In 2021 alone, all-cash home sales rose to 25 percent of the market total. With one of the most competitive markets in almost 50 years, buying outrightly in cash was sometimes the only way buyers could get their homes. In other instances, though, you might have to sell for cash to get out fast.
No matter your reason for wanting to know how to sell a home fast, we’re here to help.
Read on to learn nine of the most important steps to the cash home selling process.
1. Have Your Property Appraised
The first step, you need to know the value of your home.
Cash offers are typically less than traditional offers, but it’s still important to recognize when you’re getting lowballed. Knowing the value of your home after a professional property appraisal can help you avoid this exact problem.
Some companies offer online free home value estimates by gathering data from different places, including county assessors, real estate property listing websites, and title companies to help get an idea of what your property’s current value is.
While this sort of evaluation isn’t going to deliver the same amount of accuracy that a professional appraisal will, it’s a great way to get a headstart on the home selling process.
2. Find a Cash Buyer
From there, it’s time to find a cash buyer.
You can create a home listing and wait for a cash offer to come through on the market or reach out to companies like First Time Home Buyers. The process will look different depending on which you choose.
If you have a buyer, it’s going to look like the regular home buying process, but if you choose to reach out to a home buying business you can expect a few differences.
3. Request an Offer
With our five-step selling process, all it takes is a phone call and assessment to have a cash offer in your hand.
You can either fill out our questionnaire or give us a call. We’ll ask you a few questions, and then our tools will help assess your home so we can make you a cash offer over the phone or in person.
4. Evaluate Price and Terms
From there, you can evaluate the price and terms of your offer to ensure it’s something you’re interested in. It can be difficult to calculate the strength of an offer yourself, but it’s important to keep things like your home’s condition, the legitimacy of the offer, and the offer terms in mind.
That’s why having your home appraised is so helpful. When you know the fair market value — along with any work that needs to be done — it’s easier to know when you’re getting a good offer vs. when you should walk away.
5. Agree and Start the Paperwork
From there, all you have to do is agree to the offer itself and start your paperwork. This part is going to look similar to a conventional home sale in that it includes the purchase amount, deposit amount, and closing date.
Another thing you’re going to have to remember is your disclosures. These are going to disclose any known information about a property that might impact its value, and every state has laws related to what you have to disclose, but remaining transparent throughout the homebuying process is always a good move to make.
6. Handle Any and All Unique Requirements
While your cash sale is likely to be straightforward from beginning to end, sometimes there are unique circumstances you have to follow. If your home is under an HOA, then they’re likely to have requirements for your home (like having 30 days to process the buyer’s application).
7. Have the Home Inspected
In some instances, you might also find that your cash buyer requires a home inspection. Some are willing to purchase the home sight unseen, but this is only if they know they’re getting a deal so good any problems with the house won’t really matter. These offers usually close in around seven to 10 days, but the process is going to be longer if there’s a home inspection involved.
The buyer might also want to renegotiate the sale price to cover any required repairs. If this is the case, it’s smart to prepare ahead of time — especially if you’re anticipating a price reduction.
8. Clear the Title
Whether you’re selling for cash or not, a title search for your home is going to be required. Things like unpaid taxes, a second mortgage, and even unpaid alimony or child support can all prevent your home sale from moving forward.
If you want to prevent this from happening, purchasing a preliminary title report can be helpful.
9. Sign Closing Documents
Once everything is cleared, it’s time to sign the closing documents. This process is the same with both a traditional and cash home sale. You’ll sign the same documents, and you can choose to have either the title company draft everything, or you can let an attorney handle everything.
Ready to Take on the Home Selling Process?
Now that you know a bit more about what to expect from the home selling process, are you ready to sell your house for cash? While selling for cash might not be the most traditional tactic, it’s sometimes necessary if you’re in a bind. Not only can it help you out of a number of tough situations, but it’s perfect if you need a property off your hands.
If this sounds like you, First Choice Home Buyers can help. Contact us today to request a cash offer and get started.