The closing process is something that can be pretty confusing for a lot of people, even if they have sold a home before. Every closing process looks a little different, but cash home sales have a much different process than a traditional real estate closing process.
Once you receive and accept the offer from a cash home-buying company, you’ve entered the closing process. At the same time, this isn’t a closing process like the one you are familiar with. In the traditional closing process, you have to go back and forth, usually through your real estate agents, to work out the details of the sale and everything involved. With a cash home-buying company, there are no negotiations. A lot of this comes from the fact that they buy your home as is, so you don’t have to negotiate on repairs. They also aren’t moving into your home, which means that you can, within reason, pick the date that you will move out.
Usually, when you sell your home, you need to allocate some of your money to the closing fees. How much you end up paying is part of the negotiation process, but even if the buyer is paying all of the closing fees, you are most likely still responsible for paying your real estate agent. On the other hand, working with cash home-buying companies cuts all of this out. There are no closing fees for you to pay. And you don’t work with an agent, which means you don’t owe them the percentage commission that can be pretty steep. This means you walk away with all of the profits from the sale, rather than handing some of them off to someone else.
Because there are no negotiations and the cash home-buying company doesn’t require financing to buy your home, these cash home sales are able to move quickly. Rather than take the one to two months that closing often takes, you can complete the process as quickly as within a week. This works very well if you are on a timeline or if you are in need of cash quickly. It also works on your timeline, so you don’t have to worry about having to leave your home before you are ready.
Understanding what the closing process looks like is an important step to making sure you are prepared to work with your cash home-buying company. Luckily, agents are also always happy to answer your questions and help you navigate the process.
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