It’s no secret that the housing market is hot right now. Home prices are on the rise and there is a lot of competition among buyers. If you’re thinking of selling your home, it’s important to understand how long the process will take. In this article, we will compare the timeline of three different methods of home sale: the traditional method, selling to a cash buyer, and auctioning the home.
Traditional Sale
A traditional home sale usually takes several months to complete. The first step is to find a real estate agent who you feel comfortable working with. They will help you to determine an appropriate asking price for your home and will list it on a multiple listing service (MLS). Once your home is listed, interested buyers will begin to schedule showings. During this time, it’s important to keep your home clean and presentable at all times.
Once an offer is made, you and the buyer will negotiate the terms of the sale. Once both parties are satisfied, a contract will be drawn up and signed. The buyer will then arrange for a home inspection and appraisal. If everything goes well, the sale will be finalized and you’ll receive your payment. The whole process can take anywhere from one month to almost a year.
Selling for Cash
A cash home sale is a transaction in which the buyer pays for the property in full with cash upfront. There are several benefits to this type of sale, including a shorter timeline and a simplified negotiation process. One of the main benefits of a cash home sale is that it can be completed much faster than a traditional home sale. This is because there is no need to obtain financing from a bank or other lender, which can take several weeks or even months to approve. Instead, you can close on a cash sale in as little as one week!
Additionally, there are no appraisal or inspection contingency periods to worry about. Another benefit of a cash home sale is that it can simplify the negotiation process. Since the buyer is not reliant on third-party financing, there is less room for negotiating over price and terms. Additionally, the buyer or seller will not be required to pay any loan origination fees or other closing costs. As a result, the total purchase price of the property will be lower than if the buyer were obtaining financing from a bank or different lender. Consider selling to a cash home buying company if these advantages and short timeline sound appealing to you.
Selling at Auction
One option for selling a home is to auction it off. This can be a fast and efficient way to sell, but it’s important to understand the timeline for such a sale. First, the property must be advertised for auction. This is typically done through listings in newspapers and online, as well as posting signs on the property itself. Next, potential buyers will inspect the property and decide if they want to place a bid. The actual auction will take place on a specified date and time, and the highest bidder will win the sale. Once the sale is complete, the buyer will need to pay a deposit and then arrange for financing. The remaining balance will be due at closing, which typically takes place 30-60 days after the auction. By understanding this timeline, both buyers and sellers can be prepared for a smooth transaction.
As you can see, different methods of home sale have very different timelines. From the lengthy traditional process to the ultra-speedy cash process, there is something for everyone. If you need to close your home sale quickly, a cash sale might be right for you.
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