What is the closing time for an all-cash purchase?
When you sell your home in st. louis for cash, the closing time can be a lot shorter because a lender is not involved in the transaction. Starting when you go under contract, a cash sale can close in as little time as two weeks.
How long will it take a financed purchase to close?
With a financed purchase (one where the buyer is taking out a mortgage on their purchased home), the typical closing time is at least 30 days. Time frames of 45 and 60 days are also popular. The time it will take to close is agreed upon by the buyer and the seller.
What process do I need to go through to sell a home for cash?
The first thing you will need to do to sell your house for cash is to accept the buyer’s offer and sign the Purchase and Sale Agreement contract. This is usually called “going under contract”.
The second step is to verify the proof of funds. Since the person buying your house will be paying cash, it is necessary to make sure they actually have the money. Usually, the thing to do is ask for some earnest money (1-2% of the sale price of the house) up front. You will also need to request proof of funds, which can be either a bank statement or an investment statement. You can get help with this from your real estate agent.
The next thing to do is to hire title and escrow companies. These may be chosen by either you or by the buyer, depending on what state you live in. It is the title company’s job to make sure that property lines are in the correct place, check to make sure there are no property liens, issue title insurance, and ensure that the property changes hands on the closing day. It is the escrow company’s job to manage the closing documents, facilitate the transfer of money, and complete the legal paperwork regarding the transfer of property. Sometimes the same company performs both services.
Property liens are legal notices about an unpaid debt. If you have unpaid child support, taxes, settlements for court action against you, or payment for contractor services, there may be a lien placed on your property. All liens must be cleared before the home can be sold. The title company will make sure there are no outstanding property liens before the deal is closed.
Next, the house must pass inspection. Often buyers will have an inspection contingency in their offer. They will pay to have the inspection done but can order repairs or change the sale price, according to the results of the inspection. Once this step is finished, the deal may be closed.
You will have to sign a large amount of paperwork to close the deal. Be prepared to sign a HUD-1 settlement statement, a certificate of title, a title deed, a loan payoff statement, mechanics liens, a bill of sale, a statement of closing costs, and a statement of information.
What is necessary to close a cash deal for real estate?
The things that you will need to bring to your signing appointment include your government-issued ID, the deed (if the property is paid off), keys to the house, remotes for any garage doors, and codes for any keyless entry systems or alarms. Additionally, you may need a cashier’s check or a certified check to pay for any other costs that are not covered by your proceeds (For instance, lien payments, prorated utilities, or property taxes). If additional funds are needed, you will be notified ahead of time by your escrow company.