Buying your own house is one of the dreams of every person. Buyers who have cash in their hand can easily execute the closing process. Making payment through cash will reduce the documentation to a great extent. Before you proceed to sell your house for cash, it is important to prepare you in advance for the process.
Make a Cash Offer
You have found a house of your dreams, and already have cash with you to buy it, then it is important to state that you will be paying by cash at the time of making an offer. This enables the seller to find that there would not be any issues related to financing. Cash offers help in relieving burden with inspections and appraisals as lenders mostly place contingencies at the time of prequalifying a cash homebuyer.
If you choose work with a property agent, you will inform the agent in advance that you will be paying in cash. This would really assist you with the process of negotiation. It will be beneficial when you are dealing in a property market that has a lot of competition. We buy Orlando houses pays full retail price to the house owner.
Provide proof that you have adequate funds
Even making an offer, it is important to show to the seller that you have the needed funds to pay for buying the house. This is also required by the seller as an assurance before he takes his house off the market. It gives them certainty and mental peace of getting desired funds.
The simplest ways to show them proof of funds is to provide them xerox of your bank. This will show them that you have sufficient money in your bank account. There are a few financial institutions that provide evidence of funds in the form of “funds letter”. You can simply hand over this letter the agent of the seller when he makes a request for it.
Tell the seller that it will take a couple of days to get the funds letter. Most of the sellers who have no urgency to sell their house are willing to wait till the prospective buyer gets the funds letter.
Know the time frame for cash closing before you begin this process
It has been a common viewpoint of homebuyers that by executing a house deal in cash would speed up the process significantly. While it is not that fact that most of the house buyers assume it to be. Closing a house deal with cash still needs some amount of time.
There are a few activities that are needed to be performed when going through this mode. All these activities take time. Some of these activities are scheduling an evaluation of property, performing a title search, etc. that can delay the closing process.
Paying for the house purchase
You need not come with all the money at the time of closing. The property agent will transfer the amount from the buyer’s bank account to the seller’s bank account before the time of closing. The agent of the seller would make sure that the funds are in place prior to the buyer showing up for closure of the deal.
Hope this article has educated house buyers and house sellers with enough information to close a house deal.