Gone are the days when the answer to questions on how to sell your house was simply hiring a real estate agent. This was the standard process of getting properties sold. There were no easy ways to sell a house since there was just one way: selling your home traditionally.
Today, things are not where they used to be. You have several options now when the time comes to pass the ownership of your property. Before, buyers relied on help from lending companies before finalizing a deal. Today, there is cash for homes offers that scrap lending companies totally.
If you are wondering how do cash for houses work? Read on to discover the process involved in selling a house for cash.
1. Contact Between Both Parties
There are several ways this can happen: you can either contact these house flippers or they come across your “for sale” sign and contact you. Either way, there has to be contacted between both parties which leads to conversations, meetings, offers, and negotiations. If both parties come to an agreement, the offer is accepted.
2. Append Your Signature on the Contract
How can I sell my property quickly? It’s pretty fast to close on cash offers between 4-10 business days. It’s as easy as accepting an offer and approaching closing. After accepting the buyer’s offer, you will complete a Purchase and Sale Agreement contract. This process is referred to as “going under contract.”
3. Confirm Every Proof of Funds
Cash for houses deals are not financed by loans, still, you have to verify that the buyer has the money to see the deal through. Yes, you have accepted the offer, but to close the deal, you have to ensure the buyer actually has the money available. Sometimes, you can ask for earnest money upfront (usually 1-2 percent of the sales price). Upon final agreement, request proof of funds in the form of bank or investment statements. You are not being too careful if you contact the buyer’s bank.
4. Hire title and escrow companies
As we buy houses company, we have sometimes had to handle the entire process involved in the sale process: including hiring a title company. A title company ensures that ownership of the house is transferred appropriately on closing day and all property lines are cleared. Escrow companies on the other hand manage all closing documents, facilitate the transfer of funds, and complete the legal paperwork that records the sale. It’s not strange if the same company handles both duties.
A property lien is a legal notice relating to an unpaid debt (usually not limited to involvement in real estate). For instance, if you’ve failed to pay your taxes, child support, a lien can be placed on your house until the debt is cleared.
5. Home Inspection
How to sell my house fast for cash if the buyer requests a home inspection isn’t a difficulty. Occasionally, individual cash buyers submit their offer with an inspection contingency. This means that they will pay to have an inspection done, but can choose to request repairs or renegotiate the agreed-upon sale price based on the results of the inspection. Once this hurdle is crossed, negotiation is complete, and closing is in view.
6. Review and sign closing documents
It’s time to actually close, get ready to append signatures on numerous documents. A stack of paperwork is pretty waiting for you, despite being an all-cash deal. Here are some documents you can expect to review on how to sell my home for cash:
- a) Certificate of title: A testament of your right to put the property up for sale.
- b) Title deed: A house receives new ownership when the title deed is signed and recorded at the county courthouse.
- c) Mechanics liens: Proof that you do not have any additional liens on your property from contractors or laborers.
- d) Bill of sale: Additional negotiations outside the primary del are recorded in the bill of sale. If you are selling a piece of furniture alongside the house, it is recorded here.
- e) Statement of closing costs: Once signed, it means you are fully aware of all closing costs and fees attributed to the sale of your house.
- f) Statement of information: To prevent any form of forgery or scam, you have to provide IDs or other means of identification, simply to ascertain you are who you say you are.
If you are looking for means on how to sell your house fast, these easy-to-follow step-wise procedures can guide you. Get some hands-on experience and get the deal done in next to no time. We buy houses for cash in California and can own yours too.