The process of selling a house for cash is somewhat straightforward. Most people think that selling a house for cash means that you get a briefcase full of cash on the day you close the deal. The use of the word cash buyer means that the buyer does not need a mortgage to purchase your house. Upon closing the deal, you will get paid by wire transfer or check. Seeking a cash buyer might be the right way to go if you want to sell your house fast without any inconveniences.
Benefits of selling your house for cash
There are different ways of selling a house for cash because real estate laws vary from country to country and state to state. Generally, when selling a house for cash, you can expect the following benefits:
No contingencies
No appraisals
You sell the house without doing repairs
No commission to realtors
No closing costs and this means more money in your pocket
No inspections
No banks or financial institutions
Buyers don’t need a mortgage
A faster and simpler process
Buyers take care of filings and legal documents
However, when you sell your home for cash, you may not get the full value of the house.
Steps of selling a house for cash
The main steps in the process of selling your property for cash include research, assess, offer, contract and close.
Research
If you hired a real estate agent to help you with the process of selling a house to a cash buyer, the agent would give you a comparative market analysis which shows you what similar houses in your market have recently sold for. It is crucial to compare your property to others with a similar condition, age, square footage, number of bathrooms, bedrooms, amenities, neighborhood and more. A cash buyer won’t pay the market comp price but it will act as a starting point for you to negotiate.
You will also need to research potential buyers by conducting an online search on Craigslist or Google with search times like “sell my house fast”, “cash for houses”, “sell my house for cash” and so on. Make sure you search in your market.
When you meet cash buyers who make an offer for your home, you should be prepared with a list of questions. You will need to know if the buyer has bought a house in your neighborhood before; if they can provide proof that they have the cash, if you can close within 30 days, the types of properties they buy with cash, and more.
Assess
Assessing the house is one of the most important steps in the process of selling a house for cash. You will provide the buyer with your street address. The buyer will ask questions about the house to do a quick market analysis. The buyer can make an offer via an email or over the phone understanding that they will visit your home to verify the details you gave them. Some buyers will make an offer after walking through your house.
