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Best Practices for Managing Cash Received from a Home Sale

 

When you sell a home, the sale process can be complex. There are a lot of parties involved, including the buyer’s real estate agent, lenders, an escrow company, and sometimes a title company. Getting the paperwork together is often tedious and time-consuming, which can cause the transaction to fall through if things don’t go smoothly.

However, if you’re selling a home for cash, the transaction can be simplified and the timeline can be expedited. You can even eliminate many of the aforementioned parties and save money by doing it all yourself.

How to Handle a Cash Offer

When a buyer wants to purchase your home with cash, the first thing they’ll do is send you a contract. This contract will detail all of the terms and conditions. It’s important to review the contract carefully and make sure it contains all of the necessary details, including a home inspection contingency.

A home inspection contingency is a great way to avoid having the sale fall through because of problems that could be found in your home during the inspection process. Common home inspection contingencies include lead paint, water quality, radon, and mold testing. Click here https://www.clevelandhousebuyers.com/sell-your-house-fast-in-walton-hills-oh/

 

Whether you’re selling a home for cash or for traditional financing, it’s vital to have a

professional home inspector do a thorough assessment of the property. The inspection will help you determine how much repairs need to be done to get the house in good shape for a potential buyer.

The home inspection is also a good time to discuss with the buyer any special needs that might be required, such as a handicapped access ramp or an outdoor pool. You can also negotiate a small escalation clause in the contract that enables you to increase the offer if the home inspection turns up significant issues.

You may also want to consider hiring a real estate attorney to draft the agreement and protect your interests. This will help ensure you don’t face any legal problems in the future.

How to Handle a Closing

At the closing, you’ll sign all of the documents that have been submitted by the seller. You’ll also be handed over a check for the balance of the purchase price, which is usually wired directly to the buyer’s bank account. Then you’ll receive the keys to your new home!

 

A closing typically takes a few weeks, so you should plan accordingly. The closing is held at an office of a title company, escrow company, or specialized real estate attorney, depending on the state in which you live.

While you can sell your house for cash as quickly as you like, you should remember that the value of your home will be lower than if it had been financed. It’s best to take the time to do your research and compare a few offers before making a decision. It’s also a good idea to ask a real estate agent with experience in cash sales to provide you with a recommendation for a good cash buyer.

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