Selling a House for Cash: What You Need to Know

Dated: November 14 2021

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Selling a House for Cash: What You Need to Know

It’s every Vero Beach home-seller’s dream: Someone comes along with a cash offer for full price. Will it happen to you? Maybe – and if it does, here’s what you need about the process of selling a house for cash.

Selling a House for Cash: What You Need to Know

If someone comes along and offers you cash for your home, here’s what the process typically looks like (and sorry – it probably doesn’t involve a buyer bringing you a suitcase full of $100 bills).

Verifying the Funds

You’ll definitely want to make sure your buyer really does have the cash to buy your home. You’ll usually get an earnest money deposit up-front, which can range from 1 to 5 percent of the home’s sales price. Then, you can request proof of funds (such as a bank or investment statements). Your REALTOR® will help you verify the funds.

Related: Home-seller’s blog

Paying Off Your Mortgage

The buyer’s agent works with your agent to facilitate the transfer of what you owe on your mortgage. You don’t personally handle the money; the buyer’s cash goes to the lender that holds your mortgage to pay off your existing loan.

If you don’t owe anything on your house, that’s another story. Your real estate agent can help you determine how you’ll accept the cash in that case.

Buyers’ Due Diligence

Buyers who pay with cash still have the right to do their due diligence. That means hiring an inspector, checking for a clean title, and other important tasks that buyers need to do to make sure they’re getting into a good deal.

Related: Easy curb appeal tips that may help you sell your home faster

Closing

When everything’s in order, you’ll have your day at the closing table. Generally, cash sales can close in as little as two weeks; that’s because nobody has to wait on a lender to approve a loan.

At closing, the money officially changes hands. Your house becomes your buyer’s house, and you’re free to move on to the next chapter.

Are You Buying or Selling a Home in Vero Beach?

If you're considering buying or selling a home in Vero Beach, we're here to help. Check out our: 

You can also get in touch with us to learn how we can aggressively market your home to all the right buyers. We can help you sell it quickly - and at the right price - so call us today.

Blog author image

Chip Boyer

Chip is the IT Manager for Alex MacWilliam Real Estate. He handles the technology needs of the company as well as helping agents in their day to day problem solving.....

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