I received a call a few months ago from a gentleman who wanted to sell his house, but he wanted me to pay him in cash. Actual dollar bills. It struck me that many in the real estate world use words and ideas that are not quite clear.
Sell your house for CASH
It is actually very rare that someone would hand you cash for a house. In fact, there might be something very fishy if someone opened up a briefcase and offered you a few wads of money for your home. I have given a check for the deed on a small piece of land standing in a UPS store. But this is not normal.
When a house is typically sold, it is usually done through a title company. They help protect everyone’s interest. The seller has to have a free and clear title (no liens or judgments locking up the title) and verifying that the owners actually own the house. They also make sure that they get the money from the buyer before they will give them the title to the house. Often times, they will require a money order or cashier check, or wire transfer of the funds to verify that the check does not bounce.
So, if I brought cash or a money order, or a bank wired funds because they are giving me a loan on the property… no matter how the title company gets the funds, you get your money at closing. So, you could say that all closings are done with cash.
So why care about the cash offer? Well, typically in real estate, if someone is offering you a cash closing, they are telling you that they have the funds lined up and the ability to pay for the house without having to wait for bank approvals. This means that they can close faster. It does not mean you get a briefcase full of unmarked $100 bills. Knowing the terms helps you sort out who you want to work with…. so yes, you can sell your house for cash.
I hope this was helpful as you explore real estate terms. If you are exploring the idea of selling your home, we’d be honored to continue to offer our expertise. We might even be an option for you to sell your home and you could be done with your search. Take a look at what others have said as they worked with us. If you think we could be the solution that you are looking for, please complete this short form and we will get back to you as soon as we can.