If you’re trying to sell your house fast, there’s a good chance you’ve considered the option of selling it to an investor or a cash buyer. If this is the case, you may be wondering what happens when a cash buyer purchases your house and how the process works.
The option of negotiating with cash buyers can present some attractive opportunities in terms of how much you can sell your home for and how quickly you can sell it. However, before making the final decision, it’s important to understand the process of dealing with a cash buyer. Read on to discover everything you need to know about selling a house for cash in Atlanta.
1. Establishing Rapport
First, establish rapport with potential buyers, and request they share their identity, including their address and contact information. You can then share some basic facts about your home to provide information, such as what repairs are required and how long it’s been since you’ve made improvements or changes in your living space.
2. Requesting Proof of Funds
Cash buyers can come from private equity, investment firms, and even real estate investors. To ensure you’re dealing with a genuine player, request proof of funds in writing or in person. Keep an eye on various red flags like bank statements that don’t include transactions over six months old, or deals that sound too good to be true.
3. Setting an Appointment Time
A cash buyer will schedule an appointment time with you, giving you enough notice so that you can prepare for their visit. You’ll need to set an appointment time that works for both parties so that things can move forward quickly.
4. Conducting Home Inspection
Inviting your potential buyer for an inspection will help you get a better idea of what they want. You’ll also find out how much they’re willing to spend on the purchase. After the home inspection, you’ll know whether or not the buyer finds any problem with your house and will get some time to make some improvements to increase your home sale value before closing.
5. Getting Details in Writing
One of the most important steps in dealing with cash home buyers is getting all details confirmed in writing before moving forward. There’s room for misinterpretation and even miscommunication without having these details provided ahead of time. Be sure to put all your expectations in writing, from what they’ll pay you to how long they have to close on your property.
By clarifying everything now, you can ensure your expectations align with what you can expect moving forward from your cash home buyer. A written agreement also gives both parties legal recourse if something goes wrong.
6. Clearing the Title
This means identifying liens, foreclosures, or previous loans against your property and resolving them before the sale. If there’s an outstanding loan on your house, contact your lender (or whoever holds its deed) to pay it off or transfer the title into your buyer’s name. After that, get in touch with your title agent to clear any additional roadblocks.
Depending on your arrangement, the closing can be accomplished with just one email or phone call. You’ll need to make your buyer understand you’re ready to hand over your property’s title and sign over ownership. However, it’s wise to seek legal assistance before signing anything or closing the deal with a potential cash home buyer. It’s also imperative to use escrow services to protect both parties when accomplishing the final transaction process.
You have several buyer options willing to close a deal when selling your house. Depending on your needs and situation, a cash buyer may be the best option to consider. However, it’s essential to understand what happens when a cash buyer purchases your house to make informed decisions throughout the transaction process.