If you’re wondering, “How do I sell my house in Las Vegas?” then you should consider selling for cash. There are quite a few benefits to accepting a cash offer.
Skip the repairs.
Whether you’re going through a divorce or facing the possibility of foreclosure, selling your home for cash is a great way to sell quickly and move on. You won’t have to waste time or money on repairs — the cash buyer will buy the home “as is.”
Skip the marketing and open house events.
If you put your home up for sale, you’ll need to prepare your home for showings and keep it clean 24/7. For busy families, or homeowners facing difficult life circumstances, this is something they don’t want to deal with. Cash buyers don’t expect homes to be in tip-top condition and routinely make offers for homes in their current condition.
Reduced risk and faster process.
A mortgage home sale may take four to seven weeks to close, whereas a cash sale may close in just a few weeks. Non-cash buyers need a loan, which means there’s a possibility they might not qualify for financing. When or if that happens, you’ll be right back where you started — searching for a buyer. That’s why you should consider selling your home for cash.
What happens during an all-cash home sale?
Wondering, “What happens when I sell my house in Las Vegas for cash?” Here are the steps.
1. Sign the contract.
The first step is to complete and sign a Purchase and Sale Agreement. This tells the buyer you’re ready to begin the formal process.
2. Obtain proof of funds.
Before you start paying selling costs, make sure the cash buyer actually has the funds to make the purchase. Your real estate agent will ask the buyer to provide proof of funds, such as bank or investment statements. You will also need to request money up front, usually 1% to 2% of the sales price.
3. Hire title and escrow companies.
You’ll need a title company to ensure property lines are drawn correctly and to check for outstanding liens. The escrow company will handle all closing documents, oversee the payment process, and take care of the legal paperwork recording the sale. Some companies handle both title and escrow tasks.
4. Pass the home inspection.
Cash buyers typically make an offer with an inspection contingency. This means they will cover the costs of the inspection and with the option to request repairs or renegotiate the sale price depending on the results of the inspection. Once the inspection has been completed and the buyer is satisfied with the condition of the home, you’re ready to close the deal.
5. Review and sign closing documents.
Congratulations on getting this far! All you need to do now is sign the final paperwork.
- 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