There are a few different aspects of selling a house that can take time. Getting the house ready to be sold and finding a buyer can both take a fair amount of time. Then, there are financing and closing procedures which vary depending on the type of real estate transaction. Given that different types of buyers close at different paces, what should you expect from each type?
Traditional Buyers
Traditional buyers tend to take the longest when it comes to closing. Just the closing process alone can take 30-60 days or more–and that doesn’t even include all the time it takes to find a buyer and negotiate a price. This is because traditional buyers need financing from a lender in order to afford the cost of a house. The lender needs to approve both the buyer and the house, which can add weeks to the closing process.
Cash Buyers
Cash buyers have one very distinct difference from traditional buyers: they pay for houses using their own funds. There is no lender involved. This allows them to move more quickly through the closing process. They don’t need to wait for a lender’s approval. That said, some cash buyers may still want the house inspected or appraised as a part of the closing process to assess what condition the house is in and that their offer makes sense based on its value. This can extend the time it takes to close, but usually not by very much. It’s still far less time compared to a traditional sale.
Home Buying Companies
When it comes to closing on a home fast, no one does it like a home buying company. These businesses are real estate professionals who have the closing process down to a science. Home buying companies are a subset of cash buyers. Because they pay for properties with their own funds, they don’t have to wait on a lender. They don’t usually have appraisal or inspection contingencies, which helps speed things along. Home buying companies can close on your schedule or in as little as 7 days. If you need a fast closing process, selling to a home buying company is the way to go.
Who your buyer is will impact how quickly you’re able to sell your home. Traditional buyers tend to take the longest, especially when it comes to closing. By comparison, cash buyers–especially home buying companies–are able to close much faster. If a speedy sale is one of your top priorities, consider selling to a home buying company.
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