When Do You Receive Money When Selling Houses for Cash?
- Marta Griffin | May 20, 2023
You might know the fundamentals of selling a house, and contrary to popular belief, selling a house is not as easy as counting one to three when selling a house, whether through cash or mortgage. Each process requires a different approach and methods. As for cash buyers, it is often the most straightforward method among the two; this is due to the ability to skip the long-process steps such as appraisal and inspection in a mortgage. Although these two provide its significance in home buying, it is also a breath of fresh air for clients who are on a time crunch.
As selling a house in cash is often the quickest route to choose, many sellers (and maybe including you) wonder it is also the fastest in getting the payment? Most of the time, when sellers agreed to sell the house to a cash buyer, they get paid as soon as they have closed the transaction. To further assist you on that matter, here are some of the details you may want to know.
The Closing Process
As stated, when selling a house – a closing process must be done to seal the deal and sign the property contract. The duration of a closing process highly depends on the client’s method of payment. Between the two, mortgage and cash, cash buyers have it easy in the waiting line. A mortgage usually takes about four to six weeks to close the transaction due to the appraisal and inspection from the middlemen or the loan bank. On the contrary, a cash buyer can close a deal in more or less one to two weeks, which frankly why real estate agents often opt for cash-paying clients.
In this overview, the seller can receive the cash after the closing process has been done. It could be within the same day or a week, depending on how quickly the process takes place and the client pays. Usually, the majority of the states in the U.S. do all of the selling process (i.e., Title Search, Inspection (if wanted), Appraisal (if desired), and the Final Walkthrough) in two weeks. If this is the situation, closing the transaction commonly lasts from 1.5 to 2 hours; therefore, the seller can now claim the cash.
Even if selling a home to cash buyers can be a little easier than the other option, it is still necessary to get a proper and experienced listing agent. It usually depends on the real estate agent how long or fast a transaction may take – the fastest being two weeks. This is why, when the seller aspires to receive the money from the house as urgent as possible, hiring an agent can be the smartest thing to do (provided that the agent will receive his or her commission from the payment).
In selling a house, most especially on a time crunch, you can receive the money as early as possible. This is because you have a good home, strategy, and a professional alongside making the deal realistic and smooth. We buy houses, so let us know if you are interested in getting an offer from our business. – SnapCashOffers