Selling a house is generally not an easy process. It’s always wise to check what options you have and what suits you best. In this article, we’ll focus on the process of selling a house to cash buyers in Cincinnati. Cash offers are getting more common these days. And there’s a good reason for that. Here’s what you need to know:
A Cincinnati cash buyer is an individual or a company who has money at their disposal to buy your property outright in Cincinnati, Ohio. They don’t need financing from a lender. At the close of escrow, the money is transferred electronically to the seller’s bank account or a seller gets a cashier’s check.
Why an offer from Cincinnati cash buyers is better?
An offer from a cash buyer is considered to be stronger than other offers since there is no financing contingency included in the purchase contract. A contingency enables the buyer to back out of the transaction and oftentimes have their earnest money returned.
Usual contract contingencies include an appraisal, property inspection, and a financing contingency that makes the deal contingent or conditional on the house buyers applying for a loan. It is not uncommon for home sales to fall through at the last minute and oftentimes it’s due to financing contingency. A pre-approved loan can still be declined if there is a change in employment, a recent negative credit issue, new debts, or any other reason.
What are the types of Cincinnati cash buyers?
Cincinnati cash home buyers usually come in two types. First, they are those owner-occupants who have funds to purchase the house in full cash probably because they have significant equity from their previous property. Then the second type is real estate investors who either purchase properties to do wholesale, to flip, or to add to their sale or rental portfolios.
Why it’s better to sell to cash buyers than traditional buyers?
There are many reasons cash house buyers in Cincinnati are better than traditional buyers.
- Number one, since a cash buyer has complete control of the funds needed to buy the house they can close fast. No lender is involved to slow down or add more steps to the process. This is why if you want to sell your house fast in Cincinnati you would want to sell it to a cash buyer.
- Reason number two, a cash buyer doesn’t need financing contingencies or appraisals for their cash offer to buy a property. It’s less likely for your home sale to fall through.
- And the third reason is most cash home buyers are not picky when looking for homes for sale in Cincinnati. They buy properties as-is so you don’t have to worry about fixing your home.
- Fourth, it’s a lot more convenient since you don’t need to list your home on the market. This means you don’t to list it with an agent, prep your house for photos and showings, make repairs, spend money on staging, and have your property posted online and in newspapers. Doing all these takes a lot of time, energy, and investment from the seller.
- Lastly, a Cincinnati cash home buyer can work with your schedule. They are more flexible with your timeline so you can choose a date when to do your closing.
But what every seller should know is that the offer from a cash buyer is typically less than what traditional home buyers offer. Nonetheless, the speed, convenience, and the fact that you don’t need to fix anything, spend money on staging, and no agent commission fees (that typically shaves off six percent of your proceeds) compensate for the difference.
What’s the closing timeline when selling your home to cash buyers in Cincinnati?
As previously mentioned the biggest advantage of selling a house to cash buyers is that closing can happen a lot faster than with a buyer who needs financing.
When you sell your house to a cash buyer, the closing can take place as quickly as 7 days. Once you sign the purchase and sale agreement, the escrow company will then order a title report, make sure any liens are cared for and prepare the closing documents.
This is a lot faster than selling to a traditional home buyer who needs financing. While it is possible to close in one month when a lender is involved, oftentimes closing escrow when a buyer is obtaining a mortgage takes between 45 and 60 days.
Here’s how it usually goes when closing a home sold to a cash buyer:
- Execute the purchase and sale agreement
- Check proof of funds to make sure the buyer is capable of purchasing the property.
- Make an escrow account with a title company to deposit the house buyer’s earnest money and order the title report and make sure that any existing liens are paid as a condition of closing.
- A home inspection and appraisal may be arranged depending on the buyer. Some cash buyers skip this part.
- Review and execute the documents for closing. After that, funds are transferred to the bank of the seller, or payment is made by cashier’s check.
Final Words
The only guaranteed way to sell your house fast in Cincinnati is through cash buyers. Cincinnati may be one of the hottest real estate markets but it does not mean you can sell your home in less than a month. If you need to sell a house quickly, the best way is to sell it to a cash buyer. But not all cash buyers in Cincinnati are the same. To make sure, you don’t get lowballed only deal with trusted ones. Get a cash offer for your home in Cincinnati, Ohio by filling out the form below.