Table of Contents
✔ When considering selling a house, a couple of options are available, including pursuing an all-cash offer or looking at financed ones. In either event, payment will be the end result, with each having certain advantages and downsides.
✔ A cash sale specifically can make the buying process straightforward and simplified, plus quicken the settlement. In addition, cash house buyers in Arlington, Texas appeal to some sellers who prefer to list their houses in “as-is” condition, avoiding the need for upgrades like minor renovations, painting, or other improvements, or the need to stage to make a more attractive impression.
✔ For those who want to avoid the possibility of delays and a drawn-out selling process, a cash sale could be the perfect solution.
Tips on Making a Cash Sale Work for You
✔ Streamlining the selling process is the goal when pursuing a cash sale with your Arlington home. This appeals to some homeowners who prefer to sell their property in an “as-is” condition.
✔ While an inspection will still be likely in order to assess any deterioration and potential damage associated with the property, the homeowner can avoid making these repairs. However, the necessary disclosures are still needed.
✔ It is then up to the cash buyer whether to continue with the sale. With many cash purchases, the objective is to pay a lower price for the property, make necessary upgrades, and resale for a profit or rent the home. If you decide to let your house go to a cash buyer, follow these tips to make the process straightforward.
Assess for scams/fraud
✔ When receiving cash offers, assess each for scams or fraud. While many cash buyers are reputable and credible, the real estate industry is fraught with fraud, with some buyers offering cash in an unsavory context. Here are a few tips to avoid falling victim to these sorts of characters.
- Go with your instincts. When something does not seem kosher, often there is a problem.
- No one should request money except the title service.
- You should expect a considerable, nonrefundable deposit when working with a cash offer.
- The title service will offer wire instructions, and these should be the only ones used.
- Verify the funding.
- Cash buyers unable to meet in person or cannot speak via phone or video conference or those who are consistently out of town present as a red flag.
✔ The terms of the offer or buyer’s written agreement must align with your selling objectives. Review these with a legal expert if possible. The details should be presented with an “earnest money deposit,” including the selling amount, any contingencies, and the settlement date.
✔ With this agreement, there should be fund verification to prove the money is available for the purchase. A serious cash buyer will allot a significant escrow deposit upwards of 10 percent of the sale price.
✔ When previewing offers, assess the agreement’s elements aside from the price with a legal expert to ensure it meets your goals. Click for guidance on how to sell your house for cash.
A home inspection/title search should be performed
✔ Once the offer has been agreed to, the buyer will set up a home inspection and perform a title search. Whether cash or financing, this is part of the home-buying process.
✔ The financed buyer will need to delay the closing until adequate documentation following these processes has been completed. A cash buyer can continue into settlement once the title clears.
✔ If there is a “cloud on title” with a cash purchase, the buyer has the option of renegotiating the sale but can agree to close by purchasing the property with “encumbrances.”
✔ When a lender for a traditional buyer finds defects with the title, the loan will likely be denied. An attorney is typically beneficial in resolving title encumbrances to clear the title and move the settlement forward.
Work with a lawyer to settle
✔ When choosing to sell your home for cash, it is wise to enlist the services of an attorney to prevent fraud and allow greater peace of mind with the process. While a cash sale is a speedier process, that does not mean there are not some hurdles to contend with.
✔ A legal professional can ensure the buyer is credible, the agreement meets your needs and goals, that the title is clear and ready for transfer, and that closing goes as expected.
Final Thought
✔ Personal preference will be a significant factor when choosing a cash offer for your Arlington, Texas, property.
✔ Presenting roughly three options to an attorney helping to guide you through to the closing means finding a credible buyer, choosing the agreement that best meets your personal goals, that the title will clear, and helps to validate the funds, setting up escrow for a deposit of roughly 10 percent of the sale price.
✔ The professional will also sit through the settlement to ensure the close goes as expected. While cash sales can be simple and straightforward, they are not without obstacles; it is essential to be prepared for these.
