If you’ve never sold your home to a cash buyer, you’re likely full of questions about what to expect. Typically, a cash sale is a more streamlined, convenient experience. It will remove the hassle of selling your home and only requires a few steps.
Verify Funds and Sign Contract
Once you find a buyer and they’ve made an offer you agree with, you need to make sure they actually have the money for the sale. To verify funds, your buyer will typically need to send over bank statements as proof of funds. Additionally, they may pay a portion of the cost as earnest money. This also verifies that they have the money and will go through with the sale. At the beginning of the sale, you and the buyer will also sign a contract and any other important documents to begin the transaction.
Hire Title and Escrow Companies
At the beginning of the sale, there are two companies you’ll need to hire. First, you’ll need a title company. They are responsible for the process of transferring the title of the home from you to your buyer. To do this, they run a search on the title to make sure there are no obstacles to the sale. Once the search clears, they will transfer the title.
Next, you need an escrow company. An escrow company facilitates the sale. They are an unbiased third party that will hold the funds for the sale and collects all documents throughout the process.
Sign Closing Documents
After the title has been transferred and you’ve cleared any potential inspections, you will come to closing day. During closing, you and the buyer will sign all the closing documents and pay the closing costs. You as the seller will have significantly lower costs than in a traditional sale since there are no real estate agent commissions to be paid. Your closing costs will consist of fees and taxes associated with the sale.
Since your buyer doesn’t need to get approved for a mortgage loan, there’s a lot less that needs to be done. It’s an easy process and it’s beneficial to work with an experienced buyer. Home buying companies are a particularly good option.
Grimes Home Buyer will purchase your home in four easy steps. Click here to learn more and get a cash offer on your home.