What Does a “Sell House For Cash” Deal Entail?

The process of selling a house for cash isn’t as simple as exchanging a briefcase of money for a house deed. But, compared to a financed home sale, the process is much easier and faster when you sell your house for cash. In this article, we are going to walk you through the standard process of a “Sell House For Cash” Deal. And remember, cash deals usually close in 2 weeks or less!

A 5-Step Process of Selling a House for Cash

The number of steps may vary depending on the buyer or situation, but here are the most common “hurdles” the buyer and seller have to jump through once an offer is accepted. We use air quotes around “hurdles” because they are more like shin-high obstacles that you can quickly skip across.

1. Sign a Purchase and Sale Agreement

By signing, all parties are “going under contract” to uphold their ends of the deal. Real estate investors and companies that buy houses for cash will likely provide the Purchase and Sale Agreement. As a seller, you need to read every word of the sales agreement carefully. If you have any concerns or lack confidence in this matter, you can always reach out to a real estate lawyer for a moderate fee.

2. Verify Proof of Funds

As Jerry Maguire would say, “Show me the money!” Of course, you want to make sure that the person who responded to your ‘buy my house for cash’ deal actually has the cash to close the deal. Typically, one of two forms of proof is requested (or both!):

• Earnest money deposit: 1-2% of the sales price
• Proof of funds: usually in the form of bank or investment statements

3. Hire Title and Escrow Companies

This is something that real estate agents normally do for you, but it’s actually quite easy to do it yourself. Depending on the state, the buyer might choose the companies, or the seller will. Regular real estate investors or companies that buy houses for cash may have a go-to title and escrow company, but you should always do a bit of research before committing to one.

A title company makes sure the property lines are accurately drawn and verifies that there aren’t any liens against the property. The escrow company manages the closing documents, transfer of funds, and the records of sale. Sometimes, one company may offer both title and escrow services all under one roof.

4. Complete the Home Inspection

One of the benefits of a “sell house for cash” deal is the buyer will likely be happy to take it “as-is.” But, that doesn’t necessarily mean they don’t want an inspection. Some investors and companies who buy houses for cash may not require a home inspection, but it shouldn’t worry you if they do. After all, they will want to identify any issues as soon as possible to help with their investment plans. As long as you were upfront about the condition of your house in the beginning, then you shouldn’t have much to worry about.

5. Sign the Closing Documents

Even when you sell your house for cash, you can expect a big stack of papers at closing. But, don’t worry, the escrow company will most likely walk you through it. Just don’t be afraid to ask questions or for clarification before signing anything.

Is that it? Did you just sell your house for cash?

Yep, that’s the gist of it! But, of course, these were the steps for a “sell house for cash” deal once you accept an offer. But getting an offer is just as easy. Companies who buy houses for cash usually have a website or phone number that leads to an offer with hours, if not minutes.

At Tropic Coast Homes, you can complete a quick and easy “Sell House for Cash” webform or call us at (239) 256-6664. We buy houses in Florida in any condition and all price ranges! We’d be happy to answer any other questions you might have.