Almost everyone must have heard about the phrase “cash is king.” This indicates that to have cash is better than any promise for a payment in the future. The whole process of selling homes for cash indeed is easy. It truly is. If you want to know how, keep reading further.
Often people mistake the fact that selling your house for cash means getting a bag full of cash on the day the deal is closed. Well, this is not the case. Here cash means the buyer will not require any mortgage for buying one’s house. Instead, on the closure of the deal, the homeowner will get the payment through wire transfer or cheque.
The Step-By-Step Process
If you are in a great hurry or there is a sudden emergency, you can sell your sweet home for cash through a cash home buying company such as myfriendfernando.ca will be the right choice. This will immensely speed up the process. All you need to do is:
- Get in touch with the cash home buyer for an appointment.
- The buyer will see the property and give an offer at the time of the visit.
- The homeowner will accept the offer and then sign the agreement.
- Finally, the closing will take place within two weeks.
To go through the house selling process for cash indicates:
- No listings, which means no home staging, time-consuming showings, and no cleaning.
- No banks or appraisals can lead to a delay.
- No inspections of the home, which means no expenditure on repairs.
- No cost closing, which means the seller will have more money.
- No commissions for real estate agents, which again means the seller will have more money.
A Close Look At The Basic Steps
A real estate company that buys your house will follow these basic steps, namely:
In-Depth Research: In the case of real estate agents, he will present the seller with a comp or market analysis. The comp will show the homeowner similar properties that have been sold recently in their market. One can compare his house with other houses with similar conditions, age, number of bathrooms and bedrooms, square footage, neighborhood, and amenities. Cash home buyers will not pay comp price to the market yet will act as a good starting point, especially for the seller for negotiating.
Check Prospective Cash Buyers: The home seller can do research online using search terms such as sell homes for cash, sell houses fast, and cash for homes.
Make Inquiries with Cash Buyers: While contacting the selected home buyer, the seller should be ready to ask him some questions such as:
- Have they bought any house in their city or neighborhood?
- Can they offer to prove that they can pay the entire amount of cash?
- Will they close the deal in a week to a month’s time?
- What are the forms of property they give cash for?
- How do they determine cash offers for homes?
- What is their process to purchase homes for cash?
Assessment of the Property through the Cash Buyer: After getting the complete address of the seller through a form online or on the telephone, the buyer will ask a few questions related to the house for prompt market analysis. Buyers are of two types – on the one hand, some may discuss the offer right away during the telephonic discussion, while others will walk through the house and then make the offer.
Offer Made by the Cash Buyer: As opposed to the traditional process of buying where buyers discuss with agents for making the offer, cash buyers, on the other hand, will make the homeowner cash offers for the house post completion of their assessment.
Approval of the Offer by the Seller: The seller has the liberty of rejecting or accepting the offer of the cash buyer. However, there will be no obligation to accept their offer.
The seller selects the Closing Date: For closing the sale fast, this process will be a big hit.
Sale Agreement: It is a form of contract that means one plans to sell their home to buyers while the buyer plans to buy the home from the seller. Besides, it is vital on the buyer’s part to get proof that the cash promised is paid by the cash home buyer. Therefore, the seller may request that he verifies his ability to pay the sum promised.
In short, there are ample benefits of selling a home for cash:
- First, you will not require waiting longer to sell the house on the open market.
- You do not need to upgrade or make extensive repairs and sell the house as it is.
- Again, there is no need for any showings.
Although these are some of the benefits, the list includes much more. In short, selling a home in cash makes sense. And if convenience and speed are one’s priorities, this is the perfect move.