What Is an All-Cash Offer?
An all cash-offer is when someone buys a house outright without involving financing. In other words, they close the deal by transferring funds electronically or through a cashier’s check.
All cash offers are usually made by 2 two types of buyers, one is individual buyers that plan to buy the property through cash without the involvement of bank loans, second are cash house buyers or real estate investors that are looking to buy the property as it is for future investments or rental purposes.
Closing times for cash-based selling’s are usually brief and smoother because of less third party interferences. It can take anywhere from a few days to a maximum of 2 weeks to seal the deal. On the other hand, financed selling’s may take 30-45 days as the buyer will be taking over the mortgage of the property.
Here’s the process on how to sell your house for cash
1. Sign the Contract
The first step in the process is accepting your buyers offer and completing a purchase and sale contract agreement.
2. Verify Proof of Funds
Because the buyer is using their own money for financing the purchase, you need to make sure they do have enough funds to make the purchase. Typically, you can ask for upfront advance payments, usually 2-6% of the sales price to be made on the spot and request proof of funds in the form of bank statements and investment contracts.
3. Hire Title Escrow Companies
Now depending on the situation, either you or the buyer can choose the companies. A title company is usually approached to make sure that property lines are demarcated and no pending property liens exist. Title companies also make sure that the ownership of the property changes on the day of closing. Escrow companies are responsible for managing closing documents and paperwork and facilitate the transfer of funds thus recording the purchase.
4. Pass Home Inspection
Most buyers will usually request a home inspection contingency, which is an agreement that the buyer would like to conduct an inspection of the house and bear the expenses, and request repairs and re-negotiate the selling offer if need be. Once you pass the inspection, you are on your way to closing. This is valid when you want a buyer to buy Dallas probate home cash quick. So, do this without hesitation.
5 Review and Sign Closing Documents
As closing approaches, an enormous amount of paperwork is guaranteed. Make sure to check and review and sign your final closing instructions with your escrow company, and recheck the amounts, HDU-1 settlement statement that shows the amount of money used in the transaction, the certificate of title, title deed which shows the change of ownership, loan payoff statement if you have mortgage on the property, statement of closing costs stating the official deal and transfer of funds and a statement of information.
And you are closed!
On the day of closing, make sure to keep your government-issued identity card, the deed if your house is paid off, house keys, garage doors and alarms doors and a cashiers cheque in case some dues are pending not covered by your escrow company.
If you are want someone for selling inherited property Dallas Texas from you, it can be done exactly the above way. Find a good cash home buyer and they will arrange things for you.