When looking to sell your house, you may be wondering what the quickest way is. Surprisingly, selling your home for cash can be one of the easiest and fastest ways to sell your property and move on to enjoying your new house. But to do this, there are a few tips that you need to be aware of first.
What You Need to Know When Selling Your Home for Cash
1. Find Out How Much Your Home Is Worth
First off, you need to find out how much you can realistically list your home for. To do this, you can speak with a real estate agent to learn how much homes like yours have sold for in your area, and use comparative analysis to come up with the correct price. If you’re planning on hiring a real estate agent for this process, you can make it even easier as they can give you further details about what they think you should sell for.
2. Determine If You’ll Be Selling Your Home ‘As-Is’
One way of selling a house fast for cash is going through a home buying company. These companies will often buy your home as-is. However, if you don’t want to do that, you’ll need to consider if homebuyers will be enticed by your home without renovations. While updating your home before selling might sound counter-intuitive, it can increase your asking price realistically. For instance, fixing a leaky roof, improving the landscaping, or addressing structural issues can help boost the value of your home and allow you to get more for it.
3. Consider How to Sell
There are numerous places where you can list your home for cash. This can include Facebook, Zillow, and Craigslist. You can also put a for-sale sign out front or scout out potential buyers at real-estate auctions. If you’re really in a hurry, consider contacting a home buying company that can often provide the quickest turnaround.
4. Don’t Pay Anything Upfront
If you do choose to go through a home-buying company, make sure you never pay for anything upfront. Legitimate companies will never require upfront payments, not even application fees. Do research on companies near you and read online reviews from people who have previously used them. This can be the best way to get a better idea of which companies are the best and which can give you the best deals.
5. Understand the Timeline
When selling your home for cash, you’ll also want to understand what your timeline is going to look like. Most commonly, it goes like this.
- An offer is made and accepted by you, the home seller.
- As a seller, you need to verify that the cash buyer has the funds available to purchase your home.
- Once verified, the funds will be moved into escrow until everything is complete and the title is secured by the purchaser.
- A title search needs to be done, which could take up to three days.
- An inspection can be conducted at this point, provided the purchase agreement states otherwise. If you don’t want an inspection conducted, you can specify this in the agreement which the purchaser will have to sign.
- The buyer can also choose to have an appraisal conducted.
- A final walkthrough will often occur prior to closing.
- Once everything is complete and closing begins, the process will go much quicker as there isn’t any mortgage paperwork to deal with.
While there are numerous steps that still need to take place, this is often much quicker than trying to sell by traditional means. This can allow you to sell your home quickly so that you can turn your attention towards your new property.
Don’t Rush the Process
While selling for cash is quicker than other methods, it’s important not to try and rush it more than need be. Although it may be important that you sell your house as quickly as possible, by trying to speed run the process, you could risk getting less money than you deserve or overlooking important details.
If you’re planning on going through a home buying company, they will often take care of everything. However, if you’re selling on your own, consider hiring a real estate agent to help with the process. This can ensure you get a fair price and that nothing is left out.
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