When selling a home for cash only, there are several steps that make up the entire house-selling process. First, the buyer will assess your property. Second, you and the buyer will decide on a cash deal. Finally, you will go through the closing process—a process that is a bit different compared to a traditional home sale. Here is a breakdown of the steps and how long they will take.
After the buyer offers you a cash deal, it will now be their responsibility to show proof of their funds. Having proof of funds will help you as the seller know whether or not the buyer is serious. In many cases, the buyer will agree to put down an earnest money deposit which acts as a security deposit until the money is transferred. Or, your buyer may just get a document from their bank that provides proof of funds. This part of the process is usually pretty fast.
If you haven’t done so already, you will also want to negotiate the closing costs with the buyer. In many cases, the buyer will offer to pay for all of the closing costs in order to make the process faster and easier for the seller. Nevertheless, if you are working with an independent buyer (versus an investor or home buying company), you may be expected to pitch in. This part tends to take a little more time if there are disagreements on who pays for what.
Finally, you’ve come to the long-awaited moment: the cash! After all of the necessary paperwork is signed and the closing costs are paid, you are ready to receive your money. The buyer will either wire you the money to your bank account, or they may give you a cashier’s check. You can usually expect the paperwork to take a couple of hours and the wire transfer to be instantaneous.
At the end of the day, closing on a cash deal can be extremely fast. In most cases, closing takes no longer than a couple of hours—that is, as long as there aren’t any last-minute complications. Ultimately, the entire house selling process in a cash deal usually takes no longer than a couple of weeks. Yeah, super fast!
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