What Steps are Involved When Closing on a House in Las Vegas?
When you accept an offer on your Las Vegas house, a number of things must happen in order to successfully close on the property. A real estate closing takes an average of 30 to 45 days to complete, which includes everything from the home inspection and appraisal to signing the paperwork and transferring funds.
If you’re on a short timeline, consider selling your Las Vegas house for cash instead. Cash home sales typically close in about a week or two – and that’s from start to finish. Plus, there’s much less paperwork to fill out, and tedious details like inspections and appraisals are not required.
To get a free cash offer on your property, contact We Buy Any Vegas House at 702-213-9800!
Earnest Money is Deposited
Once you accept an offer on your property, the buyer will deposit earnest money, which will be held by a title or escrow company for the time being. Earnest money is usually 1%-3% of the home’s sale price and is intended to show that the buyer is serious. If they back out of the sale for a reason not listed in your contract, they can lose the money.
Mortgage Application is Completed
When a buyer is borrowing money from the bank, they need to complete a mortgage application. Usually, they will move forward with the same lender they got a pre-approval from since they have everything on hand. All information is reviewed by an underwriter to ensure the buyer qualifies.
On average, mortgage applications take anywhere from 30-60 days. If you sell your house for cash, you don’t have to wait on a mortgage application. Since the buyer is paying cash for your home, they don’t need to borrow money.
Title Search is Conducted
A title is a legal document that shows the history of ownership of a property. An attorney or title company will conduct this search to ensure there are no problems that might prevent the home from being legally sold. For example, if there is a claim on the home, it can’t be sold until the claim is resolved. As long as the title is clear, the transaction will proceed.
Home Inspection and Appraisal are Scheduled
A home inspection checks the home’s condition to ensure it’s safe to live in. If any problems turn up during the inspection, the buyer will likely ask you to address them. For instance, they may ask that you repair certain issues, or they may ask for a credit.
An appraisal is an unbiased, professional opinion of a property’s value. Lenders typically won’t lend money unless an appraisal is done, as they don’t want to hand over a loan for more than what the property is worth. If the appraisal does come out lower, you may have to lower your asking price or work with the buyer.
When you work with cash buyers in Las Vegas, you don’t have to worry about an inspection or appraisal. Since the buyers are paying in cash and plan to renovate the property, they often forgo these assessments.
Loan is Finalized
Again, this is only necessary in a traditional sale, where the buyer is borrowing money from a lender. The loan approval comes through at the very end and is the last major piece that needs to fall into place before wrapping up the loan. Once the buyer has the loan approval, you can move forward with a closing date and final walkthrough.
Paperwork is Signed
As the seller, you most likely don’t need to be physically present at the closing. You can sign your documents in advance, and the money will be transferred to you at the closing. Closings typically take place at a title company with a closing agent and the borrowers and co-borrowers.
Sell Your Las Vegas House for Cash – and Close in Just One Week!
As you can see, the closing process requires a series of steps after the buyer and seller have signed the paperwork. Things are streamlined in a cash sale because the buyer isn’t borrowing any money. If you need to sell your house quickly, look into a cash transaction to save yourself significant time and headache. To get a free cash offer on your home, contact We Buy Any Vegas House today.