When you are preparing to sell your home, there can be a lot of preparation and also a waiting period to find a buyer and wait while they secure their financing so you can close on your home. However, when you consider taking all-cash offers, you take out the bank's loan process and you can sell and close on your home more quickly to streamline your timeline. To help you out, here are some recommendations that you can use when you are preparing to sell your home for cash.
Find Out Your Home's Value
As any homeowner who is getting ready to sell your home, you will want to find out what it is worth. Your home's value is going to be based on the market's conditions and what other homes are selling for. So, if home prices are steadily increasing in value, your home will be selling for a higher price as well.
Be sure you get a good valuation on your home, which you can do through your own research and also through the services of a professional real estate agent. By researching recent home sales in the area around your home, you will find homes that have sold recently that are similar to your house, which helps you establish an accurate sale price. Then you will be able to list your home accurately and get your home's full equity value in its cash sale.
Verify Proof of Funds
When you find a buyer who is interested in purchasing your home and they have all cash, you will be presented with a much shorter timeline for closing. Because the buyer does not have to work with a bank for the financing, you also don't have to wait for all the financing to get approved. A cash buyer brings you the cash for the settlement and closing where they will wire you the funds.
However, when you get an offer to purchase your home for all cash, you will need to verify the buyer's funds. This will help you establish their offer as serious and take your home off the market. It is acceptable and often required to ask for proof of their funds, which you can do with copies of their bank statement showing the balance, or other statements showing the funds available. You should also look to receive a large earnest money deposit to take the house off the market and accept the contract to purchase. If the buyer has all cash to buy, they should have no problem putting a large earnest money deposit toward the home's purchase.
For more information contact a company like Philly Standard.