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Homeowners rejoice twice – when they buy a house and when they sell it. Indeed, everyone may have their reason for putting a house up for sale, but every seller is interested in finding new owners for their home as fast as possible. However, some of them may be luckier than others. Is it fate or a fortunate coincidence? In fact, success in selling a house is most often in your hands. We will tell you how to sell your home in a short time and offer a list of recommendations to increase the appeal of your property to buyers.
What to Do if I Need to Sell the House as Soon as Possible?
Do you need a large sum of money right away? Are you going to move to another city soon? Or maybe, you have found your next dream home, and the seller is waiting for payment? Well, all these are the reasons to think about accelerating the sale of your real estate, along with other circumstances. We offer you four ways to get money for your house in the shortest possible time. However, be ready to pay the price for the speed of the deal.
Find a Cash Buyer
Cash buyers are most often represented by companies that purchase distressed properties for further resale at a higher price and profit. They will be ready to buy your house immediately, but the offer will be much lower than what you planned with a regular real estate sale.
Buyers can offer various schemes for estimating the value of the house. One is a reduction in the cost of up to 50% of the market value minus repair costs. For example, the market value of your house after repair (according to the results of the AVR) is $300,000. However, a cash buyer wants to invest $50,000 in repairs. As a result, you can get an offer of $125,000 for your house. Whether or not it suits you depends on the circumstances. Still, think twice about whether you should take such financial losses.
Put aside the option of selling the house to a cash buyer as a spare one unless you have a reason for a rush. The deal makes sense in the following cases:
- You are on the verge of foreclosure. Late mortgage payments can put your property and your investments at risk, so selling to a cash buyer becomes a way to minimize losses.
- You were unlucky to encounter problematic tenants. Companies that buy houses for cash are willing to deal with this kind of real estate and save the owner from the hassle of tenants’ eviction. Besides, you can recoup a part of the investment, which is still a small bonus.
- The condition of your home leaves much to be desired. The buyers are interested in buying real estate close to perfection or requiring minimal repairs. A “we buy houses” company will make you an offer that will save you from mortgages and looming significant repair costs.
Still, you must weigh the pros and cons of selling a house to a buyer for cash. For your convenience, we offer a list of reasons to start a deal or refuse it.
- You can close the deal within 1-2 weeks and get the cash.
- You get cash anyway, since “we buy houses” companies have enough funds for such a business.
- You will spend less time and effort on putting the house in order. Cash buyers do not care about the cleanliness or the quality of repairs on your property.
- You get just 50-85% of the market value of your home. This price may not be enough for your purposes. Besides, it may be a pity to give away a house where you have invested so much effort and love for a song.
- You risk running into predators. These are companies that hunt for people who are forced to sell houses because of some vulnerable situations. They may pressure them to make them sell their property at the lowest possible price.
The companies you may contact:
- HomeVestors (We Buy Ugly Houses)
- We Buy Houses
- I Buy Houses
Sell to an iBuyer
iBuyer is a generic name for large companies buying and reselling real estate. They are characterized by using technology to speed up and implement the process without pitfalls.
Turning to iBuyer for the sale of your house, you can expect a price close to the market, although it will be slightly lower than when selling on the open market. At the same time, be ready to pay for the company’s services, the cost of which starts from 5% of the purchase price but may vary depending on the condition of the house, the timing, and the work that iBuyer employees will do to find a buyer and close the transaction.
The activity of these companies is limited in terms of geography. Some of them work only in certain metro areas. Besides, they prefer large cities with a lively real estate market and many house sales. At the same time, iBuyers are pretty demanding on the characteristics and quality of housing, so make sure your house meets their criteria.
This way of selling will come in handy in the following situations:
- You have already bought a new house, and every minute counts. This is common when you must act fast to avoid an increased financial burden. iBuyer will need about 7-10 days to sell your property, which is often a lifesaver.
- You have inherited a residential property that you don’t need. Contact iBuyer to sell the house if you prefer money. When making a deal, you will lose a little in price, but you will save a lot of time and effort.
- You are divorced and want to get rid of joint property. Selling a house in a short time to iBuyer will allow you to avoid tense situations and conflicts and concede more profit.
Make sure your home meets the company’s criteria before you sell it. This will save you time if your property is out of iBuyer’s interests.
- You can receive an offer within 12-48 hours after the application.
- You already know the price for which your house will be sold, so you don’t have to worry about the amounts.
- This is convenient for you because you are spared the hassle of cleaning and showings. The company may even undertake repairs by bringing its contractor.
- The markets are limited. iBuyer provides its services in a few metro areas only, so just 1.3% of homes bought and sold in the United States account for their share.
- You pay for the service. You will have to give 5% of the total house price. However, a more favorable offer than a cash buyer can compensate for a possible loss in value.
- No negotiations. The company announces the cost of your property. You accept the offer or refuse it. There is usually no room for maneuver here.
The companies you may contact:
Use Trade-In to Sell Before Buying
The dates when you sold your house and purchased a new one may match, but it is a rare piece of luck, so do not rely on it too much. Homeowners are often afraid of delaying the sale because they may miss out on a deal to buy their dream house. Home trade-in companies are there to come to the rescue.
Providing money to buy a house even before the previous one is sold gives you the opportunity to move to a new place without the tedious waiting. Right after closing the transaction, you will receive help to list your former home on the open market for a profitable price. Some companies may offer you an interest-free home improvement loan to get better offers.
The average listing terms set by the company are 3-4 months. If no one buys your house during this time, the company will purchase it on its own and at a pre-assessed amount. Most likely, it will be less than you expected, but the confidence in the sale that you get is worth it.
There are several situations in which contacting a home trade-in company seems quite reasonable.
