What are the Steps To Closing When Selling My Home Off-Market?

Ask an investor: Homeowners often ask, "What are the steps to closing when selling my home off-market?" We hope this overview is helpful for you.

Written by Lauren Vargas, a real estate investor from Houston, Texas

Disclaimer: This information is not intended to be taken as financial or legal advice. Higher Ground Homebuyers, LLC, encourages you to reach out to a trusted legal and/or financial advisor regarding your individual situation.

While every investor approaches their real estate deals differently, here’s a general overview of how the process works when selling your home off-market to an investor. Homeowners typically find the process to be faster and less work required on their part in getting to closing, when working with a competent and trustworthy investor.

Steps to the Closing Table in an Off-Market Deal…

1. When a homeowner chooses to sell their home off-market, or not on the MLS through the traditional process with a real estate agent, the homeowner may connect with a real estate investor for an offer.

2. Investors will generally want to visit your home in order to walkthrough to determine the renovation amount and time that would be needed to make your home sale- or rent-ready.

3. Once the homeowner accepts the terms of an offer, the next step is getting the home under contract. Although each investor works differently, here is the general process:

1. The investor and homeowner will complete the contract which is done using standard real estate forms.

2. Before signing the contract, the homeowner should review the contract carefully and seek independent legal counsel if desired.

3. If the homeowner and buyer agree to option days, the buyer has the specified number of days in order to do further due diligence in determining the scope of the renovation. Within these days, the buyer can adjust their offer or back out of the contract if desired.

4. Once under contract, title will be opened and the process for preparing for closing will begin under the direction of the title company escrow officer. Using a reputable title company is important in protecting your asset.

5. Once the closing day arrives, the buyer and homeowner will sign all necessary documents at the title company. Funding for the seller is usually the same day.

In conclusion, selling your home off-market can be a quicker and easier process since the investor has their cash ready and additional inspections outside of those completed during option days are not applicable. Additionally, most investors purchase the home as-is, meaning the homeowner has no obligation to complete repairs or to prepare the home for the sale. Homeowners can also work with the investor if they need to leave items behind.

Providing a dependable and more convenient home selling experience for the homeowners we work with is what we're here for. If you would like an offer on your home, or have questions on our process, call Lauren today at 713-257-0018.