TIME: Less is More

Time is an important consideration when evaluating a cash offer. How much time does the buyer have to do their investigation on the property, are they closing on your timeframe, not theirs? These are important questions to ask in order to empower you to keep the buyer accountable to your timeframe.

Contingency

Buyers will often try to give themselves as much time as possible in the due diligence period. As the seller, this time period is crucial. The fewer number of days allowed in this contingency, the less likely the buyer is to back out. A legitimate cash buyer can waive contingencies in forty-eight hours or less.

Appraisal

Some cash buyers will try to do an appraisal on the property. They may insist that this is a normal part of real estate, and while it is normal in a traditional real estate transaction, in an all-cash offer from an experienced homebuyer, it is completely unnecessary. These buyers can use the appraisal to their advantage and often hope the seller won’t know that. The truth is that an appraisal is not needed when working with an experienced cash buyer.

Closing

In real estate, the payoff and grand finale are at the closing table. This is when you complete the transaction of selling your house. The buyer gets the keys, and you get your money. That’s why the buyer’s ability to close in seven days is so important. 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.

To make that happen, sellers have to avoid contingencies that slow the process and only benefit the buyer, skip time-wasters like financing conditions and appraisals, and verify the buyer can close in seven days (if needed).

Time is a valuable commodity that’s difficult to put a price on. However, it can get expensive quickly if the wrong cash offer is accepted.

Understanding Time Costs of a Home Sale

If you want to know more about the details of how a home sale can take up your time, 1 800 BUY HOUSES can help. To find out more, give us a call today.