The 3 Parts of Cash Offer
Experienced cash buyers should be able to remove all contingencies within forty-eight hours of signing the purchase agreement. This gives the buyer time to evaluate any major concerns on their end, while still providing the seller with the peace of mind that their home is under contract and the sale is definite.
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Appraisals take time. Bank and lender approvals take time. As the seller, you want to have the peace of mind and certainty that the house is going to close when the buyer says. Remember, the contingency element. If there’s an appraisal contingency, someone else has to sign off on the sale, which creates a hurdle for the seller.
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Make sure your buyer is legitimate and can meet the closing time frame that works best for you by asking for proof of funds. This is not difficult for an experienced cash buyer to do. They should have relationships with the title and escrow company to get the paperwork in order in case you are looking for a quick turnaround.
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An Earnest Money Deposit (EMD), also known as a good-faith deposit or escrow deposit, is a sum paid by the buyer to the seller to demonstrate serious intent in purchasing the home. This deposit is particularly significant in cash transactions as it reassures the seller of the buyer's commitment. To ensure you're dealing with a serious cash buyer, consider requesting non-refundable earnest money at the time the offer is accepted, which underscores the buyer’s dedication to the deal.
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Understanding the net offer is crucial for any seller as it outlines the actual proceeds from the sale after all associated costs. When evaluating a net offer, consider the various fees deducted at closing, any costs you may need to cover, and the amounts due for your mortgage, property taxes, or any judgments. Knowing these details upfront helps you gauge the true financial outcome of the sale.
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Considering the price of selling a home involves more than just the financial aspects; it also includes the emotional costs. The certainty, convenience, ease, and peace of mind that come with a sale carry their own value. Balancing the monetary and emotional aspects of selling your home is essential to avoid undue stress and financial loss, ensuring a satisfying transaction for you emotionally and financially.
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When selling your home, you typically encounter three key types of buyers: cash buyers, real estate agents, and wholesalers. While real estate agents represent the conventional method for home sales, there is often confusion between cash buyers and wholesalers. Both might use slogans like "Sell Your House Fast" and "We Buy Houses," yet it is crucial that cash buyers have the direct authority to purchase your home. Always verify that any potential home buyer has the legitimate power to complete the purchase directly.
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Dealing with an inexperienced cash buyer can lead to unnecessary delays, added expenses, and increased stress, undermining the simplicity and speed expected in such transactions. To ensure you're engaging with reputable buyers, it's wise to screen several candidates thoroughly. Ask pointed questions about their duration in the real estate business, details of recent property purchases, their intentions for acquired properties, their role within their organization, and whether they plan to wholesale your property. This approach helps identify a buyer who can meet the quick and efficient sale you desire.
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Our approach to vetting references is to "trust, but verify." Begin by researching online to uncover reviews about various cash home buyers. Evaluate their online presence and the quantity and quality of their reviews. While a few negative comments among many shouldn't be alarming, a high ratio of negative feedback can be a red flag. Furthermore, directly check the references provided by your prospective buyer. Contact past clients to discuss their experiences and confirm if the buyer fulfilled their promises. Trusting is good, but verifying ensures the information you rely on is accurate and the buyer is reputable.
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Carolyn Church
Escrow Officer“I’ve worked with homeowners for over 37 years and this book really explains the alternatives to sellers who didn’t know they had other options when it comes to selling their home. With an emphasis on time and money, this book takes the “scary” out of the decision-making process and gives home sellers a checklist of what to look for and what questions to ask!”
Zandra Ulloa
ABR & MRP, Realtor & Founder of Team Z Realty“Paul Baird has already proven to me repeatedly why some people are good at what they do and why some are great like he is! If you’re one who prides yourself in being reassured that you’ve made the right choice, that all options have been considered, and no money has been left on the table, without any regret, then put this book on your reading list. Even after selling over $2.5 billion dollars in real estate myself, I continue to benefit from the helpful principles provided in this book. It’s made a lasting impact on the way I invest and guide other people to making a confident decision.”
Shanae Welsh
Title and Escrow officer, 20 plus years experience“I have known Paul for over ten years and worked on countless transactions with him. His sellers are always very relaxed and confident because Paul is upfront and honest about the transaction. I know that if Paul sends me a contract, he has applied the principles in this book and the property will close on time and for the agreed sales price. Paul truly wants what is best for each seller and works diligently to get the transaction to the finish line. I refer as many clients to him as I can and know that they will be in good hands. I can’t recommend him enough.”
Brennan H. Moss
Real Estate Attorney“Any homeowner considering a cash offer should read Sold! A Step-by-Step Guide to Accepting the Right Cash Offer for Your Home. The nine principles outlined in the book are simple, straightforward, and informative.”
