Did you know that how your buyer is paying for your home can impact your selling timeline? It’s true. Cash buyers often have different timelines for sales than traditional buyers who pay for homes using money they’ve borrowed from a mortgage company. So what should you know about closing timelines if you’re selling your home to a cash buyer?
A Typical Timeline
Closing on a home with a traditional buyer typically takes 30-45 days. There are several steps involved in the process, each usually taking a different amount of time to complete. Negotiating and signing the closing contract can take 1-3 days. Submitting earnest money takes 5-10 days. Ordering a title search and title insurance can take 2-3 weeks. Completing a mortgage application and getting the final loan approval can take anywhere from a week to a month. Conducting home inspections can take another week or two, and appraisals often take another 5-10 days. The final walk-through of the home, gathering documents to bring to the closing, and the actual closing itself each only usually take 1-2 hours. While some of these steps can certainly be done simultaneously, it still usually takes over a month to close.
Fewer Steps Means Faster Closing
In comparison, closing on a house with a cash buyer can potentially eliminate some steps in the closing process. Lenders are usually the ones requiring appraisals, though cash buyers can certainly have them done regardless of whether or not a lender is involved. One of the biggest differences is that there is no need for the buyer to spend time working on a mortgage application or waiting for loan approvals. Fewer steps usually mean that the closing can be completed more quickly, sometimes taking weeks off of the timeline.
Sell to Beyond Home Offers for the Fastest Closing Timelines
If you want to close as quickly as possible, you can’t sell to just any cash buyer. You need a professional home buying company like Beyond Home Offers. Our fast, easy home buying process means that we can close the deal on your home in as little as seven days! If that doesn’t work for you, we can close on your schedule. It’s all about what works best for you when you sell your home to us.
In some ways, cash buyers are just like traditional buyers. There’s a lot of overlap in most aspects of selling your home to one. That said, there are still some important differences. Understanding how cash buyers impact your closing timeline can help you understand what to expect from the process. If nothing else, that knowledge will put you in a better position to accurately plan where to go from there.
Selling to a cash buyer has never been easier! Click here to learn just how simple and easy it can be to sell your home to Beyond Home Offers today!