When you sell a cash house, the buyer won’t come to you with a briefcase full of money. It simply means they already have the cash necessary to buy your house. Their offer doesn’t depend on whether or not they manage to get a mortgage.
One of the main benefits of selling a house for cash is that you can sell it faster. It can also be an excellent option if your house needs repairs you can’t afford.
That being said, what is needed to sell a house for cash? Let’s find out!
Table of Contents
You need to know your home’s fair market value
To sell a house for cash, you must know its fair market value. How much is your house worth?
If you want to sell your house for cash, the offers you receive might be lower. This is especially if your goal is to sell as-is so you can save money on repairs. Although you might be ready to accept a low offer, you want to avoid selling at a price below your home’s market value.
To prevent this, you could appraise your house or use an online tool to get a home value estimate for free.
Your house title should be clear
A prospective buyer might ask a title company to conduct a title search on your property. Your house needs a clear title, or the transaction might not go through.
But what does it mean? A clear title simply indicates that you are the rightful owner of your house and that there are no claims on your property.
On the other hand, if you have unpaid taxes or unresolved building code violations, this information will appear on your home title report. This could make it harder to sell your house.
You have to find qualified cash buyers
What else is needed to sell a house for cash? Qualified cash house buyers, of course.
Consult with companies that buy houses for cash, regardless of their condition. They will either renovate them to sell them for a profit or turn them into rental properties.
If you’re unsure how to find serious cash buyers, ask a real estate agent for advice.
You need to carefully review each cash offer you receive
If you receive more than one serious cash offer, you must review each carefully before moving forward.
Of course, you want a good price for your house. But you also want to ensure you are comfortable with the offer terms.
You also need to ensure the offer is legitimate and that the buyer can provide you with proof of funds. Additionally, it’s a wise idea to ask for some upfront money as a deposit.
The cash buyer will present you with a contract
When you receive a cash offer you like, it’s time to sign a contract. The buyer usually presents the seller with a contract, including the purchase price, terms, closing date, and deposit amount, among other details.
You can sign the contract immediately or, if you prefer, get it reviewed by an attorney before proceeding.
Your house might need to pass a home inspection
While some cash buyers will happily buy a house “as is,” others will request a home inspection. If that is the case with your buyer, your house must pass inspection before closing.
But remember that a buyer who requests a home inspection might renegotiate their final price offer. If they want you to cover the house’s repairs, this could delay selling your house for cash.
If you want to sell quickly, opt for a buyer who will not request a home inspection.
You will have to review the closing documents before signing them
When the time comes, you must review and sign the closing documents. Even when selling a house for cash, there is still much paperwork to deal with. This includes the title deed and the settlement statement, among others.
When you finally close the transaction, bring the deed, some government-issued ID, and all your house keys to your house. Some additional funds might be needed to ensure all costs are covered.
