Buying a house with cash in Omaha and Council Bluffs can have a number of substantial benefits. For example, it speeds up the transaction process, gives you more bargaining and buying power, and provides immediately available equity. But if not done right, purchasing with cash can turn into a minor nightmare.
There is a definite process involved that both protects you as the home buyer in Omaha and Council Bluffs and makes the transaction easy and smooth. This process involves crucial preliminary steps and the steps in the actual transaction. Let’s take a look then.
Preliminary Process for Buying a House in Omaha and Council Bluffs with Cash
Prepare a Purchase and Sale Agreement
This is a document that lays out the terms of the purchase/sale, for example, date of the agreement and expiration date, purchase price, property description, and who will pay closing costs, kind and manner of conveyance of title, and other pertinent information. Agents generally use a long and complicated agreement, but it doesn’t have to be that way. You can use a concise one-page document template that will do the trick. Just make sure you have this agreement in hand early on in the process.
Conduct a Title Search
Now, this is a truly important step that you can hire a title company to take care of or do yourself if you know what you are doing and have some experience in this area. In either case, though, the aim is to make sure the title is clear. You simply have to make sure beforehand that there are no liens against the property, that it is not encumbered in any other way, and that the seller who wants to sell their house fast in Omaha and Council Bluffs is the only one who has a legal claim to the property. Don’t neglect this step.
Determine the Kind of Deed You’ll Get
A deed is an official document that transfers ownership and legally states who the owner of the property is. There are a few different kinds of deeds quit claim, warranty, and special warranty but most people are fine with a warranty deed. A quitclaim deed can be the fastest route to take, but it offers no guarantees about whether the title is clear. The owner is simply giving up ownership (quitting his or her claim to the property). With a warranty deed, though, the seller who wants to sell their house fast in Council Bluffs and Omaha is promising that the title is free and clear. It all just depends on whether you want speed or a title guarantee.
Steps in Making the Transaction when Buying a House with Cash
Make an Offer
Of course, there comes a point when you make an offer. Just be aware that with cash in hand you’re considered a serious direct cash home buyer in Omaha and Council Bluffs, and you’ll have a lot more bargaining power. The deal doesn’t depend on a third-party loan, and your offer will be perceived as a sure thing. So don’t hesitate to flex your cash muscles a little when making an offer.
Conduct an Inspection/Appraisal
After an offer has been made and accepted, it’s fairly standard practice to have an appraisal (which many direct cash home buyers in Council Bluffs and Omaha make a condition of the sale) and an inspection done. With a cash deal, an appraisal will provide some peace of mind because you’ll know that you’re not paying more than the property’s worth. And an inspection will let you know the condition of the house, whether it needs any repairs. If it does, you’ll probably want to renegotiate the deal at that point.
Close the Deal
Here’ where the rubber really hits the road. After the appraisal and inspection and when all parties are in agreement, it’s time to sign the paperwork. Because you are a home buyer in Council Bluffs and Omaha, you’ll have a lot more flexibility than you would if a lender was involved. You can set the closing date for a time when it best suits you, generally much sooner than with an agent and lender in the process. Then all you have to do is show up in front of a notary with a pen and cashier’s check in hand. Are you interested in buying a house in Omaha and Council Bluffs for cash? If you are, we can help you out because we buy houses in Omaha and Council Bluffs, meaning, we are experienced when it comes to the buying process. We would be glad to discuss this viable house purchasing option with you. To learn more about how we can help you, call Harter Investments at 402-939-6556 or send us a message today or visit us at www.harterinvestments.com!