Timelines: What to Expect When Selling Your Home for Cash
Selling your home for cash is often much quicker than finding a buyer needed to access traditional mortgage financing. While some of the steps in the process are the same, you can expect the process to be a little bit easier. In this brief editorial, we explore the timeline should you decide to sell my house in Clarksville, TN for cash.
Cash vs. Mortgaged Sales
During a property sale where the buyer needs a loan, you can expect to have a closing period of around 30 to 60 days or longer, depending on current demand. It can be very difficult for a buyer to secure loan approval in less time. It can help to speed things along if the buyer has pre-approval before starting the process.
The good news is that the process for cash property sales is much, much faster. On average, the closing date is three to 20 days from offer acceptance. While there are some factors that can impact this timeline, this could potentially save you months, and you won’t have to worry that the buyer’s financing plans will fall through.
Access to Cash
If the buyer can readily access cash to pay for the property, the process will be faster than if they need to liquidate investments or work with a financial advisor to access money from their accounts. While there is no way to necessarily know this in advance, having to work with a broker to get the money could cause a delay of around a week.
Related: Alternate Ways to Sell Your Home
To shorten the time that it takes to decide on the offers that you receive, prepare to negotiate ahead of time. Know the market value of your house, as well as how far you are willing to negotiate. If you know what your limits are, then you can make faster and less stressful decisions about the offers that you receive.
Most states require sellers to fill out disclosures about their properties before finalizing a sale. If you haven’t completed the necessary disclosures, it could take you some time to fill out the paperwork and find any necessary supporting documentation.
A real estate lawyer can review your paperwork to make sure that everything is filled out correctly. Plus, you can start this process before you even have potential buyers looking at your house. If you have your paperwork ready, it will take less time to complete the disclosure process. It also looks good to potential buyers since you are ready to disclose everything upfront. Work with a lawyer to make sure that your disclosure documentation is ready to go by the time you have a buyer interested in buying your house.
Real Estate Inspections
Real estate inspections are still important in cash deals, even if it isn’t required in every state. If a real estate inspection needs to be scheduled, you will need to find a time that works for the property inspector. This might not be right away. You might need a few weeks to schedule the site visit and for the inspector to finish their report.
Disclaimer: This website is not a substitute for legal advice. If you have a serious legal, tax, or other issue requiring professional advice, please consult with an attorney or CPA.