Selling your home to a cash buyer presents you with a more convenient sale process. It’s cheaper, faster, and easier. However, not many people are familiar with the process. You need to know what you are responsible for.
Verify Funds
Once you’ve found a buyer and they’ve made an offer on your home, your first step will be to verify that they have the funds. In a cash sale, the buyer has all the money upfront rather than needing to be backed by a mortgage loan. Even if you’re buyer says they have the money, it’s a good idea to verify this before you move on. One way to verify is by asking for earnest money upfront. This could be 1-2% of the sale price. You can also request proof of funds via bank statements.
Hire Title and Escrow Companies
In order to actually sell your home and transfer the property, you’ll need the help of title and escrow companies. A title company is responsible for searching the title of the home and making sure there is nothing to prevent the sale from moving forward. An example would be if there are any liens on the home. An escrow company is a third party that will facilitate the sale. Typically, they will hold the funds for the sale until closing. In many cases, you will be responsible for hiring the title and escrow companies. However, this will depend on what state you’re in.
Sign Closing Documents
The final step of selling your home is making it official. After the title has been transferred and all other processes have been completed, you come to closing day. This is when you and the buyer will sign all the documents that officiate the sale. At this time, you should also bring keys, garage door openers, house codes, etc. to give to the buyer. You will also need personal identification documents to authenticate your identity before signing. During closing, you’ll also pay the closing costs, and then everything is completed.
If you sell to a cash buyer, you remove a lot of the complications that come along with selling a home. The process is streamlined and there is much less for you to do. Selling to a home buying company can make things even easier.
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