When thinking about selling to a cash buyer, many homeowners are concerned about how quickly they can close. They may be familiar with the traditional home sales process, in which the closing can take several months. That’s not the case with a cash sale. It can usually close within a couple of weeks.
The Cash Buyer
During a traditional closing, the longest delay usually involves waiting for the buyer to finalize their mortgage loan. If the buyer has trouble producing the needed documents, the process could drag on. And, there’s always the possibility that the lender will deny financing and the deal could fall through.
Cash buyers don’t need to get a mortgage loan to buy your property. They already have the money on hand to pay the full amount of their offer. They also don’t order property appraisals or home inspections, which also speeds up the process.
Working with a cash home buying company is simple and straightforward. You contact them, either by phone or email, and give them basic information about your house, such as size and location. They often will send a representative to meet with you in your home.
Within 24 hours, you have a cash offer. If you accept, you set a closing date. The closing can often happen within a week, as long as your title is clear. If you still owe money on the house, you should contact your lender to make arrangements for a payoff.
At a traditional home closing, various expenses are deducted from your sales proceeds. Commission amounting to an average of 5 to 6 percent of the total selling price is deducted. Other expenses such as taxes and fees may also come out of your check.
That’s not the case with a cash sale. Since cash home buying companies don’t employ sales agents or brokers, they don’t charge commission. They’ll also pick up any other closing costs that might be charged.
If you need a quick sale, selling to a cash home buyer can be a good alternative. From the time you first contact the company, you can almost always be finished with the sale within 30 days. The cash home sale can be fast, simple, and stress-free.
Ready to sell your Spokane area home quickly? Click here to learn you can close quickly with the Easy Homebuyer.