Selling your house to a cash home buyer

Have you ever wondered why a cash offer is different from a regular offer on your house? The money is the same at the end of the day right? While the money is the same, the process is different and selling your house to a cash buyer will often result in a smoother transaction. See below for some frequently asked questions about selling your house to a cash buyer.

What does selling your house for cash mean?

Selling your house to a cash buyer simply means that the buyer is not using bank financing to purchase your house. The advantages of this is that the buyer isn’t required to get bank inspections and appraisals. These inspections add a lot of time between signing a purchase agreement and actually closing (So actually getting paid). This means you get paid a lot quicker when you sell to a cash buyer. Banks will often not approve the financing if the inspection finds defects or the appraisal comes back less than the purchase price. This can be really frustrating as a seller as it can be 30 to 40 days of thinking your house is sold only to find out that the financing fell through. Selling your house to a cash buyer gives you a lot more certainty that the sale will actually get through closing.

Do you actually get a duffle bag of cash when you accept a cash offer?

No, but that would be cool (And dangerous). Even though it is a cash sale a Title Attorney will still process the transaction and act as a neutral party. The cash buyer will give the Title Company a cashiers check or wire transfer and the Title company will pay you via a wire transfer or check. The Title Companies job is to make sure that you got paid what was agreed, that the title is cleared to transfer to the buyer and that everything is recorded. The cash will change hands as will the title but unfortunately the process will be duffle bag free.

What are the benefits of selling a house for cash?

You will end up getting US Dollars whether your buyer uses a loan or pays cash. The benefits of a cash sale is that the process is much quicker as there are no bank appraisals or inspections. A cash sale can be closed as soon as the title clears which can be as quick as 7 days. There is also a lot more certainty that the sale will actually go through. When financing is involved the sale is contingent on the financing being approved. The bank can not approve the loan for many reasons. The most common reasons are if the house needs repairs or has defects or if the appraisal comes in under the sales price.

Do you pay closing costs when you sell to a cash buyer?

There are still closing costs with a cash sale. A title company will still need to be used and paid for the closing. If you use a realtor the commissions will still need to be paid. If you are selling directly to a company that buys houses for cash like Home Buyer Louisiana they will generally pay the closing costs.

Is a cash offer better than another offer?

A cash offer is generally considered better than an offer that requires financing because it has less chance of falling through and can get to closing much faster. If your house needs a lot or repairs a cash offer is normally the only one you can really accept if the banks won’t approve a loan on the property.

How fast can I get cash for my house?

The beauty of a cash sale is that there are no contingencies like bank inspections and appraisals so you can get paid quickly from your house sale. As soon as the title company can clear the tile you can close on the transaction. This can be as fast a few days if the title is clear.

How do I sell my house for Cash?

You need to find a cash buyer. Cash Buyers are less common than people who buy with financing and are generally professional investors, companies that buy houses or wealthy households. We are fast cash home buyers and are prepared to buy your house for Cash in Greater New Orleans & Louisiana. It you are wanting to sell your house to a cash buyer give us a call or fill in our online form.