Selling your house for cash is an excellent idea if you need ready cash and a less tasking experience. With the right property buyer, you’ll get an excellent deal for the house through seamless interaction. You only need to scout for the best property buyer in your area and get started.
However, it can be overwhelming if you’ve not done this in the past. You need to know exactly what you’re doing and make sure you get a deal for your property. If you’re thinking, “I need to sell my house for cash California style,” or any other style, here’s some information you’ll need.
Sign The Contract
After you find the ideal buyer for your home, you need to be under contract before engaging in business. This means that you need to sign a document that shows you’re in business with the property buyer. The document assures the buyer that they are the only person you’re doing business with.
Get Proof of Funds
Now that you’ve signed the contract with the buyer, you need to secure your earnings. Ask the buyer to show proof of funds. You can ask for between 1-2% of the overall price in cash. You also need to make sure that the balance is released as soon as you close the deal. Ask the buyer for bank or investment statements showing their ability to make the final payment.
Hire Title and Escrow Companies
You need help from title and escrow companies to finish the deal on your house. The roles of the title company include:
- Ensuring that property lines are drawn correctly
- Ensure there are no ownership issues with the property
- Issuing title insurance
- Ensuring that the property changes ownership
An escrow company will help you streamline the payments and legal issues around the exchange. Here are the major roles of an escrow company in your deal:
- Managing all closing documents
- Facilitating fund transfers
- Completing the legal paperwork for the sale
There are companies that offer both title and escrow services. You can hire one and have your sale handled by professionals.
Pass the Home Inspection Assessment
Your home needs to pass the home inspector’s test before completing the sale. The buyer mostly submits an offer with an inspection contingency. This means that they’d pay for the inspection.
Once the house inspector gives their report, the buyer can identify areas that need repair and would depreciate your home’s value. The buyer can ask you to do the repairs or lower the price you’ve placed on the house.
The most probable option when engaging in a cash sale for your home is the buyer will ask you for price negotiation. Most property buyers like to handle the renovation and repair processes in their bought properties. They design houses to fetch better money than the buying price when they resell them.
Reviewing and Signing the Closing Documents
After going through the four steps, the final step is signing the closing documents and getting paid. The final closing instructions are usually included in the escrow account. They have a detailed outline of what the escrow company is responsible for and the processes they’ll follow to facilitate the closing. Remember to double-check all the amounts before signing the document.
Other documents you’ll need to sign include:
- HUD-1 settlement statement
- Certificate of title
- title deed
- loan payoff statement’
- mechanic liens
- bill of sale
- statement of closing costs
- statement of information
After signing these documents, you can get the money for your home and relinquish ownership.
Sell Your House for Cash
If you decide to sell your house for cash, you must do it well so you don’t get conned. Follow all the legal steps and get a great deal for your home.
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