Selling to a real estate investor starts with an appointment to see your house. The appointment typically takes around 30 minutes. The investor will want to look inside and outside of your property. He or she may ask to look inside the attic and will possibly climb up on the roof. He or she will be taking notes of the repairs needed at your property and estimating the costs associated with making those repairs. After evaluating the house, the investor will most likely make you a cash offer that closes quickly.
He or she will either have a contract with them or will offer to email you a copy when they return to their office. Once an agreement is made on the price and terms, the contract can be signed or electronically.
After all parties have signed, the contract and earnest money will be placed at a local title company. The title company will research the title and get all of the legal documents ready for closing. The title search will reveal any liens that need to be paid off. If you have a mortgage, they will request the mortgage company’s information so they can order an official pay-off. The title company will also be looking at the ownership of the property and verifying that anyone with a legal interest has been included on the contract. This is especially relevant in estate and divorce situations.
Once the title company has completed their search and prepared the documents, they will call you to set up a time for closing. On the day of closing, an escrow officer will go over the legal documents and ask for your signature. After everyone has signed, you will receive your money. The title company can either issue you a check or wire the funds directly into your bank account. Voila!
Sounds simple enough? It should be. This is exactly how it will go if you choose a reputable and profession real estate investor to work with. Unfortunately not all real estate investors are created equal. Some are unprofessional, some are con-artists and some are down right broke with no money what so ever to purchase your home. I recommend you read my articles, they will help you avoid these nightmare situations.