Figuring out how much time you can expect to spend selling your home can be tricky. There are so many variables at play. The simple fact that there’s another person involved can make working out timelines a little tricky. That said, you can use trends to create a general closing timeline, especially if you compare cash buyers to other buyers.
Closing with a Traditional Buyer
In comparison to cash buyers, traditional buyers take a lot longer to close. You’re looking at an average of 30-60 days, give or take. Working with the mortgage lender can take longer if things don’t go smoothly. Lenders are in the business of making money from lending it to buyers. To minimize risk, they have to make sure that the person they’re lending it to is a good investment and that the house is worth what is being paid for it. That’s why things like credit checks and appraisals need to be done. They all take time, which is why it takes traditional buyers longer to close.
Closing with the Average Cash Buyer
Cash buyers can close faster than traditional buyers because they don’t need help from a lender to buy a home. They already have the money they need. Because they don’t need a lender, they can cut out a lot of the steps that lenders require. That saves time (and some money). On average, cash buyers take about 2 weeks to close. That cuts the time it takes to close in half in comparison to the fastest traditional buyers.
Closing with the Fastest Cash Buyers
Some cash buyers can close even faster still. Professional home buying companies like Minnesota Home Guys are the fastest of the fast when it comes to closing on a house. Not only do they not need lenders, but they also have the experience needed to streamline the closing process. As a result, Minnesota Home Guys can close in as little as 7 days, or on your schedule–whatever works best for you!
How long you should expect it to take to close the deal on your home will depend on who your buyer is. Generally, traditional buyers take the longest while professional home buying companies, like Minnesota Home Guys, are the fastest closers. If you need to sell your home as quickly as possible, the answer is clear: sell to Minnesota Home Guys.
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