Selling your home fast for cash? Even if you’ve sold a home in the past, selling a home for cash is a very different process. Learning a bit more about how it works can help you have a successful home sale.
The Process Moves Quickly
The first thing to understand is that the process of selling a home for cash moves far faster than selling a home to a more traditional buyer. With a traditional buyer, there’s typically a mortgage company involved and multiple inspections. In those situations, you usually have a few months on your hands before the sale closes. With a cash buyer, though, things move very quickly, often within the span of just two weeks. Once you accept the offer, you’ll find the time between the moment you sign the contract and the closing day to be quite short.
Get Proof of Funds
Before you sign a contract, remember to ask for proof of funds. The last thing you want to do is get involved with a real estate scam. There are a couple of different ways to get this information. You can ask the cash buyer to have their financial institution issue a letter directly to you or your real estate agent. This letter should state the account holder’s name, account number, and confirmation of available funds. You can also ask the cash buyer to provide a certified check or bank draft made payable to the appropriate parties involved in the transaction. This serves as tangible proof that they have the necessary funds for the purchase. Finally, you could request a letter or statement from the cash buyer’s attorney or certified public accountant (CPA) confirming the availability of funds.
Remember that a Contract is Binding
If you’re selling a home fast for cash, the most important thing to remember is that a contract is binding once you sign it. This means that once you sign on the line with the potential buyer, you have to sell to them for the amount printed on the contract or they can take you to court (which can be an expensive process). If you’re not sure this is the right move or you don’t understand something in the contract, be sure to ask an attorney to help you review and understand it.
Selling a home fast for cash can be a perfect way to get rid of your home quickly, but be sure you understand the legal implications before you get started!