The trend of selling homes to cash buyers in Renton has surged. With faster sales and less hassle, this method can be incredibly appealing. Many cash buyers have funds readily on hand and have the ability to close on the property faster since a quicker sale is less dependent on traditional lender concerns. This method can work perfectly if you need to relocate quickly, are trying to sell your home because of a divorce, or want to shake grime free from tenacious old owners.
Still, sellers are often curious about the legalities of selling in just this way. There may be several legal documents sellers need to have locked down first, such as preparing a title deed to show the buyer at the time of the sale plus disclosures for stopping by. They need to keep in mind a few good points on real estate cases in general and not fall for a scam if they go this route. Sellers might want to hire a real estate agent mentally, just to keep things clean. Then they can just as they like.
Understanding Cash Buyers
Cash buyers are people or companies that buy homes outright—they don’t need a mortgage or loan in order to buy a home. They don’t have to go to a bank, fill out a bunch of paperwork, and then wait for the mortgage to come through. They just have the money they need to buy a house—right now. So they are able to make the sale happen much, much more quickly than a “regular” buyer would.
Among other great things—like getting your house in Renton sold in no time—you usually don’t need to do much (or really anything) to sell your house in Renton. This “type” of buyer doesn’t need to play those typical, “I can’t wait to move so we won’t be doing that”… types of games. They just want to buy your house so they can (hopefully, for them at least) make a profit on it later. You get your house sold, and a little bit of profit money; they get a house that they can “flip” or turn into whatever they like, at their leisure.
The Initial Steps in the Selling Process
To prepare your home for a cash sale, you will need to take a few steps. Start by decluttering your home. This means removing personal items, an overabundance of furniture, and any items in your home that you don’t necessarily need. It’s a lot easier for people to see themselves moving into your home when the home is clean and organized. So, if possible, while starting the home-selling process, try to declutter your home as much as possible. Next, look around your home to see what minor repairs you can complete. These may include fixing a leaky sink, repairing a hole in the wall, or replacing a cracked tile or two. Small renovations or updates can help enhance the overall look of your home and may increase the number of offers you get.
…Additionally, you will also have to find a reputable cash buyer. To do this, you can start by doing a little research on your own. Look at the companies in your area that specialize in purchasing homes for cash. Some of these companies may be labeled or advertised as “We Buy House As Is” companies. These are company organizations that are ready, willing, and able to purchase your home for cash. But, the best part is, the home can be in almost any condition. The “We Buy Houses As Is” model ensures that home sellers like convenience, speed, and profitability. So, you include all of the areas which you may have taken a little time sprucing up in your home.
Still not sure if a company is a great choice for your home-selling needs? When in doubt, do an extra layer of research. Look at various reviews for a company and see what its members really accomplish. Some companies you may find throughout your research will have displayed multiple reviews from homeowners like you. That being said, you may have to take an additional step or two to find an organization that’s best for you.
Legal Considerations Before Selling
Real estate laws in Renton, Washington, impose obligations on sellers in all kinds of transactions, even cash transactions. All sellers of real estate must disclose material facts that might be of interest to potential buyers of a property. Material facts include negative conditions, like water leakage in a basement; positive conditions, like recent kitchen remodeling; and everything else in between (e.g., hazardous conditions on a property, current disputes over a property, etc.).
When selling a home or other type of real estate to a cash buyer, you will need to complete and submit a Seller Disclosure Statement as part of the overall legal process. A Seller Disclosure Statement essentially provides you with a checklist to help ensure that you don’t forget to disclose any material facts about a subject property.
In addition to disclosing material facts, it wouldn’t hurt for you to have some knowledge of how a real estate transaction works as well. That’s because when you sell real estate, an ownership interest in it transfers from you to the buyer. Any liens, encumbrances, or other items attached to your deed will need to get cleared up so that your ownership interest is free and clear to transfer at settlement.
The Sales Agreement
In Renton, when you sell to a cash buyer, be sure you have a properly constructed sales agreement. This should include the purchase price and payment terms clearly stated as cash for the full amount. You should have contingencies (like a home inspection) that allow you to anticipate and remedy any issues before the closing sale.
Make sure you take an effective negotiating position. Certainly, you can press for a closing date that aligns with the time you’ll need to vacate and have a new place ready for you to move into. You may want to have a discussion about things like appliances or lighting features—if only so that you don’t have to deal with unplanned questions later on.
When you’re thinking about “negotiations,” your role won’t be 100% “Yes, how high?” You are also the seller, and you’ll have somewhat of an advantage in that the buyer, especially if he/she is a cash buyer in Renton, can out-maneuver you by dealing very aggressively. Stay on your side of the see-saw and balance out the scale.
And do be sure to get your attorney to include some clause that allows you to deal with any frustrations that may occur as a result of a delay in the closing—even if that’s mutual frustration.
Closing the Sale
The closing process is crucial to understand when selling your house to a cash home buying company. This is exactly what it looks like to work with us here at Element Homebuyers.
After agreeing to an offer, you would work with the title company to demonstrate the validity of the title.
- The title company searches the title and sends documents over to the signing table.
- The title company creates the settlement statement.
- You go to the signing, where your title company will walk you through the estimated proceeds of the sale and everything else you need to know.
Overall
- It is common practice to wait to include the attorney in the proceedings until a later day (if even at all) because they will likely have no impact on the entire proceedings whatsoever.
- Business transactions can proceed normally without any need for an attorney to be there.
Selling to Element Homebuyers
- You don’t need to find an attorney or anything like that.
- You don’t need to drive anywhere.
- You don’t need to meet with anybody.
- Give somebody a phone call, that’s about it.
There are a few legal steps you’ll need to take to sell a property to a cash buyer in Renton. First, you’ll need to have all your documents in order.
This means locating your title deed and having it in your possession. Additionally, you’ll need to have written any property disclosures or relevant inspection reports. Doing this will help you in two ways—establish the property’s value and protect yourself from a possible lawsuit down the road.
After you’ve taken that step and found your buyer, it’s time to negotiate the price and contingencies (if there are any) in a purchase agreement.
Once both parties sign on the dotted line, the title company will perform a title search to ensure that the property is free and clear of liens and encumbrances.
After the title comes back as ‘clear,’ you—the buyer and the seller, I should say—must link up with a closing agent to sign the necessary documents, pay the full asking price, and transfer the title and keys to the property.
So, the last step is to coordinate with the closing agent to set up a date for signing the necessary documents and transferring the closing balance, and, boom, you’re done! Well, ‘more so’ I guess because it really isn’t that simple.
As I’ve mentioned, there are numerous benefits to selling a home to a cash buyer. The process is much quicker because you don’t have to wait for other people to move at their highly inconveniently timed slow pace ( Walk-away interjection: “I mean, how long does it take to type numbers into a computer and press, okay? I mean, revive me, Barb!”).
Not to mention that pesky bank approval process. Can’t even get a job unless Four-Eyes gives me the O-K. I can’t work anywhere.:prohibited[1]:
Besides that info, the only other bits you need to be aware of are certain risks you might be exposed to if you want to avoid having (seemingly endless) mortgage payments.
So, you have a good idea of what your next step should be if you’re thinking of selling your home in Renton. You can use the information I gave you to help guide your next move, or, you can give us a quick heads-up, and we can do all the leg work for you while you’re sitting at home, watching Monday night football.
206-291-6117