What is a cash offer?
When someone says they want to buy your home for cash, should you expect men in black to show up at your door with suitcases filled with cash? Actually, it’s illegal to close a real estate deal in the U.S. with actual cash.
A cash purchase means the buyer is buying a home without financing. The payment can be made electronically or with a cashier’s check.
Who are cash buyers?
How long does an all-cash purchase take?
Unlike a financed purchase, which can take 45-60 days to close, the closing time for a cash purchase can be as quick as just two weeks. Homeowners in a rush to sell their home often choose cash buyers to speed up the process.
What happens during the cash buying process?
Are you wondering, “What should I expect if I want to sell my house for cash in Las Vegas?” Here are the steps.
1. Sign the contract.
When you’re ready to accept a cash buyer’s offer, you’ll need to complete a Purchase and Sale Agreement, signifying you’d like to begin the formal process.
2. Verify proof of funds.
It’s important to make sure the cash buyer actually has the funds to make the purchase before you pay for selling costs. Your real estate agent will assist you in requesting proof of funds, typically by asking for bank or investment statements. You will also need to ask for money up front, usually 1% to 2% of the sales price.
3. Hire title and escrow companies.
Depending on which state you’re in, either you or the buyer will need to choose title and escrow companies. A title company will ensure property lines are drawn correctly and check for outstanding liens. The escrow company will manage all closing documents, facilitate the transfer of funds, and handle the legal paperwork recording the sale. Some companies handle both title and escrow tasks.
4. Pass the home inspection.
Cash buyers frequently submit their offer with an inspection contingency, which means they will pay for the inspection and retain the option to request repairs or renegotiate the sale price depending on the inspector’s findings. Once this step has been completed, you’re ready to close the deal.
5. Review and sign closing documents.
Get ready for a mountain of paperwork, even if you’re accepting cash. You’ll need to sign the following documents:
- Final closing instructions
- HUD-1 settlement statement
- Certificate of title
- Title deed
- Loan payoff statement
- Mechanics liens
- Bill of sale
- Statement of closing costs
- Statement of information
If you’re thinking, “I’m ready to sell my house for cash in Las Vegas,” give Fast Free Home Offer a call to get started on selling your home!