Selling houses for cash can be a daunting task for most people. This is why many opt to hire a real estate agent to help out in the process. But if you’re looking to sell your house on your own, then we’re here to help you. Read on to the answer to the question “How to sell my house fast for cash?” But first, we’ll talk about what a cash offer is.
What Is a Cash Offer on a Home?
A cash offer for your home means an all-cash bid, meaning a cash house buyer like us will purchase the property without a mortgage loan or other financing. What makes cash for homes more appealing to sellers is that you no longer need to worry about the funding falling through, and you can expect a faster closing time.
If you ask, who can I sell my house fast for cash? There are usually two types of buyers who offer cash for homes:
- Individual buyers – who buy the home to live in it and can purchase it without the help of a lender/bank.
- Cash house buyers – are real estate inventors who believe in properties and sell them.
How Can I Sell My House Fast for Cash?
We’ll walk you through the step-by-step process of how to “sell my house fast for cash” so you can determine if this is suitable for your situation.
Check Your Home Value
Cash dwelling buyers offer several benefits to sellers, such as saving money on repairs (as they buy houses as-is), no risk of fallthrough due to unapproved financing from a lender, and shorter closing time. But cash offer for homes usually is lower than financed offers. This is why you need to have an idea of your property’s current fair market value to know if you’re getting lowballed when getting an offer.
Here’s our article on how to determine the fair market value of your home.
Find a Cash Home Buyer and Request an Offer
Now that you have an idea of how much the fair market value of your home and is to sell house fast for cash, you can now search for a cash home buyer and request an offer. When choosing a cash home buyer, make sure to do your due diligence. Check reviews, BBB (if the company exists), the website, and you can also ask people around if they can recommend a cash home buyer. You have to make sure you are dealing with a reputable cash home buyer to avoid getting scammed.
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Review The Terms and Price of The Cash Buyer’s Offer
Unfortunately, there is no one-size-fits-all formula to measure how good the offer is. It can be tricky to evaluate the price of a cash offer, but there are other factors you must consider other than the amount of cash you’ll get. Here are some of the factors you must consider when evaluating a sell your house for cash fast:
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The condition of your home – You can check the prices of comparable properties (similar size and finish) in your location that have sold recently. Then deduct the agent’s commission and any discount you think that you deem justifiable for the benefits you get. This is the case if your house is in good condition.
However, if your property needs repairs and upgrades, to get the fair price, you will need to:
- Take the approximate value of updated homes in your area.
- Subtract the cost to get your home in that condition.
- Subtract commission investor profit.
Terms – make sure to read the fine print to know the buyer’s steps before closing. For instance, some cash home buyers will buy your home as-is but will still need an inspection. On the other hand, some may opt not to have a review, but that usually means you have to accept a lesser price to hedge the buyer’s risk of finding significant issues with the house.
While a cash offer removes the need for a lender – ordered appraisal, some buyers may still ask to have the property appraised before closing. Factors such as the house’s condition and whether it’s a seller’s market will determine the type of terms you can negotiate. As a seller, you will want to have fewer contract contingencies.
Make sure the offer is legit – Some scammers can take advantage of people who are looking for ways “to sell my house fast for cash.” Before accepting the offer or signing anything, make sure to:
- Ask if the buyer plans to deposit an appropriate amount of earnest money. For example, if you’ll be closing in a week, there should be no problem for the buyer to put a 2 to 3 percent deposit into earnest money.
- Check if the buyer has a good track record of closing transactions.
- Ask for proof of funds.
Sign the Contract
Once you’ve accepted the offer to sell house for cash quickly, it’s time for contract signing. The house buyer usually prepares the contract. You can go ahead and sign the contract, but you can also choose to have an attorney review the terms first before signing it. The agreement should indicate the purchase price, amount of deposit, and closing date.
Other Steps Involved:
- Submission of disclosures – you, as a seller, are typically required to disclose any known information about the house that could affect its value or the safety of those who will live in it. But, again, you can tap a real estate attorney or representative from the title company for the proper documentation.
- Home inspection (may be waived by the buyer)
- Clear title – To make sure you won’t encounter problems or delay in the sale of your home, order a preliminary title report and take care of any disputes and liens ahead of time.
Sign Closing Documents
You’ll be signing the same documents as in a traditional sale during closing. Your attorney can draft the paperwork, or you can let the title company outline it.
The above steps are what you can usually expect from an all-cash offer home sale. While several stages are involved, it is a lot simpler and faster than a traditional home sale. If you are searching for a legitimate way to “sell my house fast for cash,” you come to the right place. Request for a ballpark offer here or contact us to know more.