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I am sooooo excited. We may have a cash buyer buying our house. So my question is what is the process of selling to a cash buyer ? I know the long drawn out process of banks with mortgages but what about a cash buyer? What is your guess on How soon after it goes under contract would we move out?
I am sooooo excited. We may have a cash buyer buying our house. So my question is what is the process of selling to a cash buyer ? I know the long drawn out process of banks with mortgages but what about a cash buyer? What is your guess on How soon after it goes under contract would we move out?
It should be spelled out in the contact. A cash offer can still have contingencies and fall through. The process differs based on state.
Make sure you have proof of funds written into the contract.
Yes we just got proof of funds. Does there still have to be appraisals and inspections? Also I know the closing time for a mortgage loan is 45 days approx…what about a cash buy?
The appraisals and inspection are pretty much for the buyer's mortgage approval and peace of mind. Closing is typically only a matter of having a Title company do all the paperwork and clear the title --- and should require no more than a week or 10-days.
All a 'cash buyer' really does for you, is give you some assurance that the buyer will not run into mortgage qualification issues, thus shortening the closing period. Have you got enough of a earnest money deposit to assure you that the buyer will follow-through? -- Good luck!
Yes we just got proof of funds. Does there still have to be appraisals and inspections? Also I know the closing time for a mortgage loan is 45 days approx…what about a cash buy?
I have a cash buyer. They asked for inspection and appraisal contingencies, which is fine, that's their right and no different than it would have been with someone getting a mortgage, and I understand why that want that. Well the inspection anyway, I would never buy without one myself! But the big difference is that we are closing in less than 3 weeks after going under contract.
I was a cash buyer 2 yrs ago and all I wanted was the inspection contingency. By that time, I had looked at over 50 houses and in a red-hot market, I knew the house was worth what they were asking. Someone else bid full-price on the first day listed, as did I, but the other family was not all cash. I enjoy living in the house and still feel it was a reasonable price to ask.
After the inspection and a bit of negotiation, we closed in 3 weeks.
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