When I decided I wanted to sell my home, I did so because I needed to take care of some urgent financial obligations. So, I could not afford to wait too long to find a buyer. Fortunately, I searched online on how to sell my house fast. I learned that I could sell my house for cash and found it pretty easy. I discovered that I would get my money in less than two weeks. I also learned that there are plenty of companies and individual investors in real estate who make cash offers for houses. Using technology, they simplify the entire sales process.
What it means to “sell my house for cash”?
While many home buyers try to present themselves as cash buyers, not all cannot truly call themselves such because they do not actually meet the criteria to be called cash buyers. When you say you are selling your house for cash, it should mean that you are dealing with a buyer with ready money who is able to pay immediately. They don’t rely on a loan or selling another property to get the funds to pay for your house.
The steps I took to sell my house for cash
The process of selling my house for cash involved the following steps:
- Requesting for offers
If you are to sell your house for cash as I did, you skip the tedious steps of preparing, staging, and showing your home. You go straight to asking potential buyers for offers. During this step, you need to clarify if you will sell your home “as-is,” which means you don’t have to repair or improve it or are open to renovating and making improvements.
- Evaluating the house
The buyers you invited will either visit to assess the house or use online tools to collect the information they need about the home. Doing background searches on the buyers you want to invite is advisable to avoid or minimize the risks of being scammed and get a better deal.
- Reviewing the contract and getting the proof of funds
After the buyers evaluate the house and make their offers, you need to review the contract terms carefully. Make sure you are happy with the price they are willing to pay before deciding on the one to accept. You also need to verify that the buyer you choose is who they claim to be. You can do this by obtaining the relevant documents from them. Also, ask for proof that they have the funds to pay for your house.
- Conducting inspections and title search
With the deal moving forward, the buyer may undertake an inspection and appraisal of the home, depending on the buyer you are dealing with. And with no lender involved to do an additional appraisal, the sale is fast-forwarded to the closing stage. The buyer needs to do a title search of the home to be sure you pass a clear title to them free of any judgments or claims on the property.
- Receiving cash
After being satisfied all is well, the seller will wire the amount of money agreed to your bank account. This can happen in a matter of days or a few weeks.
Conclusion
The above are the steps I took to sell my house for cash and are pretty much what you will go through to sell your home for cash. Although no lender is involved, some formal steps are still involved, and it doesn’t mean a buyer will show up at your property with a briefcase full of cash. However, the sale closes faster because the buyer has ready cash, and there are no delays because of loan approval.
