You’ve found a buyer, they’ve made an offer, you’ve accepted, and now you’re ready to close the deal. Would you be surprised if the buyer needed 30-60 days or even more just to close? Fortunately, cash buyers tend to take far less time to close, usually closer to two weeks (though some are even faster). Still, some things can impact how long the process takes.
The Title Search
No one wants to buy a home only to discover that there’s something funny or wrong with the title. That’s where a title search comes in. Title searches can uncover things like liens on the house, heirs listed on the title, or outstanding judgments on the property. Provided everything goes smoothly, a title search typically takes a few days. That said, a title search on a home that has been in foreclosure or gone through a short sale will often take longer.
An Option Period
An option period is an addition to a contract that allows the buyer time to change their mind and back out of the sale without any financial or legal ramifications. This can be a good option for buyers who are concerned either about how fast things are moving or how much cash they’re spending. That can add as much time to the home selling process as the agreed-upon length of the option period.
Appraisals and Inspections
Not all cash buyers ask for a home to be appraised or inspected before purchasing it (MS Sell Now doesn’t), but some do. Inspections don’t usually take more than a few hours to complete, but they can take a week or more to book, depending on how busy the inspector is. Appraisals can take a few minutes or a few weeks, depending on how long it takes to generate the report. That is impacted by factors such as the state of the local market and how easily the appraiser finds similar home sales.
The better you understand the closing process, the better prepared you will be to navigate it. That means understanding what sorts of things impact how long it takes to complete and what sorts of timelines are normal. Part of that will depend on who your buyer is. If you want a fast closing, you need a cash buyer like MS Sell Now. With the option to close on the date of your choosing or in as little as seven days (no option period needed), it’s hard to beat closing speeds like that.
Curious about the cash buying process? Click here to learn how MS Sell Now buys houses today!