If you’re here, it’s very like that you have a pretty good idea of the benefits of buying a house with cash. In Raleigh, as in most places, all-cash purchases tend to close faster than financed ones, and you’ll avoid costly mortgage insurance premiums and interest payments. But before you hand over a briefcase full of cash, we highly advise you to understand the process and what to expect.
The Preliminary Steps
Prepare a Purchase and Sale Agreement
You’ll need to prepare a purchase and sale agreement to make an all-cash offer. We’re talking about a legally binding contract between you and the seller that outlines the sale’s terms, including the purchase price, closing date, earnest money deposit, and any special conditions.
Agents commonly use a long and complicated form for this agreement, but you can use a simple purchase template found online (just make sure it’s tailored to your state’s laws).
Conduct a Title Search
Ordering a title search is the next step homebuyers must take, revealing any liens or judgments against the property. This step is critical because you don’t want to end up responsible for someone else’s debt. You have to ensure that the property owner is the only one with a claim to the house before you can move forward with an all-cash purchase.
Determine the Kind of Deed You’ll Get
Quitclaim, warranty, and special warranty are the three types of deeds you can receive when you buy a property, and each comes with its own level of protection. In a cash sale, you’ll most likely get a quit claim deed, which provides the least protection. If there are any problems with the property’s title, you’re on your own to fix them.
If you went for a warranty deed, on the other hand, the seller would be responsible for any title issues that come up. You’ll wait more time for the deed to be recorded, but it’ll be worth it for the peace of mind.
Transaction Steps for Buying A House With Cash
Make an Offer
Once you’ve done your due diligence, you’re ready to make an offer. When you’re on the group that claims “we buy houses with cash,” they consider you a serious buyer, so your offer should be just as strong. Don’t be afraid to bargain for a better price, but keep in mind that the seller might be more likely to accept a lower offer if it’s an all-cash deal.
Request a Professional Appraisal
You might take this step as optional, but consider that getting a professional appraisal will ease of mind. You’ll avoid overpaying for the property, and you could come in handy if you ever decide to refinance or sell. Besides, the inspection will probably uncover any problems that you weren’t aware of. Don’t forget that you can always negotiate with the seller to make repairs before closing.
Close The Deal
Once everything is set, it’s time to sign on the dotted line and make the purchase official. Since you’re a cash buyer, you can expect a quick and easy closing. In most cases, the whole process can be done in weeks. We recommend you be flexible with the closing date to ensure everything goes as planned. Besides, the seller might consider your flexibility a benefit and accept a lower offer.
Get In Touch With Reputable Homebuyers
Are you interested in learning more about how to buy a house with cash? We can help at Easy Sale Home Buyers. We’re a team of real estate professionals that have helped countless people buy homes with cash and sell their homes fast – no matter the reason. Our process is super simple: fill out our online form to get started, and one of our experts will be in touch within 24 hours to discuss your options.
At Easy Sale Home Buyers, we buy houses without having you go through the hassle and expense of repairs, renovations, or showings. We’ll make you a cash offer for your home as-is, so you can move on with your life and put this stressful situation behind you. Plus, we close fast – usually within 7 days or less.