Selling your home doesn’t need to be a headache. When you sell to a cash buyer, the process is more straightforward and simple. Understanding what to expect will only improve your experience.
Preparing to Sell
Before you find a buyer and begin the process, you need to prepare yourself. In a traditional sale, this is when you would make repairs and updates as well as take photos and stage your home to market it. In a cash sale, this isn’t always necessary. Many cash buyers will purchase your home as is. This cuts out a lot of work and you can begin selling faster. While this is beneficial, it does mean you will get offers that are lower than you might have anticipated. If you want to increase the price of your home, you can make necessary repairs to address major issues and simply leave out any beautification renovations.
Hiring Title and Escrow Companies
One of the first steps of a cash sale is hiring title and escrow companies. A title company is in charge of searching for the title of your home. During this search, they will look for any outstanding liens, potential heirs, and any other obstacles to selling your home. Typically, this will take just a few days. Once the search is cleared, the title can be transferred to the buyer.
An escrow company is an essential part of the sale because they are a neutral third party that facilitates the entire process. They hold the funds for the sale and they also collect all the important documents.
Closing on the Sale
Your last step is actually closing on the sale. On closing day, you will sign all the official documents and pay closing costs. In a traditional home sale, you would be responsible for paying the commissions of both real estate agents which usually amounts to 6% of the sale price. However, cash sales typically don’t involve real estate agents which will save you money. Your closing costs will consist of pertinent taxes and all required fees. When you go to closing, make sure you bring personal identification and all keys, garage door openers, etc. that your buyer will need.
Selling to a cash buyer is a great way to sell your home quickly with less hassle. For ultimate convenience, you should sell to a home buying company. These companies are easy to research, find, and work with.
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