Selling a house for cash is not the same as the usual way but fairly common. According to the available data - the practice of selling your home for cash has increased from 17,000 in 2009 to 36,000 in 2020. One of the several reasons is the lesser time it takes to complete the proceedings – as there is no financier involved. If all the documents are in order, and both the seller and the buyer have reached a mutual price decision – the deal can go through quickly.

The actual meaning of the term

Although the deal is called “selling the house for cash,” – it doesn’t mean that the payment should be in cash only. It is illegal to settle the deal– however, the buyer can use a cashier’s check or transfer the total amount from your bank account to the seller’s. The meaning of the real-estate jargon of sell home fast for cash is that the buyer will procure it outright – without the involvement of any financier. 

Mainly, two buyers will go for this deal – single individuals and real estate investors. Single stakeholders usually look for smaller houses, while real-estate investors can find full-fledged homes. Both of these parties can develop the required funds for direct purchase. 

You wouldn’t need to list your house for sale with real estate investors. They will conduct their research, procure the necessary details, complete an assessment, and put you an offer they find the most appropriate. You have the right to bargain or discuss their proposals or seek professional help.

The process involved in house sales for cash

House-buying through mortgage may not be fruitful - the deal may not follow through. Whereas, if you are looking for an assured agreement, it will be better to sell your house fast for cash than wait for the decision of the financier – which has every chance of falling through. However, if you are going through with the money for sale – you should know the processes involved. You can find a short account below:

1. Going into agreement

It would be best to go under contract with the agreeable party once you have found them. However, make sure that the buyer is genuine, as the warranty will set their offer. You have to complete a Purchase and sale agreement contract with your chosen buyer. 

2. Acquiring evidence of funds

The comfort of a fast sale and the minor worries is why many buyers opt for lower-priced all-cash deals. However, you can ask the buyer for evidence that they have the adequate amount to conclude the sale fully. Most sellers ask for one or two percent of the final negotiated price, called ‘earnest money – which ensures that the buyers will see the deal to the end and the seller is protected. They can ask for additional proof like investment statements and bank statements. If you are unsure about these processes or fear forgeries – you can take the help of professional real – estate agents. 

3. Handling title and escrow

The title and escrow are two of the most severe legal conclusions the buyer and seller must complete (depending on the house location). They can hire appropriate concerns which will provide the following services when you sell home fast for cash:

If you are not sure about these processes, you should hire experienced title and escrow companies for them. Note that some companies offer both services.

4. Starting home inspection

The buyers can ask for an inspection contingency with their price offer. It protects their rights as a buyer. The inspection contingency states that the buyer will pay for an inspection of the house by an accredited individual or company. However, it also says that the buyer has the right to change the agreed-upon price subject to any potential issue the inspector may find. The buyer can ask the seller to rectify the problems or can go for a decrease in the sale value while solving those problems themselves. After the two parties have solved all the price negotiations, the agents can start the deal conclusion. 

5. Accepting the closing documents

You will have to sign many documents while you sell your house fast for cash to come through. It may seem a bit annoying – but knowing about papers and their purpose will help achieve an iron-clad and error-free sale. The list below explains the documents and the services they will offer:

• Final closing instructions: You need to sign them at this stage if you already haven’t while opening the escrow account. It contains the task details the escrow company is responsible for providing you in the deal.
• Statement of information: This document endorses and validates your self-proclaimed identity. 
• Certificate of title: This document verifies and validates your right to sell a property.
• Title deed: This document officially transfers the property ownership to the buyer – provided it is registered and recorded at the court of law.
• Mechanics lien: This document, once signed, will legally bind the seller to the statement that no debt exists for any property work the home has received.
• Loan remuneration statement: The seller will need to sign this document that the house being sold has an active mortgage on it. It states the mortgage amount on the sale closing day.
• Declaration of closing costs: This certificate specifies that you have been informed and agreed to the closing costs and their details. 
• Bill of sale: This document contains the details of any additional items the seller is counting in the deal – like furniture left for the new property owner. 

Choosing the most profitable concern

It is tiresome to keep track of so much information when trying to sell a home fast for cash. In this situation, please hire a professional and dependable concern – who will work quickly, provide the most reasonable offer for your property, and assist you in completing all the legal formalities. They will also offer you sound advice even if you are not interested in selling your house fast for cash.

So, if you are looking for the most excellent deal, contact the most popular real-estate business concern.