When it comes time to sell your house, you have many choices. Selling a house for cash is a great option that has many benefits. The process is fast, the buyer will take your house in “as-is” condition and when the sale is complete, you will walk away with cash in your account. If this choice sounds intriguing to you, keep reading to learn about the process of selling your house for cash.
What is Selling a House for Cash?
When you choose to sell your house for cash, it simply means that the buyer does not finance the cost of the house. However, it is illegal to close a real estate deal with actual cash in the United States, so the entire transaction is done via an electronic transfer of funds. So, as soon as the deal closes, your account will be credited with the entire amount of the sale. Alternatively, you can receive your payment via a cashier’s check that you can then deposit into your account. When you sell your house for cash, the entire process can be done quickly and you will never even need to list your home.
Sign a Contract
Once someone offers you cash for your house, your first step is to accept the offer and sign a Purchase and Sale Agreement contract.
Get Proof of Funds
It is in your best interest to make sure the buyer has the money that is required to complete the sale. In most cases, you should ask for earnest money of approximately 1-2 percent of the total price upfront. Then, ask to see bank or investment statements for proof of the remainder of the funds.
Hire Title and Escrow Companies
A title company will help you make sure the property lines are drawn correctly, that there are no liens on the property, issue title insurance and will make sure the ownership of the property officially changes. The escrow company will manage the closing documents, take care of the funds transfer and completes the legal paperwork that records the sale.
Have a Home Inspection
Often, buyers will buy a house only on the contingency that it passes an inspection. If your buyer requests an inspection, negotiate an agreed-upon sale price based on the findings.
Review and Sign Closing Documents
When you close a cash deal for selling a house, you are still responsible for signing several documents before the sale can be completed. Here is a list of documents you will need to sign:
- 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 want to sell your Indianapolis area house for cash, Ben Buys Indy Houses is the answer you have been looking for. Contact us today to see how we can help you.