Property values have skyrocketed to some of their highest levels in over a decade. Depending on your personal situation, and the growth of your area it may be a great time to look into exploring a cashing out and selling your home. Based on the condition of your house, you may be money ahead to work with a cash buyer.
There are some differences when you work with a cash buyer versus working with a Tucson realtor. If you are aware of these differences you will understand what to expect and it will help you have a simple and easy closing.
Here are some steps to consider when working with a cash buyer.
Locate and Qualify Cash Buyers
Not all cash buyers are equal, it is very important to find the right buyer when you want to sell your Tucson home for cash. With the growth of social media and the reliance on the Internet, it is so much easier to reach prospective buyers. You could try selling on your own (For Sale by Owner) listing or you could try to do a quick Google search of real estate investors to start the process. Most cash buyers will respond to you quickly and are glad to submit a cash offer if you are interested.
When you get a couple of interested buyers, it’s reasonable to expect some offers. Normally, you will receive offers with in 24 hours. It is important to recognize that price is NOT the only item to look at. The best cash buyer will provide you with an inspection period, closing timeline and any special terms that you need to achieve your goal, such as no repairs, no fees, no commissions, as-is and even assistance with moving costs.Compare Offers
Inspections
How long should a cash buyer need to perform inspections? It is reasonable for a cash buyer to have a period of time available to do an inspection of the property. Usually, it’s agreed that the inspection time will start on the day that the contract is accepted or “executed”. Ideally, you will want the inspections to be completed within a reasonable amount of time, Inspections can vary dependent on the inspector and the condition of the property. It is important to realize that some cash buyers will give you a long list of deficiencies with the property in an attempt to get you to lower your price. Some of these items may be legitimate while some may be highly exaggerated. Don’t take this inspection process personally. A quality cash buyer will carefully go over any items with you that will affect the offer. You are welcome to reject the results of the inspection, but be aware that the next buyer will most likely find the same results with their inspection.
Earnest Money Deposit
Will the cash buyer be expected to have skin in the game? On each contract there is a section devoted to Earnest Money Deposit (EMD). Simply stated EMD is a down payment that may be paid to the owner if the cash buyer doesn’t uphold their end of the agreement. The money will be deposited with a 3-party such as an Escrow agent. It is normally deposited within 72 hours after the contract has been accepted. The Earnest money that has been paid is then deducted from the total amount at closing time.
Closing Period
Is the cash buyer able to close at a time that is best for you? A good cash buyer should be able to close on your property as soon as 14 days after the contract is accepted. However, if you need to wait for several weeks to close, a good cash buyer, like Stained Glass Homes, should be able to accommodate your needs. In addition, they may be able to assist with things like moving assistance.
At Stained Glass Homes, we try to keep the process as simple as possible with the less amount of hassle for the home seller. If you are thinking of selling your home, click on the button below or call us at 520-200-3334 for a free, no obligation offer to get you started. We will be glad to listen to your concerns and be as transparent as possible with the entire process.
|