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Home Sale Closing Timeline: Things To Know About a Quick Home Sale

Home Sale Closing Timeline: Things To Know About a Quick Home Sale


Whenever you think about selling your home, it doesn’t matter whether it is the first time or tenth, you have to go through tons of process and deal with a huge mound of paperwork. You must deal with real estate agents, buyer’s agents, lenders, Escrow Company, Title companies, state attorney and so on. The process is not smooth at all. You go through a lot of suspense. 

 

On the other hand, a cash home sale is much easier than the traditional sale, having a faster pace, minimum stress and less paperwork. There are few parties involved in cash home sale closings and the risk of the deal falling through can be lower than the typical home selling. We are well experienced to assist you to make the process smooth in your home sale without a realtor. Just click here to know more: Blue Eyes Properties, LLC 

This article will give you an elaborate idea about the timeline a cash home sale needs.

 

A cash offer:

The term “all-cash offer” refers to a home sale that deals with the sale in cash without the help of a bank. This is not actually a normal home-selling process rather this is the solution to somebody who is in need of selling his home faster and get the money instantly to deal with his/her problems. 

In an all-cash deal, when someone buys a house outright, without financing, they transfer the funds electronically or with a cashier’s check. All-cash offers typically come from two types of buyers: individual buyers. They plan to live in the home themselves purchasing without the help of a bank, and real estate investors, who can also be called iBuyers. An iBuyer will review basic details about your home, send you an offer, and if you accept, you can close quickly, without ever actually having to list your home. 

 

Closing timeline for a cash home sale:

Since a traditional lender is not involved in this process, it is much easier and shorter to close. Once you are under a contract, a cash sale can close in as few as two weeks, just enough time for the title and escrow companies to clear any lines, provide insurance and get the paperwork ready.

The process you must go through and the time you would need in your cash home sale:

 

Sign the contract:

To proceed to the next step you have to make a sale and purchase agreement contract between you and the buyer. You will make this contract after your buyer makes an offer. This contract is commonly known as “going under contract”.

 

 

Proof of fund:

As long as you have made the contract, you need to make sure if your buyer is capable of buying your property having enough cash. Typically, you will ask for the earnest money upfront and request proof of funds in the form of bank or investment statement.

 

Hire title and escrow companies:

You need to hire companies depending on the state or your buyer might choose. A title company will be responsible for making sure the property lines are drawn correctly and that need to be addressed; issuing title insurance; and, on closing day, ensuring that the actual property ownership changes hands. The escrow company is responsible for dealing with all closing documents, facilitating the transfer of funds, and completing the legal paperwork that records the sale. Note that sometimes the same company can handle both the title and escrow tasks. 

 

Then, what is a property lien?

A property lien is a legal notice related to unpaid debt. You can’t actually sell your home until your entire lien is clear. If you have somehow failed to pay your taxes, the settlement for your court case against you or a contractor who has worked with you, a lien can be placed on your home until you settle the debt.

 

Pass the home inspection:

 

It’s common for buyers to submit their offer with an inspection contingency, which is an addendum that states that they will pay to have an inspection done, but they have the option to request repairs or renegotiate the agreed-upon sale price based on findings. Once this last negotiation is complete, you’re ready for closing. 

 

Review and sign the documents:

You are almost there. Now, is the closing time, you need to expect to go through huge paperwork even in your cash home sale.

     

 

 Final closing instructions: 

Closing instructions are sometimes signed when your escrow account is first opened, but if you haven’t signed them yet, you’ll do it now. It’s basically a detailed outline of the tasks your escrow company is responsible for, and the process they’ll follow to complete your closing. Make sure to double-check all amounts.

 

  •       HUD-1 settlement statement

Required by federal law, the HUD-1 is a detailed accounting of all money involved in the deal. It includes everything you will have negotiated up to this point, and more: sales price, pay off balances, pro-rated tax and utility bills, and more. You’ll want to keep this form for your taxes. Make sure to have your closing agent go through line by line before you sign so you can check for errors.

 

  •       Certificate of title

In this document, you sign to swear you have the right to sell the property.

 

  •       Title deed

The deed is the piece of paper that actually transfers ownership to the new owner. You’ll sign it at your closing, but your transaction will be considered closed when it’s recorded at the county courthouse.

 

  •       Loan payoff statement:

If you have a mortgage on the property you’re selling, this document shows how much you owe to your lender as of closing day, which should match the amount the escrow company is going to pay off on your behalf.

 

 

  •       Mechanics liens:

 On this document, you swear that there are no additional liens on your property from contractors or laborers.

 

  •       Bill of sale

If you and the buyer have negotiated any additional items into the deal —say, you’re leaving the backyard swing set or some specific furniture — these items will be outlined here.

 

  •       Statement of closing costs:

 By signing this document, you state you were told about all closing costs and other fees ahead of time.

 

  •       Statement of information

Simply put, you swear that you are who you say you are.

 

Finally, the total amount of time of your closing would be 1-2 weeks though it seems huge works to finish. A cash home selling can even be closed in a week if you have an efficient buyer and your necessary documents are ready in your hand. Make sure you have got the documents ready before you invite your potential home investor/ cash buyer. We, in fact, close the cash home sale as quick as 7 days. Just click to know more: Blue Eyes Properties, LLC 

Call us today: (941)216-5657

As always, if you need any assistance, buying or selling your next home, contact us at Blue Eyes Properties, LLC, (941)216-5657 and we’ll help you any way we can. You can also email us at 315homebuyers@gmail.com
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