Cash buyers are those that have the money to purchase a property without taking out a home loan. They may be home-flippers, investors or iBuyers who are looking to buy and renovate a property for profit. Homeowners in financial difficulty may also choose to sell for cash, in order to avoid losing their property to foreclosure.
Cash offers have many benefits for both sellers and buyers. They typically close more quickly and are free of buyer contingencies like inspections and appraisals. However, there are some pitfalls to selling property for cash, including potentially receiving less than market value and possibly having a more difficult time finding a buyer in the future. Also read https://www.illinoisrealestatebuyersinc.com/we-buy-houses-hazel-crest-il/
If you’re considering a cash offer for your property, it’s essential to have your attorney review it before accepting. The attorney will verify that the buyer has the funds to complete the transaction and that there are no liens on the property. The attorney can also assist with the title search and closing process.
A typical real estate sales contract will include several important details, such as the sale price, earnest money deposit and the closing date. The contract will also spell out what is included in the sale and what is not, such as furniture, yard equipment or appliances. In addition, the contract will need to be signed by both parties, along with a notary public.
Before the closing, the buyer will usually schedule a title search to ensure that the seller has a clear title to the property. They will also get a title insurance policy to protect them in the event that someone challenges their claim to the property. Finally, the buyer will prepare a final walkthrough of the property to ensure that it is in the condition they promised.
The buyer will then bring a cashier’s check to the closing or wire the money electronically. Closing is when the seller receives the remaining balance of the sale from the buyer and transfers ownership of the property.
Closing can take anywhere from 30 days to 60 days, depending on the terms of the agreement. During this time, the buyer will sign all of the closing documents and provide proof that they have the funds to complete the purchase. The buyer will also be required to pay any outstanding liens on the property and the transfer fees. Once everything is finalized, the deed will be filed with the county recorder’s office.
