How does selling my house to a cash home buyer work?

I get this question all the time and wanted to share how the process worked for Mike, a seller in California that had a house in San Antonio he wanted to sell as soon as the tenants moved out.

Mike, the seller, saw our reviews and decided to fill out the fast cash offer form on our website at DannyBuysHouses.com. He lives in California and had tenants in a house in San Antonio that were ending their lease. I called him to discuss the situation and he wanted to close as soon the tenants were out.  He did not want to have to worry about something happening to the house once it became vacant.

I scheduled with his property manager to see the house. My walkthrough took about 30 minutes. Mike had mentioned some concerns with the foundation.  I had observed cracks in the walls and knew there were issues. We come across this all the time in San Antonio and did not feel the need to schedule a foundation inspection. We already have a good idea of what the cost will be.  This allowed me to make Mike a cash offer to buy the house as is after my walkthrough.  He had questions about the offer and after I broke down the costs involved in coming up with the offer, he negotiated a slightly higher price.  I accepted as the numbers would still work for us if we completed our repairs quickly and we happened to have a crew ready. We discussed the date he wanted to have the closing happen. I had a purchase agreement drawn up and sent to him for digital signatures.

Once signed, I sent the purchase agreement and earnest money to the local title company we have used for over 10 years. The title company handled all of the paperwork and payoffs necessary for Mike's loan balance and property taxes. On the day of closing, title hired a mobile notary where Mike lived to bring him the closing documents for signature. I signed at the title company. Once both signed copies had been received, title wired the proceeds to Mike.

The entire process took less than 2 weeks from start to finish. Mike was happy to have the house sold immediately after the tenants had moved out.