You have a cash offer in hand. Before you sign, it's worth understanding exactly what the contract says — and what it doesn't say. Cash purchase agreements are typically simpler than traditional real estate agreements, but they have terms that matter and questions worth asking.
This page breaks down the key components of a Wedgewood Homes cash offer contract in plain English. If you have questions about your specific offer, your market specialist is available to walk through it with you.
Note: The contract terms described on this page apply to homes purchased directly from homeowners by Wedgewood Homes. Contract terms for purchases made through real estate agents or other sources may differ. Wedgewood Homes uses state-approved real estate contracts, prepared by licensed real estate agents held to regulatory boards and professional ethics standards.
The Purchase Price
The purchase price in your contract is the amount you will receive at closing — before any mortgage payoffs, unpaid taxes, or liens are satisfied from your proceeds.
Unlike some buyers who make an initial offer and then reduce it after an inspection, Wedgewood Homes conducts a walkthrough of the property before issuing a contract. That means the price in the contract reflects what we've actually seen — there are no post-signing inspection contingencies, no due diligence periods during which the price can be renegotiated, and no last-minute deductions at closing.
What comes out of your proceeds at closing:
- Your existing mortgage payoff, if applicable
- Any unpaid property taxes owed at time of closing
- Any liens on the property
None of these are fees charged by Wedgewood Homes — they are existing obligations on the property that would come out of your proceeds in any sale, regardless of how you sell.
Want to see what your net proceeds would look like after your mortgage payoff and any other obligations? Use our free Home Sale Calculator to model the numbers before you decide.
Earnest Money — What It Is and Why It Matters
Earnest money is a deposit made by the buyer when the contract is signed. It demonstrates the buyer's commitment to the transaction and gives you financial protection if the buyer fails to close.
How much does Wedgewood Homes put down? Wedgewood Homes' standard earnest money deposit is 3% of the purchase price. This is consistent with standard real estate practice — and meaningfully higher than what many "we buy houses" operators put down. It's not uncommon for wholesalers or less established buyers to deposit as little as $500, regardless of the purchase price. The size of the earnest money deposit is one of the clearest signals of how serious and financially committed a buyer actually is.
Who holds the earnest money? The earnest money is held by the escrow company — not by Wedgewood Homes. It sits in a neutral third-party account until closing.
What happens to it if the deal falls through? If Wedgewood Homes is unable to close the transaction at the agreed purchase price, the earnest money goes to you, the seller. It's your protection.
Closing Timeline — How Fast Can This Actually Happen?
One of the most common questions sellers ask is how quickly the transaction can close. The answer depends on whether there's an existing mortgage on the property.
- If the property has a mortgage: A realistic closing timeline is 7 to 14 days. This accounts for the time needed to order and receive the mortgage payoff statement from your lender.
- If the property is owned free and clear: Closing can happen in as little as 3 business days.
You choose the closing date. The closing date in the contract is set by you — not by Wedgewood Homes. The minimum is 3 business days and the maximum is 60 days. If you need more time to make arrangements, find new housing, or coordinate with other parties involved in the transaction, the timeline can be built around your situation.
Cancellation Terms — What Happens If Something Changes
Understanding when either party can exit the contract — and what the consequences are — is one of the most important things to know before signing.
When can Wedgewood Homes cancel? Because Wedgewood Homes conducts a walkthrough before issuing a contract, we've already seen the property's condition when we make the offer. Cancellation after signing is rare. The circumstance that would trigger it is if material facts about the property were withheld and only came to light after the contract was signed — for example, undisclosed foundation problems, past flooding, or environmental hazards that weren't mentioned at the time of the walkthrough. This is not a routine occurrence.
When can the seller cancel? A seller can cancel if Wedgewood Homes changes the offer price or alters any of the terms originally agreed to.
Because Wedgewood sees the property before making an offer — not after — the contract you sign reflects the home's actual condition. There are no inspection contingencies that allow us to renegotiate or walk away based on what an inspector finds after you've signed.
Title, Escrow, and Closing Costs — Who Pays What
This is where cash offers from Wedgewood Homes differ significantly from a traditional sale — and from many other cash buyers.
Wedgewood Homes pays all title and escrow fees. The seller pays no closing costs. No title insurance fees, no escrow fees, no transfer taxes charged to the seller, no agent commissions. The offer price is what you walk away with, minus any existing obligations on the property (mortgage payoff, unpaid taxes, liens).
Who chooses the title and escrow company? Because Wedgewood Homes is paying all fees, we typically select the title and escrow company. That said, if you have a company you've already worked with or prefer to use, that's a conversation worth having — it's negotiable.
What does the escrow company do? The escrow company is a neutral third party that manages the paperwork, holds the earnest money and purchase funds, coordinates the title search and title insurance, and facilitates the transfer of ownership. Neither Wedgewood Homes nor the seller controls those funds until all conditions of the contract are met.
Between Signing and Closing — What Happens Next
Once both parties have signed the contract, the escrow process begins. Here's what to expect:
- The escrow company opens the file and begins the title search
- If there's a mortgage, the payoff is ordered from your lender
- Any existing liens are identified and resolved as part of closing
- Wedgewood Homes deposits the earnest money into escrow
- Closing documents are prepared
- Your market specialist will prepare seller disclosures for you to fill out
As the seller, your primary responsibility during this period is to ensure the home is vacant by the closing date. Once vacancy is confirmed and funds are sent to escrow, we wait for the county to record the transfer of ownership — which can happen the same day or the following business day, depending on the county.
What if you need more time after closing? If you need to remain in the property after the closing date, that can be accommodated — ideally this is discussed before the agreement is signed. If you've already signed and need to arrange post-closing occupancy, let your market specialist know as soon as possible so they can help. When a post-closing occupancy arrangement is in place, a portion of your proceeds is held in escrow until you vacate. The specific terms are worked out based on your situation.
What about items left in the home? You're welcome to leave things behind — furniture, appliances, belongings you don't want to move. Wedgewood will dispose of anything left in the property at no cost to you. If there's a significant amount to be cleared, just let your market specialist know ahead of time so it can be noted.
No Assignment Clause — What That Means for You
One of the most important things to understand about a Wedgewood Homes contract is what's not in it: an assignment clause.
An assignment clause allows a buyer to transfer the contract to a third party — meaning the company you signed with isn't necessarily the company that closes your transaction. This is common practice among wholesalers, and it's one of the primary sources of confusion and broken deals in the cash buyer space.
Wedgewood Homes does not include an assignment clause in its contracts. We are the buyer. The entity that signs your contract is the entity that closes on your home. There are no third-party investors being brought in after the fact, no middlemen taking a cut, and no risk that the deal falls through because an assignment couldn't be completed. Potentially, no leaving money on the table either.
Ready to Review Your Offer?
If you have a Wedgewood Homes offer in hand and want to walk through the contract before signing, your market specialist is available to answer any question — by phone, by email, or in person. There's no pressure and no deadline on our end.
Sellers are welcome to have an attorney review any offer before signing.
Request a no-obligation cash offer, see how the process works from first contact through closing, or use our free Home Sale Calculator to model what you'd net under different sale scenarios. Schedule a call with a local market specialist if you'd like to talk through your offer first.
Wedgewood Homes buys homes directly from sellers with no repairs required, no agent commissions, and no fees throughout Southern California, the Inland Empire, Orange County, San Diego, the Bay Area, Sacramento, the Central Coast (Santa Barbara to San Luis Obispo), the Central Valley (Stockton to Bakersfield), Las Vegas, Reno, Dallas, Salt Lake City, Denver, and Colorado Springs. View all Wedgewood Homes locations.
