Written By The Simply Homes Team | July 5, 2022 | 4 minute read
Selling a house to a cash buyer is an excellent option for sellers in tight financial spots and those who just want to close their sale as quickly as possible. If you don't have experience with this type of sale, you will likely have some questions about the process before you're ready to start looking for an offer.
A cash sale is more straightforward than the traditional method of working with a realtor. Nevertheless, selling off-market is an unfamiliar option for most homeowners. Here's an overview of selling your home to a cash buyer to help you feel more confident about the process and decide if it's right for you.
If you're curious what draws many people to sell their houses for cash, look no further than potential cost savings. One of the most significant sources of savings for the seller in these transactions is the lack of real estate commission fees. As noted by The Mortgage Experts, "Real estate agents make a commission on each home they successfully sell. That commission is generally around 5-6% of the sales price."
People who want to sell without a realtor typically pay a flat fee to list their house on their local multiple listing service—choosing to sell for cash lets you avoid paying this fee. You can even bypass the expenses of house cleaning and repairs when you sell to a cash buyer since many of them will accept your home as-is.
Getting a cash offer is a great way to add certainty to the process of selling your home. You won't have to wait for your buyer's mortgage loan approval. Instead, you will have peace of mind that your sale will go through quickly once you receive an agreeable offer. Plus, the quick funds can be a tremendous windfall to help you relocate smoothly.
Your first interaction with a potential buyer will be requesting an offer. Of course, this raises the question: What's the best way to get started? With buyers like Simply, you can submit your offer request through a simple form on their website with no hassle. The buyer will review basic information like your address to determine if they are a good fit for your home. The process only takes 30 seconds when you request an offer from Simply, and you can expect an agent to get in touch within 24 hours.
A cash sale allows you to forego a traditional bank inspection. However, your buyer will probably still want to schedule a visit to see the house in person. Many instant buyers will send a local representative to perform this assessment for free. You can rest assured that the walkthrough will be as quick and unobtrusive as possible.
A quick walkthrough by a Simply Local Expert allows us to present you with the highest possible offer on your home! The assessment is meant to give the buyer an understanding of the home's condition and any necessary repairs. During the assessment, your reviewer may take some photos around your house and ask a few simple questions. This allows them to get a complete picture of its history and fair market value.
After completing the assessment, your buyer will send you a free, no-obligation offer for your home. Many sellers compare their offer to a professional comparative market analysis from a trusted real estate agent. Getting an idea of the market value of your home will make it much easier to recognize a fair offer. When you're satisfied with an offer, you can close and get ready for your move in a time frame that works for you.
To close your sale, you will attend an appointment with a title and escrow company to sign the required documentation. Examples of documents you will sign during your appointment include the HUD-1 settlement statement to itemize the transaction and the certificate of title that verifies your right to sell the home. The purchaser may have a preferred title and escrow company to facilitate the title search and signing process.
Being able to close and move in a matter of days is a key advantage of selling your home to a cash buyer that shouldn't be overlooked. When you sell with Simply, you can close and move in as little as seven days or as long as 60.
If you're eager to sell your home but aren't thrilled about paying real estate fees or scheduling an open house, a cash sale may be the right option for you. Skip the hassle of tedious house cleaning and repairs, preparing for multiple showings, and paying a fee to list your home for sale. Click here to start the process with Simply today and get a fair offer on your home—without the headache.
August 6, 2022
June 7, 2023