If you have heard about selling your home to a cash buyer, you probably know that it is a much simpler process than selling through an agent on the regular housing market. Many people understand the basics of cash buying. What you might not know about is the closing process when selling to a cash buyer. Knowing what to expect in regard to the closing process of a cash sale will help you plan out your selling and moving timeline.
Evaluation of the House
Before you and a cash buyer will close on an offer, the cash buyer will first complete an evaluation and inspection of the house. Cash buyers typically have certain criteria that they are looking for before they will give an offer on a home. Because cash buyers usually want to invest in property, they need to make a profit off of it. Therefore, they are looking for homes they can purchase below market value (aka, fixer-uppers). So, if you are looking to sell as-is, they will want to evaluate and inspect the home first to ensure that the need for repairs is considered in the final asking price.
Negotiation Process
Once the buyer has named their offer, you are free to accept, reject, or negotiate this price. It is a good idea to know generally how much your house is worth so that you can immediately discern whether the cash buyer is offering a fair price. Negotiations are not limited to the offer price and may also include things like selling your home as-is or deciding how much renovation must be completed before the transaction.
Deciding On an Offer Price
Both you and the cash buyer must agree on an offer price in order to close on the deal. The nice thing about working with a cash buyer is that there won’t be many third parties–like real estate agents or lenders–who might pressure you into making a decision or set contingencies. For the most part, you are working directly with the buyer and can decide for yourself what is best.
When working with a home buying company, the company will come up with a cash offer for you. Then, they will handle all of the closing details, like the title search. You won’t pay for closing fees and you can have your cash in a matter of days.
As you can see, the closing process when selling to a cash buyer is quite simple and quick. Both you and the buyer agree on a fair price and get a great deal. If you are hoping to sell your home without all the stress and difficulty of navigating the regular housing market, consider selling to a cash buyer.
To learn more about how easy it is to sell your home to a cash buyer, contact Midwest Homebuyers here today!