Most people don’t have the funds to purchase a home outright, but that doesn’t mean there aren’t still Dallas home buyers out there who can and are willing to do an all-cash deal. Those who have the resources to do so may prefer to go the all-cash route, as it negates the whole complex and convoluted closing process. For instance, a typical closing might include lenders, a real estate agent, a title company, an escrow company, and an attorney.
When you pay cash for houses Dallas, however, the process becomes much more streamlined, as there are fewer parties involved, and the timeline can be expedited. What’s more, an all-cash deal does away with the risk involved in selling, as there is little chance the deal will fall through. That said, if you’re looking to sell your home fast for cash, there are a few things you should know.
The “All Cash” Offer, Explained
First and foremost, it’s important to note that an “all cash” offer is not conducted with cash. It’s illegal to sell a home in the United States with paper money. When we buy homes in Dallas with “cash,” we’re just buying homes without relying on financing. For instance, we may transfer the funds electronically into your bank account, or we may issue a cashier’s check.
When you Google “sell my house fast Dallas,” you will likely discover that there are two types of people who are looking to buy homes for cash: Real estate investors and everyday consumers who want the glory of owning a home without the burden of a mortgage. The former type of buyer often conducts business strictly through the internet. These types of buyers are called iBuyers, and they virtually eliminate every aspect of the homebuying process except for the part where the money is exchanged. The iBuyer will review the most basic details of your home, send you an offer, and if you accept, they will send you the payment. The whole process may take place without you ever even having to list your home officially.
The Process of Selling Your Home for Cash
Though the process of selling your home to Dallas homebuyers who want to pay in all cash is much simpler than going through lenders, a few things still need to occur. When we buy houses Dallas, we go through a five-step process:
- Sign the Contract: The all-cash buying process begins the same way the non-cash process does: With the seller accepting the buyer’s offer and both parties signing the Purchase and Sale Agreement.
- Initial Cash Payment: Next, the all-cash buyer will provide a cash deposit that acts as a guarantee of their performance and a will also pay a nonrefundable option fee. Unlike a non-cash buyer who needs a mortgage and thus only provides a minimal deposit, an all-cash buyer usually pays a cash deposit of $5,000 or more. The larger all-cash deposit provides the seller with the assurance that the buyer is serious and will follow the terms of the contract to closing.
- Title Companies: To facilitate the closing and ensure the closing moves forward in a timely manner a licensed title company will be engaged to act as a disinterested third party escrow agent, provide title insurance and closing services. The all-cash deposit and the final all-cash payment of the purchase price are sent to the title company. The licensed title company will verify that there are no liens or judgments on the property, facilitate the transfer of funds, manage all documents, and take care of all the legalities that come with buying/selling a home.
- Perform the Inspection: Unlike a typical purchaser, all-cash buyers expect the home to need repairs that they will perform after closing and will never require the seller to do any repairs, upgrades or improvements. As part of the buying process, the all-cash buyer will conduct an initial visual inspection of the home and discuss any known issues with the seller. The reason an all-cash buyer has a formal inspection is to identify unexpected problems that the seller was not aware of and that could not be identified by a visual inspection. If unexpected problems are identified, the all-cash buyer will discuss the issues with the seller and may request an adjustment of the purchase price to offset the additional cost to make the needed repairs.
- Review and Sign Closing Documents: When selling your home to an all-cash buyer things move very quickly and what usually takes a month or more will be done in a matter of days. With the inspection process completed, it’s time to sign the documents and complete the process. Even when selling the home for all-cash, you can expect a mountain of paperwork that includes documents such as the certificate of title, a title deed, mechanics lien affidavit, loan payoff statement, bill of sale, statement of information, and the like. But no need to worry, the professionals at the licensed title company will walk you through all the documents and answer any questions you may have.
Though selling your home for cash should be easier than going the traditional route, some cash buyers make the process unnecessarily complicated. That’s why it’s important to find a cash buyer who truly wants to make the sale process easier, faster, less stressful, and all-around better, just like OutFactors.
Selling Your House As-Is for Cash Fast to Dallas Home Buyers: What You Need To Know | OutFactors — Dallas, Texas