If you’ve ever been through a home sale closing before, you know it involves a lot of waiting. For a typical home sale, the average time between offer and closing can be 30–60 days. In contrast, if you sell your home to a cash buyer, you can close within 7 days.
One of the most time-consuming parts of the traditional closing process involves inspections, including property assessments, home inspections, and sometimes, termite inspections and other specialized examinations. These all need to be scheduled and completed.
In a cash sale, no inspections are required. This eliminates the weeks spent waiting for various inspectors to walk through the house. The cash buyer will purchase your home in its present condition, with the understanding that there will probably be repairs and updates that need to be done.
No Waiting for Financing
In a traditional closing, the seller waits weeks for the buyer’s financing to get finalized. This can be a stressful time, since there’s always a possibility the required red tape could delay the closing date. The deal could even fall through if the buyer doesn’t get approval.
That won’t happen with a cash sale, since the cash buyer already has funds available to cover the full amount of the offer. This enables the buyer to set a quick closing date, usually within a few days or at the seller’s convenience.
Since the buyer doesn’t need financing, you’ll receive your payment at the time of closing. If you have a mortgage to pay off, you’ll do that at the closing with the proceeds from the sale. Any amount beyond that is yours to keep.
There are no closing costs. The cash buyer doesn’t charge commission because they are not sales agents. The cash buyer will cover any other expenses or fees. You receive the amount of money you were offered.
A cash sale is quick because it is a direct purchase of your home. There are no “middlemen”—no agents, no inspectors, no mortgage lenders. All of this adds up to no waiting. From the time you decide to sell until you sign the final papers, the closing could be 7 days or less.
Do you have a house in Utah you need to sell quickly? Click here to learn how you can get cash for your home within 7 days.