Even if you’re selling the property “as is” a buyer still can request to have an inspection completed.
6. No lender = fast-forward
Without the need of a lender to approve any funds for the buyer, your deal is on the fast-track to closing! Cash deals typically close within 10-to-14 days!
7. Clear title & get paid
Your cash buyer will require a title search to ensure your property doesn’t have any liens, unpaid property taxes, or boundary encroachments. Once your property is cleared, it’s payday for you! Cash buyers will have the amount in fully wired into your bank account.
Now that you’ve seen our checklist for how to sell your home for cash, we want to touch on some deals you should avoid if speed is your real estate game. If you need to close on your home quickly, be sure to never accept any deals that are a short sale, auction, or for sale by owner.
A few other things to keep in mind when selling for cash include:
- You may be working with a large buying company or flipper
- Cash buyers often pay a bit less for the property than traditional loan buyers
- Working with a real estate agent will get you top dollar for your property
Checklist For Selling Your Home For Cash