Cash buying is gradually becoming a norm for many sellers in Spokane, given how easy it is to sell your house without worrying about mortgages and repairs.
But it is not as simple as a walk in the park for sellers. Your Spokane house for sale will not be confined to receiving a briefcase full of cash from a well-dressed person.
So, what will the process be like? Does your house need to undergo inspections? Let's address all these questions by going through a five-step cash-buying process.A step by step guide to the cash home buying process. This article will help sellers in Spokane sell their home fast and hassle free.Click To Tweet
Check out your home's worth.
Before we talk about the cash buyers, it is important to assess our property.
The cash buying option does not give you the best market price compared to traditional selling patterns because it does not require you to tend to repairs.
Still, you deserve to get a decent price quote. The good news is that today you have online value estimation tools that use an algorithm to analyze a property's value.
But given that they can be inaccurate at times. Instead, you can turn to a local recording officer or a county assessor for a detailed breakdown of your property's value.
Choose a cash buyer.
Once you have your property's worth lined up, now is the time to look for a reliable cash buyer.
You can depend on Google searches and social media channels to find a genuine buyer. Besides checking out their website, it would be wise to check their reviews and ratings across platforms.
Moreover, you can ask for recommendations from your friends and family to get a first-hand view of the cash buyer. Once you have a list of names, call them individually and ask the questions mentioned in the following step.
Ask relevant questions
All cash buyers do not follow a standard protocol. For example, some may want to inspect your house while others may not need it.
Therefore, it is best to ask a few questions upfront to ascertain their stance:
- Do you do home inspections?
- Do you use standard contracts?
- What is your previous track record of closing transactions?
- Will you deposit the initial earnest money?
- Will you accept my house in as-it-is condition?
By asking these questions, it will be easier to figure out the benefits of cash buying along with the buyer's SOP.
Ask about the end buyer.
Often, real estate agents act as the property's final buyers, only to sell it later to their clients.
Therefore, it is best to beware of what you are getting into. However, if you cannot understand the legal documents, you can also hire an attorney to do it all for you.
Dealing with mediators acting as cash buyers can leave your payments stranded in the middle of the deal if the final buyer decides to walk out from it. So, ensure that the cash buyer is your end buyer.
Sign the contract
Once everything is settled, it is time to go through the contract. We recommend letting your attorney review it on your behalf. The contract can have hidden clauses that are only visible to professional eyes.
Moreover, the contract will likely have a purchase amount, a deposit amount, additional fees/charges, and a closing date. After reviewing every paper carefully, you can finally sign the contract and seal the deal.
Although the cash buying process is more straightforward than traditional home buying, you still need to be careful of the terms and the end buyer. By keeping these points in mind, you can choose a genuine cash buyer and make informed decisions.