There are three recognized ways to sell a house. Most people elect to list their house with a well-known, local realtor. Other people elect to sell the house directly, without the involvement of an agent. Still, others choose to sell their house for cash directly to investors.
Closing the sale of a house is not easy. There are several parties involved, including the buyer, the real estate agent representing the buyer, banks, mortgage companies, escrow companies, and lawyers. All these people are involved in a traditional house sale. This is not the case when the property changes hands for cash. Dealing with investors who state, “We buy houses in Oswego” is far simpler and there are fewer parties involved. It is just you and the buyer. There is minimal paperwork. The buyer handles what little there is. The deal will close fast, and there is a low risk that the transaction will fall through.
What Is a Cash Sale?
The term “cash sale” is just that, a term. Technically, there is no such thing as a cash sale of a house. In the US, closing a house sale with cash is illegal. The term is used when a house is purchased outright, without the need for external financing. Once the sale has been completed, the buyer transfers funds to the account of the seller, or the buyer issues a cashier’s check.
The Closing Timeline
- Financed Purchase: The transaction time when it is necessary for the buyer to arrange a mortgage can be as long as 60 days.
- All-cash Purchase: As there is no lender involved, an all-cash deal can be consummated in as little as a week.
When you elect to sell your house to a property investor, the process is straightforward. Once you contact a company who states, “We buy houses in Oswego,” they will come to your home, inspect it, and make an offer. If the offer is acceptable to you, the buyer handles the paperwork, and you get a check for the proceeds.