24 May How Can Cash Home Buyers Close in a Week?
Cash buying companies claim that they can close on a home sale within a week. If you’ve only experienced a traditional home sale, you may be skeptical. After all, a typical home closing can take anywhere from 30 to 60 days. But cash buyers can close much faster because they eliminate a lot of red tape.
No Financing Needed
In a traditional home closing, the buyer has to secure financing with a mortgage lender. Even if the buyer is pre-approved, the underwriting process can involve tons of paperwork and take several difficult days of waiting. If something goes wrong, the sale can be called off.
When a cash buyer purchases your home, they don’t need to get financing. They already have the funds available to pay you what they offered. During the closing, all they have to do is hand you a cashier’s check or wire transfer the money.
No Inspections Needed
Another thing that slows down the traditional closing process is the need for inspections. The buyer usually requests a home inspection and a property assessment. Often, there is also a termite inspection. Setting those appointments and waiting for reports can take time.
A cash home buyer doesn’t require any inspections or assessments. They will buy your home in its present condition, and they will never ask you to make repairs or ask the selling price to be lowered. This saves time and money.
When you deal with a cash home buyer, you are arranging a direct sale between the buyer and you. There are no agents, brokers, mortgage companies, or outside parties involved. With a direct buy, you don’t need to deal with communication or correspondence with anyone else.
The cash buyer will schedule the closing and prepare the deed transfer paperwork. If you have a mortgage to pay off, that will also need to be arranged. On the day of closing, you will sign the papers, turn over the keys, and the transaction is complete.
When you understand the difference between a cash home buyer and the traditional home selling process, it’s easy to see why the cash sale can close so quickly. There’s no waiting for other people to do their jobs. In most cases, you can close in a week.
How fast can you close on your Arizona home? Find out by clicking here.