Selling a house for cash has many benefits that are not available in a traditional house sale. Apart from quick turnover, the seller doesn’t need to pay closing costs, fees, and payment to the realtor. With Housing Solutions REI, the process is simple, quick, and without legal and financial complications involved in putting the house for sale in the market. It’s also true that the seller doesn’t need to renovate and repair the home because the buyer takes all the responsibility to fix the house.
Remember, cash transaction doesn’t mean that the buyer will pay you the cash in dollar bills. Instead, it means that you will get the cash in your bank accounts through an electronic transfer. Such a transaction will ensure that the seller and the buyer have proof of the transaction and the payment is recorded for legal purposes.
If this is the first time you’re thinking about selling a house to a cash buyer, it’s logical to understand how the cash transaction takes place. Here are the necessary steps that you are likely to go through when settling a cash transaction:
- Contract: The seller and the buyer will need to sign a Sale and Purchase Agreement that will specify conditions of the cash transaction. The contract is sometimes referred to as “going under” contract.
- Verify Proof of Funds: As a seller, you need to make sure that the buyer has enough funds to fulfill the obligation. The buyer can provide this proof in the form of a bank statement verifying that they have the necessary capital to complete the transaction. In the next step, the seller also gets 1 or 2 percent of the earnest money upfront that tells the buyer that the seller will not sell the home to another buyer within a stipulated time period.
- For home sales in Kansas City, Missouri, you are required to hire a title and an escrow company. Sometimes, a single company can do both jobs. Title transfer ensures that you are eligible for the transfer and you don’t have any real estate bank payments pending. Similarly, it clears you of any other debt such as child support, court liabilities, and tax payments.
In contrast, an escrow company facilitates you in dealing with the financial and cash aspects of home sales. The escrow company will take care of the paperwork related to cash and financial transactions.
- Home Inspection: If the buyer has agreed to buy the home as it is, the buyer can still ask for home inspections. Such home inspections ensure that the buyer and the seller understand the actual condition of the home before a transaction takes place. These inspections work in favor of both the parties as no one can accuse each other of manipulating the house condition during the sales process.
- Closing Contract: When it’s time to settle the deal, you will need to sign a lot of paperwork. Just remember to review each paper before signing and keep everything in a safe place because you will need this in the future.
Just remember that selling a home for cash is much easier and quicker than a traditional home sale. If you have made up your mind, it doesn’t hurt to ask for a quote as real estate investment firms such as housingsolutionsrei.com can give instant cash offers matching the existing market prices in Kansas City and surroundings.