How Long Does it Take to Close on a House with Cash?
Why sell your home for cash? After all, there are plenty of real estate agents out there! But once you discover the benefits of selling your home for cash in Las Vegas, you’ll see why this option might make sense. A cash offer allows you to skip over the headaches involved in a traditional sale – which just might be in your favor.
One of the biggest perks of selling your home to cash investors in Las Vegas is the ability to close quickly, oftentimes within the week. If you need to move quickly or are tired of paying your mortgage, HOA fees, taxes and utilities, a cash sale can be a great alternative.
How Long Does a Cash Sale Take to Close?
On average, it takes about 48 days to close on a standard mortgage. Buying a home is a big financial transaction and there are many people and processes involved. That said, the bulk of the time is dedicated to loan underwriting and processing.
A cash offer, on the other hand, can skip over most steps. Appraisals and inspections are not required, and because the buyer has the funds to purchase the property, they don’t need to qualify for a loan. Of course, there are still some loose ends you may have to tie up. The good thing is that cash sales are always negotiable.
To help you understand the cash sale process, here are the steps involved.
- Make an offer (1 day). On the first day, the buyer makes an offer on the home. If you accept, you can start the next step right away.
- Verify funds (24-48 hours). Without a lender to verify funds, you’ll have to request proof of funds and earnest money (or an offer letter) from the buyer. As long as you work with a trusted buyer like We Buy Any Vegas House, this won’t be a problem.
- Secure title and escrow (1 day). Once funds are verified, the escrow company will hold onto the money until the deal is done.
- Title search (3 days). The title search makes sure there are no outstanding liens or hiers listed on the property.
- Inspection (1 week to book, 2-4 hours to complete). Cash buyers can waive an inspection, though they might want one to be on the safe side.
- Appraisal (up to 5 days). Again, appraisals are not necessary in a cash sale, but some Las Vegas home buyers will request one.
- Closing (1.5-2 hours). Closing takes place at a reputable title company.
Get Your Free Cash Offer Today – and Close in a Week!
This timeline gives you an idea of how long it takes to close on a cash home sale. We Buy Any Vegas House is experienced in these types of sales. We work with local title companies and ensure all purchase agreements are legitimate. Contact us today for your cash offer – it’s free and no obligation!