There are a few different parts of the home selling process. Some start by preparing their home for sale (though some skip that step). Then it’s time to find a buyer who will make you an offer. Next, you negotiate the details of the sale. Then there’s the closing process. How long it takes to close the sale will depend on a variety of factors, including who your buyer is. As a general rule, cash buyers tend to close more quickly than traditional buyers. So how long should you expect them to take to close?
About 2 Weeks
The average cash buyer takes about 2 weeks to close. By comparison, traditional buyers can take 30-60 days to close on a house. That is if everything goes smoothly. If there are problems throughout the process, the closing can take even longer. Cash buyers are by far the faster closers.
Aspects of the Closing Process
Part of the reason why closing takes as long as it does is that there are so many things that need to be done. Once the seller has accepted the buyer’s offer, they should verify that the buyer has the money to pay for the house. Then title and escrow services must be acquired, after which earnest money may be submitted. A title review will need to be done, along with inspections and appraisals (though cash buyers may waive those). Then it’s time for the final walkthrough, after which the buyer and seller meet up to sign the paperwork and close the deal on the house. Lenders will typically require things like inspections, appraisals, credit score checks, and financing approvals. The absence of a lender means that those steps can be sped along, if not eliminated.
The Professional Difference
Professional home buying companies are a subset of the cash buyer category. If you want the fastest close ever, a professional company like Minnesota Home Guys is your best bet. We can close fast, even for cash buyers. Everyone’s situation and needs are different, but we’ve closed in as little as 7 days with some buyers thanks to our experience, efficiency, and streamlined system.
When you need a buyer who will close on a house quickly, you need a cash buyer. The absence of a lender’s involvement means that the buyer has a lot more control over how quickly things move. Fewer steps and a motivated buyer who doesn’t need a lender means you should see the sale closed much faster than you would with a traditional buyer.
Are you ready to sell your house for fast cash? Click here to schedule an appointment with Minnesota Home Guys so we can evaluate your home and make you an offer!