Strengthening a Cash Offer With Flexible Closing Options
We get it – selling your home isn’t easy. In fact, it’s more of a juggling act. On one hand, you want to sit around and wait for the perfect offer from the right seller – I mean, who wouldn’t? On the other hand, you need to speed things up because you’re on a tight move-out schedule yourself – you can’t wait forever!
While there are certain things the seller can do to speed up the process and incentivize buyers to send a quality offer, there are also a lot of things buyers can do to sweeten their offer and incentivize the seller to accept the offer. Considering how grueling the closing process can be, this is one area buyers can target.
So, what does closing mean in real estate?
The closing process is the final step in the home-selling process. It’s where all outstanding fees are paid by both the seller and buyer, escrow funds are cleared and wired to the seller, official documents are signed by both parties, and ownership of the property is transferred to the seller – meaning a done deal!
The closing process is one of the more stressful aspects of selling a house. There’s a lot of uncertainty as you await the lender’s appraisal and approval, often delaying the transaction and extending the closing period beyond what you originally felt comfortable with, causing you to change your own move-out plans.
How Long Does It Take to Close a House in Mississippi?
On average, sellers can expect the closing process to take anywhere from 30 to 60 days, but usually less than 45 days with a mortgage. Of course, you can speed that process up and reduce the time it takes to close dramatically by selling the house as-is to a cash home buyer – it’ll usually close in less than a week.
There are a lot of other factors that could delay closing day – here are some of the most prominent:
- Failing the pest inspection (termite damage, infestations, etc.)
- Failing the home inspection (finding defects and/or safety hazards in the home)
- Receiving too low of an appraisal (seller needs to lower price)
- Finding liens and/or claims on the property from past owners
- Either the buyer or seller getting cold feet and backing out of the deal
- Financing falls through or issues with the down payment
- Running into issues with the homeowner’s association (HOA)
Being prepared, organized, and smart throughout the home-buying and/or home-selling process can help minimize the risk of delays – which, in turn, helps minimize the frustration, stress, anxiety, and headache that often comes with it. If done correctly, you could close the sale in under a month – if not even sooner!
Understanding the Importance of Flexible Closing Options
Not every seller has the time and/or patience to sit around and watch their closing day face one delay after another. On the other hand, not every seller is looking to close right away, and some sellers might need more time before they move out. Either way, flexible closing options are a win-win for all involved.Let’s take a look at some of the incredible benefits of offering flexible closing options:- Buyers give the seller more control over the closing period
- Incentivizes the seller to make concessions in return (reciprocal)
- Ensures the closing date is suitable for both the buyer and seller
- Helps the seller avoid paying for two mortgages if they have to move before closing
- Gives the seller more time to find their dream home or move out, if needed
- Gives the seller and/or buyer more time to make repairs before closing
- Rids both parties of a lot of the stress that comes with selling or buying a house
Whether the seller needs to be out quickly or needs some time before closing the deal, a buyer with flexible closing options can cater to the seller’s needs better than any other buyer. This, of course, gives the buyer a leg-up on his competition and incentivizes the seller to choose his bid, even if it’s lower.
Different Ways to Be More Flexible in Closing
There’s an art to buying a home, but most buyers don’t appreciate that art – and it often results in buyers being overlooked by better offers. Buyers who only think about themselves and only cater to their own needs will have a hard time finding a seller who’s willing to deal with their strict and/or firm guidelines.
Here are some of the different ways a cash home buyer can offer a flexible closing option:
- Offer a flexible closing date – some buyers like to leave it blank and open-ended
- If the seller asks for more time or asks to speed the process up, do as they please without hesitation and without issue
- Offer the seller a rent-back agreement if they need more time before moving out (you buy the home, but don’t move in right away and, instead, rent the space out to the former owner)
- Offer to waive certain contingencies (inspection, appraisal, etc.) to speed the process along
- Give the seller 100% freedom to choose the closing date in an allotted period of time, so long as you’re given a notice ahead of time (put an expiration date on it, if needed)
- Offer to sign closing documents over a video chat or at multiple office locations
The more flexible you are with your closing date and closing options, the more attractive your bid will be to the seller. At the very least, it’ll grab their attention and will be worth a second look – which not only increases visibility, but increases your chances of starting a serious negotiation with the home seller.
Contact SYHF MS for a Flexible Closing Process
Have you had a series of bad closing experiences with previous buyers? Are you trying to find a buyer with flexible closing options? Do you need to sell quickly and want to avoid having to make repairs and improvements? Are you trying to find a buyer who’s okay with waiting a couple of months before closing?
If you answered ‘yes’ to any of the questions above, then you’ve come to the right place. At Sell Your House Fast Mississippi, we like to cater to the seller when it comes to the closing process – we’re in no rush to buy, but we can rush as fast as you need us to. Contact us today to get the process started!
