How to Sell Your Rental Property for an All Cash Offer

Do you wish to sell your rental property quickly in a stress-free way? 

Do you want to speed past the hectic process of listing your home and waiting for months?

Voila, the option of selling your house for an all-cash offer could be the solution! 

What Does Selling a Rental Property for an All-Cash Offer Mean?

Selling a house for cash does not mean the buyer would show up with a briefcase full of money the day you close the deal. In fact, in the United States, it is illegal to close a real estate deal using physical cash. So, what does an all cash offer mean? 

An all cash offer means the buyer does not need a mortgage to buy your house. It means the buyer wants to purchase without the use of any financing. 

The most common way to close an all cash deal is through wire transfers or checks through escrow. These deals are more advantageous to sellers, as they mean the absence of buyer financing fall-through risk and, generally, a quicker closing time. 

Don’t worry, you will still be protected by a title company if you accept an all cash offer!

Let’s Take a Look at the Basic Steps of Selling your Rental Property for Cash

Research Your Market

Before starting with the process, research the comparable house sale prices in the market to know the value of your house. A real estate professional can give you a range on how much you should list your home based on a comparative market analysis.

After getting an idea about the worth of your house, search for cash buyers in your market. Look online on Facebook, Craigslist, attend auctions to scout out prospective buyers, place a sale sign outside your house, or get in touch with a home-buying company. Once you find one, inspect whether they are legitimate. Beware of scams. Prepare questions to inquire about the cash buyer.

Appraisals and Accepting an All Cash Offer on Your Rental

Your cash buyer will typically ask questions about your house so they can run a quick market analysis. After completing their assessment, some cash buyers will make an offer over the phone, while others will after they have walked through your home. You can either accept or reject the offer. If you agree to the terms of the offer, select a closing date. 

Once the buyer is ready to make an all cash offer, a sale agreement will be presented to both the buyer and the seller. You can find these forms online, at your title company, or we can help you retrieve one as well. Make sure you protect yourself and your buyer with terms that both parties agree to. Request the cash buyer to verify their capability to pay the cash promised and get proof of the same.

Agreement of Sale for Your Rental Property

Send it Off to Title

Before closing the deal, cash buyers will hire a title company who will authenticate that you have the right to sell the house. They will also get in touch with an escrow company to manage all the final paperwork and arrange for the cash payment. 

Bear in mind that you will not be able to sell your house if there are any liens against it. They can be put on your home because of unpaid taxes, or not paying a contractor who did any work on it, etc.

Heading to Closing

Prior to closing, the title company will submit a HUD for you to look over. This will state all taxes, fees, prorated payments, etc. It will also show you how much the cash buyer is giving you and what is being satisfied from an existing loan, if you have one.

On the day of closing, you may either sign in person or have a mobile notary come to you to sign all of the closing documents.

Once that is completed, money will be wired to you and you will hand over your keys!

It’s a pretty simple process!

Questions or Concerns?

Want to sell your house for all cash or want to sell your rental property for any reason?

Contact us for any of your queries, and we will be sure to guide you through the entire process.

Call/text us to see how we can help! We can help you sell to prospective buyer or can buy outright to speed up home selling process! 

Contact the Home Buying Family now at (704)-327-2120!