When selling a home, the closing process can be one of the most daunting tasks and roller coaster rides for homeowners. The closing process is the period of time between the acceptance of a purchase agreement and the closing of the sale when all money are transferred and settled. During this period, the buyer and seller will work to complete all the necessary steps to transfer ownership of the property, which includes the transfer of clean title from the seller to the buyer. While this process can take a long time with a traditional MLS listing and the involvement of multiple Realtors. This process is much faster with a direct sale to RVA Home Buyers. Rather than transaction focused, we are problem solvers that can offer different options depending on your specific selling situation.
In this blog post, we’ll walk you through the typical steps of the closing process and what homeowners can expect when selling a home in Richmond. We’ll also discuss how a direct sale to RVA Home Buyers can make the process much faster and less stressful.
As you continue reading, remember that the closing process and vary from state to state, but the basic principles and steps are very similar. It can be called Closing Escrow, Property Settlement. Also, make sure you do the additional research by clicking on the available links below.
Step 1: Opening Escrow
The first step in the closing process is Opening Escrow. This is typically done by the buyer’s real estate agent, who will send a copy of the signed purchase agreement to the closing company. The closing company will then open a file and send out instructions to both parties on what they need to do next.
Step 2: Title Search and Title Insurance
The next step in the closing process is conducting a Title Search and Title Insurance purchase. This is important to ensure that the title of the property is clear and that there are no liens, encumbrances, or other issues that could prevent the sale from going through. The closing company will work with a title company to perform the search and obtain the insurance. They will also facilitate the payoff of any existing liens, including mortgages, to ensure the transfer of a clean and clear title.
Step 3: Home Inspection and Repairs
After the title search and title insurance have been completed, almost all buyers will typically have to deal with a Home Inspection and Repairs. The inspection will identify any issues with the property that need to be addressed before the sale can be completed. The seller will then need to make any necessary repairs or offer a credit to the buyer to cover the cost of the repairs. This particular process has derailed many, many settlements between sellers and buyers due the inability to agree on the needed repairs and who pays for them.
Step 4: Appraisal
Once the repairs have been made, the buyer’s lender will typically order an appraisal of the property. What is the Importance of Appraisals? The appraisal is to ensure that the property is worth the amount that the buyer has agreed to pay for it. If the appraisal comes in lower than the sale price, the buyer may need to renegotiate the price or the seller may need to make repairs to bring the value of the property up. This is another area that has derailed many settlements due to the inability of sellers and buyers to agree.
Step 5: Contingencies
During the closing process, there may be Real Estate Contingencies that need to be met before the sale can be completed. A contingency is a condition that must be met before the sale can go through. For example, the sale may be contingent on the buyer obtaining financing or on the seller making certain repairs. Most traditional real estate sales transactions involve the buyer obtaining financing, which can fall through at the last minute during closing. The closing company will ensure that all contingencies are met before the sale can be completed.
Step 6: Closing
Once all the steps of the closing process have been completed, the sale can be closed. This involves the transfer of ownership from the seller to the buyer and the exchange of funds. The closing company will ensure that all necessary paperwork is signed and that the funds are transferred.
As you can see, the closing process can be lengthy and stressful for homeowners. However, there is a faster and less stressful option available – a direct sale to RVA Home Buyers. They are able to remove many of the unknowns listed above, including the Home Inspection and Repairs, Appraisals, and the Financing Contingencies, which are the major causes of sales failing to close.
Why Choose RVA Home Buyers?
With a direct sale to RVA Home Buyers, you will still need to go through the closing process, but it is much more straightforward. RVA Home Buyers will make an offer on your property and can close the sale within days, if needed. This means that you can avoid almost all the stress and uncertainty of the traditional closing process and get cash for your property quickly.
In addition, a direct sale to RVA Home Buyers offers several other benefits. For example, you can avoid the need to make repairs to your property, stage it for showings, and having potential buyers coming through your home at all hours of the day (and night). RVA Home Buyers will buy your property as-is, regardless of its condition. This can save you time and money and make the process much more convenient.
Another benefit of a direct sale to RVA Home Buyers is that there are no real estate agent commissions or fees to pay to two different real estate companies (the listing company and the selling company). When you sell your property through a traditional MLS listing, you will typically need to pay a commission to the buyer’s agent and your own agent. This can add up to thousands of dollars in fees. With a direct sale to RVA Home Buyers, there are no commissions or fees to pay, which means that you can keep more of the sale price for yourself.
Finally, a direct sale to RVA Home Buyers offers certainty and peace of mind. When you sell your property through a traditional MLS listing, there is always the risk that the sale will fall through anytime during the closing process, and most often at the last minute. This can be devastating for homeowners who are counting on the sale to go through. With a direct sale to RVA Home Buyers, you can be confident that the sale will go through as planned and that you will receive cash for your property. You can move on to your next step in life.
The process can be a stressful and time-consuming experience for homeowners. However, there is a faster and less stressful option available – a direct sale to RVA Home Buyers. With a direct sale to RVA Home Buyers, you can avoid the uncertainty and stress of the traditional closing process and get cash for your property quickly. If you’re looking to sell your property in Richmond, contact RVA Home Buyers today to learn how we can help you. Cash Buyers in Richmond, VA
Give Us a Call Today at (804) 420-8515
