What Is the Process of Selling a House for Cash in Portland?
You’ve probably heard of the concept of selling your home for cash to a real estate investor. But what does it actually involve? What can you expect? And is it the right decision for you and your situation?
All great questions! We’ll answer them here today.
Step 1: Should you sell your Portland house for cash?
The first step of the process is to figure out if selling for cash is right for you.
Every home selling situation is different, and working with a real estate investor offers incredible benefits, but it might not be the right choice for you. Ask yourself…
What is your situation? Why are you selling your house?
- You have a damaged or fixer-upper property
- Responsible for an estate or probate
- Facing a foreclosure
- Late on mortgage payments
- Going through a divorce
- Relocating for work or another reason
- Want to get rid of a rental or vacation home
- Vacant property
If you’re in one of the above scenarios, selling for cash will be very advantageous. Why? Selling for cash offers many benefits like:
- Faster offer, faster sale
- Fewer selling costs
- Avoid foreclosure repercussions
- No risk of sale falling through
- No repairs needed, sell your house as-is
- Competitive earnest money deposit
On the flip side, the process of selling your house for cash might not be compelling enough for you if you’re:
- Not in a hurry to sell your house
- Aren’t afraid of the cost of selling your house
- Your home is in excellent condition, very little risk of negotiating repairs with the buyer
- You’re in a financial position to accept the risks of your sale falling through
If you’ve decided that selling your house for cash is the best decision for you, time to move onto the next step!
Step 2: Find the right cash buyer
Yes, selling your house for cash has many benefits, but you need to do some homework first to find the right cash buyer — and there are a lot of them out there competing for your house, including ibuyers (who we don’t recommend working with).
As you review your choices, investigate these questions to make sure your cash buyer is legitimate, local, and trustworthy:
- How long have they been buying houses in Portland?
- What do past clients say about their experience with the buyer?
- Do they provide immediate proof of funds? (This answer should always be a YES!)
- Will they provide an earnest money deposit? (Accept nothing less than $10,000!)
- Are they the final buyer?
- Do they charge closing costs or other fees?
Step 3: Contact the buyer
Your first interaction with the buyer will likely be a phone call or virtual meeting. During this first contact, the buyer will have a few questions for you (and you should ask all your questions, too!).
At Columbia Redevelopment, this first contact involves:
- Talking to you and learning more about your property
- Understanding why you’re interested in a cash sale
- Explaining how they work and what to expect next
- Answering all your questions
- Scheduling a time to visit your property or for you to provide a virtual tour of the house
Step 4: Show your property
The goal of this step is for the investor to get to know your property, assess its situation and potential, and determine their offer.
There are a few different ways an investor can take a look at your property. Your investor may have a preference, but you should also let them know what method you prefer.
- Virtual tour — Take the investor on a virtual walk-through of your home via FaceTime or video chat.
- Photo Tour — Snap some photos throughout the interior and exterior of your home and send them via email or text.
- In-person tour — The buyer will come to your property at a time that works best for you. If you’re unable to be there for the tour, arrangements can be made for the investor to view it on their own.
What do you need to do to prepare for the tour? Nothing! No tidying, staging, or professional footage needed.
Step 5: Get your cash offer
You should expect your buyer to send you their cash offer within 24 hours of viewing your home. Take some time to review the offer and make sure it works for you. If you’re unhappy with the offer, you do not need to accept. There is never any obligation in this process.
If you do accept, congratulations! You’ve found a great buyer and you’re one step closer to selling your house and moving on with your life.
After acceptance, the real estate investor will do all the work. Here’s what you can expect with Columbia Redevelopment:
- Drafting all the necessary sales documents
- Providing the paperwork for your completion
- Depositing your $10,000 earnest money with Fidelity National Title Co.
Step 6: Close on your house sale and collect your cash!
All that is left is to choose your closing date.
At Columbia Redevelopment, our transactions take days to complete, not weeks or months! We can close in as little as 2-3 days. Or, if you need more time to finalize your new living arrangements or need more time for any reason, just let us know. That’s one of the great benefits of selling to a real estate investor — you have a lot more flexibility to make the sale fit your needs. Plus, there are never any closing fees, hidden costs, or agent commissions.
When the day arrives, the title company will transfer the sales proceeds to your account. Congratulations!
More questions? Find the answers here
If you still have questions about selling your home for cash in Portland, contact us and let’s chat. We’re happy to help and want to earn your trust, confidence, and home.
We also recommend checking out our FAQ page.
Learn more about Columbia Redevelopment
“Greg is very straightforward and honest. He was very accommodating with the purchase of an old home in poor condition, allowing us time to sort through years of stuff and agreeing to haul away anything left after the move. There were no surprises and closing was as easy as I have ever seen.”
— Arlynda H