Are you hoping to sell your house in Memphis for a fair price? Or maybe you’re looking to get rid of a house that is causing you problems quickly and stress-free? If you’ve answered yes to either of these questions, it may be best to consider selling a house to a cash buyer.
There is a wide range of benefits of selling a house for cash. For starters, the process is much quicker when compared to selling to someone with a mortgage. A cash buyer property sale can be completed in a few hours or days, while a sale that relies on financing can last for months. In addition, selling your property to a cash buyer eliminates any risk of the buyer not receiving the desired mortgage loan. You don’t have to stress over whether the contact you’ve signed will close. You can calmly and surely plan your next moves with certainty that the deal will go through.
Among the benefits of selling a house to cash buyers are also that the condition of your property is not of significant importance. It may be difficult or even impossible for certain properties to receive financing. Some of the factors that may influence this include the buffer zone properties have between residential and commercial, uncertainties related to title, repairs, or liens.
To see if selling your house for cash is a good option for you we’ve prepared some useful information on the topic. We’ll cover the steps on how to sell a house for cash in Memphis and will answer all of your questions regarding the process itself.
Selling A House To A Cash Buyer
Find Qualified Cash Buyers in Memphis
The first step to a house buying process with a cash buyer is finding qualified cash buyers that are legitimate and reliable. A reputable cash buyer is often an investor who has available funds to immediately invest in properties. Alternatively, corporations, funds, and trusts can also play the role of cash buyers. Few people will be able to afford to pay cash for it but finding such buyers is certainly not impossible.
Generally, cash buyers are segmented into individual buyers or those who intend to live in the home and real estate investors also referred to as iBuyers.
There are a few tricks that will help you sell your home to a reputable cash buyer. You can post your house sale on a property platform, put up a yard sign, or create your own website to market it to your target audience. Alternatively, if you have a number of cash buyers in mind you can directly market to them via e-mail, social media e.g Facebook, paid advertising, and more.
Preparing the Purchase Contract
Cash home sales may unfold much quicker than standard property sales with financing but the buyer and seller should pay close attention to all the details every step of the way. In preparing the purchase contract, there are a few distinctions that need to be taken into consideration. Most cash buyers will include contingencies on their offer to make sure they are protected in case they have second thoughts about the deal.
Cash Buyers Home Inspection
One of the major differences when it comes to making a cash deal on a property is related to the home inspection. Unlike a mortgaged sale, where a home inspection is required by law, a cash sale of a property does not demand a home inspection. However, most buyers will be interested in arranging one with a licensed professional to gain a better understanding of the property, its condition, and value. Allowing your potential buyers to inspect your property will build trust and will make the process faster and smoother.
Sign the Purchase and Sale Agreement Contract
The Purchase and Sale Agreement contract can be considered the start of selling your house for cash. The initial phase of the sale process is accepting the offer received from the buyer and filling out a Purchase and Sale Agreement. This document could also be referred to as a “going under contract”. The document is a legally binding contract that outlines how the home sale process will look like and how it will proceed.
Check Out For Any Unique Requirements Needed
As every cash sale is different and certainly distinct from a standard mortgage-backed property sale, it is essential to check for unique requirements that may need to be taken care of before the closing can take place. It may be the case that you or the buyer may need to consider extra costs or fees of extra documentation that may not be included in standard procedure. It is best to have a legal professional by your side who can guide you and consult you through every step of the way. In the long-term, this can save you money and headaches.
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Close the Sale: Review and Sign Documents
To close the sale successfully, you will need to prepare a range of documents and sign a few papers. To help you be better prepared, we have prepared an outline of everything that you will need to review and sign in order to close the sale.
Final Closing Instructions
Usually, once you open your escrow account you will be asked to sign the closing documents. However, it is not excluded that you may sign them at a later stage of the selling process. The final closing instructions are prepared by your escrow company and represent all of the responsibilities of the company and their process of executing the sale. It is important to pay attention to detail and always check twice, especially where there are amounts included.
HUD-1 Settlement Statement
You may have heard of the HUD-1 Settlement Statement as part of the closing process when selling a house. The statement’s purpose is to itemize and settle any expenses and charges that the buyer and seller have been responsible for when executing the property sale.
The form consists of all that has been negotiated until the point of sale and includes the sales price, payoff balance, pro-rated tax, utility bills, and more.
Certificate of Title
The certificate of title is a document that shows that you have a legal right to sell the property. Signing it means swearing that you are officially eligible to sell your home.
Deed
In order to transfer your ownership of the property to the new owner, a title deed must be signed. This document is responsible for officially transferring the new ownership to the buyer. It is signed during the closing but is valid after the country courthouse has recorded it.
Payoff Statement
It is necessary to show to your new buyer whether or not there is a mortgage on the property. The loan payoff statement shows the sum you owe to your lender, in case there is a mortgage. Normally, the sum equals that which the escrow company will pay off.
Mechanic’s Lien
The mechanic’s lien serves the purpose of proving that there are no extra liens on your house from laborers or contractors. A lien is simply a legal claim on assets that gives permission to the holder to receive access to the property if debts are not settled.
Closing Statements
Lastly, it is time for the closing statement to be signed. This document includes all the information regarding the financial transaction. Both the buyer and the seller receive a copy of the closing statement, which is proof of the received or spent money on the property.
Conclusion
Selling your house to a cash buyer in Memphis should not be that hard as long as you know the right process on how to do it. Now that you are familiar with the benefits of cash home buyers don’t waste time and sell your house without additional investments in repairs or having to wait for the potential buyers to receive mortgage approvals. Enjoy the certainty and fast pace of a cash sale on your property and leave all the troubles behind.
At Fair Cash Deal, we buy houses in Memphis and can help you achieve your sale in an instant with a legitimate and result-proven process. Avoid the hassle of realtors, repairs, and months of uncertainty. Sell your home on your terms. All you have to do is get in touch and let our experts support you in achieving your objectives.
