Lost Job? Need to Sell House Fast for Cash? Here Are Your Options
Did you lose your job and need to sell your house fast for cash?
Are you downsizing or relocating?
Maybe you inherited a house that you don’t want.
Whatever your reason for wanting to sell your house, keep reading to learn about what you can do to sell your house fast – for cash with no hassles and no worries.
Read below and learn what your benefits and options are with a cash sale.
Benefits of Getting Cash for Your House
When your buyer doesn’t need a mortgage, you benefit in many ways. You’d be surprised how much of the hassle and worry of selling your house comes from the buyer needing a mortgage. Check out the list of benefits you could receive if you have a cash buyer:
- No delay due to appraisals
- No delay due to inspections
- No delay due to contingencies
- No delay due to repair requests (cash purchases are as-is)
- More money in your pocket because not real estate agent commissions to pay
- More money in your pocket because buyer pays closing costs
- No delays due to buyer’s mortgage application
- Buyer manages legal documents and filings
While these are all great advantages, one important disadvantage is that you may not get the full market value of your house when selling it for cash.
How Do You Sell Your House for Cash?
You’ve already done the most important thing in the process of selling your house for cash – you’re researching how it’s done and what to expect.
There are essentially five basic steps in the process of selling your house to a cash buyer. Each step includes some work from you, but the good news is that cash buyers do most of the heavy lifting.
You’ll still want to research your local housing market for recent sales. It is helpful to know what recent sale prices have been. But be aware that the buyer will assess the value of your house, not an independent appraiser.
A cash buyer will not pay the market price, but it’s a helpful starting point for you, the seller, to negotiate.
Let’s take a deeper dive into the process of selling your house for cash.
What Are Your Neighbors Houses Selling For?
A comp shows you what similar properties in your market have recently sold for. You can do some of your own comparative market analysis with a few clicks on the internet.
You can compare your house to others with similar age, condition, square footage, number of bedrooms and bathrooms, amenities, neighborhood.
Who Buys Houses for Cash in Your Market?
Search online with phrases with search terms like cash for houses, sell my house fast, sell my house for cash. Be sure to search in your specific market.
If you are in the Colorado Springs area, search for cash buyers in that market.
Which Cash Buyers Do You Like?
When you make contact with the buyers, who will make a cash offer for your house, be prepared with a list of questions. Some examples are:
- Have you recently purchased houses for cash in Colorado Springs?
- Can you provide proof that you have the cash on hand to pay me?
- Can you close in 7 to 30 days?
- What types of property do you pay cash for?
- What is your process for buying a house for cash?
- How do you determine the cash offer for a house?
You may get a range of different offers. Since there is no going back in a transaction like this, pick the most qualified and reliable cash buyer.
How Does the Cash Buyer Assess Your Property?
Different cash buyers have different processes. You may provide your street address over the phone or with a form on a website. After identifying house, the cash buyer typically asks questions about your house so they can do a quick market analysis.
Depending on the situation, the buyer may make an offer over the phone with the understanding that they will visit your house to verify the details you have provided. Some cash buyers will make an offer after they have walked through your house.
Do You Like the Buyer’s Cash Offer?
The buyer will make a cash offer to you directly as soon as they have completed the assessment of your house. This is unlike the traditional buying process, where the real estate agents for both buyer and seller consult on the offer first.
Should You Accept the Offer?
You can accept or reject the cash buyer’s offer. You are not obligated to accept the offer. Remember to focus on choosing the most qualified and reliable. Check reviews and testimonials.
When Should You Close?
If you need to close the sale fast, this part of the process is a huge benefit.
What Does It Mean to Be Under Contract?
At this point, you should have a copy of the Purchase and Sale Agreement. You may have heard of the phrase under contract from friends or family who have sold their house.
This is a contract that simply means that you plan to sell your house to the buyer and the buyer plans to buy the house from you.
Get proof that the buyer has the cash to pay you as promised. You can request that the buyer verify their ability to pay the amount of cash promised.
Will the Buyer Arrange for a Title and Escrow Company?
Most cash buyers generate all the documents required to close the deal. They will hire a title company who verifies that you have the right to sell the property. An escrow company will be hired to manage all the closing paperwork and arrange for the cash payment to you.
Keep in mind that you can’t sell your house if there are any liens against it. If there are any, you will need to resolve them before closing.
What Can You Expect at Closing?
You and the buyer sign closing documents. The buyer will tell you everything that you need on the day of signing, including a government-issued ID and the house keys.
Do you owe any outstanding taxes, utilities or liens? You will bring a cashier check to cover these costs.
The documents you can expect to see at the signing when you sell your house for cash:
- Final Closing Instructions
- Statement of Information
- Mechanics Liens Document
- Mortgage Loan Payoff Document
- Certificate of Title
- Title Deed
- HUD-1 Settlement Statement
Make sure you get copies of all the signed documents and keep these in a safe place. Confirm that the wire transfer or check have cleared.
Lost Job? Need to Sell Your House for Cash? Do This
The need to sell a house fast for cash usually means you’re experiencing a stressful event in your life. Don’t add to your stress level. A quick home sale that is hassle-free and worry-free means you can focus on other problems in your life.
If speed and convenience are your priorities, and you accept that you may get less than the market value for your house, then consider a cash offer for your house.
If you’ve lost your job and need to sell your house for cash, learn how easy it can be. You’ve got an important decision to make and talking to a professional is the first step.