Selling to a Cash Buyer - HELP

[Rachel Garcia]

I inherited my father's home and am entertaining someone who has cash offer for the house. What do I need to know about?  Some questions I have are:

1. Can I use real estate lawyer and go without a realtor?

2. How do these types of transactions usually work?  Do they put the money in a third party account or do we just get a check?

3. Generally, what are some other pitfalls to be aware of?

4. What things from the buyers side are they considering when making an offer?  For example, will the sale be going through a title company?

5. Any other information or resources you can provide would be helpful.

Thank you. 

[David Ramirez]

Hey @Rachel Garcia, 

I'm with @Jerryll Noorden on this one. Why are you in need of a cash offer? Are you desperate to sell? 

If you want to sell to an investor, vet them first. I would recommend asking for POF and a good earnest money deposit.

1) You need neither of them. You own title to the property, meaning you have the right to sell it to whomever without needing a Realtor or attorney. You will work directly with the title company to ensure all legalities and documentation are correctly executed and recorded. 

2) You will work with a title company for the transfer of ownership and they will collect the money accordingly and hold it in an escrow account until closing, where they will disburse the proceeds of the sale at closing by check or wire. 

3) - The buyer not depositing the EMD on time
    - Too long of an inspection period where they can back out anytime without risk. 
    - If they decide to cancel make sure there is not a memorandum recorded with the county. 

4) Yes, the sale will be going through a title company. 

5) Reach out and I would be more than happy to answer any questions.