Are you considering selling your house for cash? Some homeowners sell their houses for cash, while others use a mortgage or other method for unique reasons. Whatever findings prompt you to opt for the old method, this blog will inform you about the entire process.
Now that you’ve understood the process of selling a house for cash, you can choose if it aligns with your goals, preferences, and expectations. It’s also essential to choose wisely to understand the benefits and drawbacks of this technique. You shouldn’t leave a qualified real estate agent, attorney, or title company out of the plan.
Here are the steps to follow, alongside tips to avoid scams.
Step 1: Determine the Value
The first step in selling a house for cash is determining its value. When you know the exact or most accurate estimation of your house’s value, you can negotiate and communicate with potential buyers better. You can verify this by asking a real estate agent to evaluate the property against the current market analysis and other factors.
Another effective way of determining a house’s value is hiring an expert appraiser to do it professionally. After understanding the value, you can make the necessary adjustments and sell.
Step 2: Find Cash Buyers
Now that you have the correct value of your property, you can find potential cash buyers for it. For example, if you live in Hemet, California, and want to sell your house, simply search “how to sell my house fast in Hemet, CA” to find trustworthy companies such as Haven Homebuyers, who buy homes as-is within as little as 5 days.
You can also find cash house buyers through a professional real estate agent who promotes the property on your behalf. Other ways of finding house buyers include online platforms and local house-selling companies.
Step 3: Allow House Visits
Step three of selling a house for cash is allowing potential buyers to visit and study the property. Different buyers make their offers during the visit, having seen and examined the property satisfactorily. Keeping a real estate agent close is advisable as they will help you stage your house for a professional viewing.
Remember to spare enough time for each potential buyer’s viewing and take them through the property without hurry. You should also consider factors like cleanliness, etiquette, and general presentation.
Step 4: Review Offers and Sign an Agreement
It’s now time to carefully scrutinize the offers presented by different clients to arrive at the best price. Homeowners look out for the highest offer alongside other terms the potential buyer states. These include possible closing dates, any contingencies, deposits, and personal requirements from buyers.
If the cash offer and any other aspect align with your preferences and goals as a seller, you can sign the papers to officiate the deal. When signing a contract, consulting with a realtor and a real estate attorney is crucial.
Step 5: Home Inspection and Title Search
Before closing a deal, many cash buyers request a home inspection to ensure no pending issues. Therefore, as the seller, you must schedule an inspection to identify any areas that need repair or renovation. The examination focuses on the property’s exterior and interior (wiring, plumbing, and other essentials).
Some cash sales allow inspections, while others are requested by buyers. The home inspection is followed by the payment of escrow fees tied to the buyer to show their seriousness about the deal.
This is also the right time to clear any title issues through a search and address them before closing the deal. Some problems that may appear and impact the title search include unpaid taxes, outstanding child support or alimony, or past activities undertaken on the property.
Step 6: Avoid Scams
Real estate scammers see an excellent opportunity to rip off someone when offering to sell or buy a house for cash. As a buyer, ensure not to send money to any seller without performing due diligence on the property. Conversely, sellers shouldn’t relinquish their title except before experts have been consulted.
The deposit (refundable or not) should be realistic for both the buyer and seller to ensure neither party loses money. Sellers should request proof of funds from their preferred buyers to ensure they aren’t into a spooky deal.
Any unavailable buyers or sellers who aren’t ready to meet physically or organize video meetings can be called scammers. This is perceived as a way to hide their identity. Remember to follow the wire instructions only when instructed by your real estate agent, attorney, or title company. Those offered by potential buyers or their non-professional mediators might involve a scam.
Step 7: Closing the Sale
The last step in selling a house for cash is closing the sale. The closing often happens before a real estate attorney, at an escrow company, title company, or any other place as per the agreement.
It involves signing various closing documents such as deed transfers, property disclosures, and settlement statements by the buyer and seller. Every party must have a copy of the signed documents for future reference.