- You are striving to move “from house to house.” You will not need to carry two mortgages at once, and you will save yourself from the anxiety and frustration typical for owners of long-selling real estate.
- You are not opposed to increasing your home’s selling potential. An interest-free loan from the company will make the house as attractive as possible in the eyes of future buyers.
- You have a good amount of equity in your house. This aspect is of great importance for home trade-in companies, and you have a good chance if you have lived in this house long and paid down most of the mortgage.
- You are ready to work with in-house lenders and agents. Some companies insist on working with their team for sale and listing. This means that you are provided with an agent and an internal lender, and you can consider other offers no longer. However, for many, this option seems more convenient.
Trade-in may take longer than selling to a cash buyer or iBuyers. However, you win by getting a more considerable amount, almost equal to your house’s market value.
- You know the date of the move and can keep to your timeline.
- You cannot be afraid of a double mortgage because the home trade-in company will provide you with the money to cover payments regardless of their amount.
- You have a backup offer, and there is no risk of the buyer disappearing or the deal falling through.
- Your buying power increases, so you have the money on hand and become a more attractive candidate for home sellers.
- Limited markets as well. Trade-in is a relatively new option for real estate sales, so its availability is moderate.
- You pay up to 6% fees, which is comparable to paying a realtor.
- Sometimes, you must pay rent for a new house since the company may present it as collateral until your previous home is purchased.
The companies you may contact:
How to Make Your Home More Attractive for a Quick Sale at the Open Market
All the options we discussed are a lifesaver for homeowners who count every second. Suppose you don’t need to sell your house “yesterday,” but you want to draw as many buyers as possible on the open market in a shorter time. Experts offer several tips to help make your home a piece of cake in the available real estate market offers. These recs will come in handy whether you sell a house through an agent or an FSBO.
Make Minor Repairs
It may be reckless to make significant repairs to increase the house’s value since the end does not justify the means. However, quick repairs are possible for you, as your home will look more neat, harmonious, and … new!
So, the list of small but noticeable improvements can be as follows:
- Applying a fresh coat of paint where it is scratched or peeled off.
- Fixing loose wall and floor tiles.
- Fixing and repairing door handles.
- Current plumbing repairs.
- Installation of new hardware on bathroom and kitchen cabinets.
- Swapping out outdated and old lamps and light fixtures.
Declutter and Clean
A substantial, solid house with well-established communications can make a repulsive impression if there is a mess and chaos inside. Show your house from the best side. You may need to do the following:
- Do a deep cleaning of the house without losing sight of a single square centimeter. Do not skimp on the pro from the cleaning service, as they guarantee a better result.
- Remove all the extra from the house. Rent a storage unit if you do not have a garage and a shed to remove furniture, appliances, etc., that you don’t need. These things clutter up and make the space uncomfortable and untidy.
- Clean up the cabinets. The chances that buyers will look there while showings are apparent, so you have to make an impression here.
- Hide away personal belongings, including photos and memorable souvenirs. It is more appealing for buyers to see a clean and neat canvas prepared to apply the pattern of their own life.
- Take care of the exterior of your home. Trim the shrubs and hedges, fix the lighting, and put the porch and walkways in order to look like the picture.
Curb Appeal as a Way to Impress
Staging is another strategy to make your home desirable for the buyer. Professional stagers know how to present real estate with the best hand. Moreover, they are ready to bring their furniture and decor and arrange them to improve the visual perception of your home and make it more spacious, cozy, and welcoming.
Invite a Professional Photographer and Make an Engaging Ad
Is it worth talking about the role of good photos in selling your home? Many buyers claim that clear, bright, and high-quality pictures arouse great interest in the property and the showing. Do not skimp on the services of a pro that can highlight the best features of your home and make a virtual 3D tour. By the way, statistics show virtual tours improve listing page views.
As for the listing description, it is up to you if you prefer FSBO or your agent’s case if you choose this method of sale. However, you can act independently in both cases. Make a succinct and expressive description, including the house’s best features and the area’s benefits. You can also add a sense of urgency by specifying the timing for the offers. Turn to a professional writer if texts are not your strong suit.
Correctly placing your listing will also contribute to a quick sale of the house. Use all resources, including real estate sites and social networks. The more people see your offer, the more chances you get.
Set Your Selling Price
The price of real estate is a decisive factor affecting the timing of the sale. Name a competitive amount, considering similar market offers in your metro area. If you wish, you can lower the bar a little for some time to stand out from other sellers and awaken buyers’ interest. However, this strategy may work in specific real estate markets, while it makes no sense to others.
Also, be ready to lower the price if you don’t get offers. Set a reduction timeline to know when you will offer your home at a more lucrative price for buyers.
Sell at the Best Time
Statistics from real estate agencies show that spring and autumn are the prime selling time since in summer, many go on vacation and spend money there, and in winter, it may be too cold for home tours. Get your home ready at this time to improve your chances of a quick sale at your price.
Find the Time for Showings
First, be ready to meet the wishes of prospective buyers to look around. Yes, their calls may surprise you, so a flexible timeline for your affairs is what you need when selling; otherwise, your house will stay on the list for a long time. Be amiable and accommodating to everyone who comes to home tours, as this contributes to the impression and can tip the scales in your favor.
An open house is another option that will complement private showings. Highlight the next few weekends and make your house shine with cleanliness; add fresh flowers, some treats, and flyers for visitors. Believe us, your hospitality will pay off handsomely!
To Sum It Up
The circumstances that encourage you to sell your house fast may be different. Of course, challenging situations require action, and you can take advantage of all the recommendations that we have offered.
However, do not go ahead if you have no reason to rush and are just afraid that your property will stay on the list forever. Life shows that, sooner or later, every house finds its new owner, so patience is what you need for a profitable sale. Sometimes, the slow pace can lead you to the best offer.