Did you know that it takes most buyers an average of 30-45 days to close on a house? Sometimes it takes 60 days, or even more if things don’t go as planned. Don’t have that long to wait? You may be better off selling your house to a cash buyer instead. It’s not unheard of for them to close in as little as 1-2 weeks.
First 24 Hours
The first 24 hours are often taken up with the process of an offer being made and accepted. There may be some negotiations at this stage to make the offer a win-win for both parties. Depending on what time that is finished, it may be possible to request proof of funds and earnest money from the buyer. Otherwise, that may have to wait until the next business day when the buyer can contact their bank. This process often takes 24-48 hours.
Week 1
The first week of the closing process will involve things like securing title and escrow services, submitting earnest money, and the title review. Most of that doesn’t take very long, though it may take a week between scheduling the inspection and the inspection actually being done. The inspection itself usually only takes a few hours. Of course, some cash buyers may skip the inspection altogether, which could save some time. Title searches usually take about 3 days, while securing title and escrow services and submitting earnest money typically only take about 1 day each.
Week 2
Like the inspection, getting the house appraised can take some time. It’s not a necessary step in the cash buying process, unlike those involving a lender. Because of that, some cash buyers may skip the appraisal. If not, expect the appraisal to take anywhere from 15 minutes to up to two weeks from the time of the appointment to the time of the report being finished. Factors such as local market activity and the ease of finding recent comparable home sales will impact how long it takes for the appraisal to be completed. From there, it’s just the final walkthrough (which takes about a day) and the meeting to sign the paperwork and close the deal (usually about 1.5-2 hours)
Even though cash buyers are known for closing more quickly than your average traditional buyer, not all cash buyers close at the same rates. If what you need is the fastest closing possible or the chance to close when it’s most convenient for you, you need a professional home buying company like MS Sell Now. We can close in as little as 7 days or on whatever date you choose. It’s up to you.
Closing quickly isn’t the only thing that sets selling your home to MS Sell Now apart from listing with a local agent. Click here to compare the two and see which one is right for you!