There’s never been a better time to sell a house. The housing crisis has left many people with few options on the table, leading them to take whatever they can get. And when houses have increased in price by almost 20%, those who want to sell a house quickly can make a pretty penny.
The problem is, selling a house can take weeks on the low end, and months on average. It involves listing fees, real estate agent commissions, buyer concessions, closing costs and many more that can quickly make your budget overflow. Fortunately, if you know how to sell your house fast, you can avoid all of that nonsense.
Read on as we discuss how to quickly sell a house–and without listing it for sale!
The Disadvantages of Listing Your Home
There is no way to get around it: selling your home the traditional way will not sell a house quickly. And here’s why.
Houses on the market are in extremely high demand and virtually every place in the country. But the irony is that actually renting or purchasing a home in a hot market still takes a considerably long time. On average, at home will sit in listing limbo for about 43 days.
Keep in mind, this is an average. Some homes may sell faster than 43 days, while others may sell in double or triple the time. There is simply no way of knowing which one your house will be–especially if you don’t have time for repairs.
So, time is obviously a major factor in a traditional listing. What other reasons should you avoid attempting to sell at home fast via a realtor?
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In addition to the time factor, there are several other reasons why attempting to sell a home quickly through a traditional listing with a realtor may not be the ideal approach.
Firstly, one significant disadvantage is the high costs associated with selling a home through a realtor. Realtors typically charge a commission fee, usually a percentage of the final sale price, which can be quite substantial.
This commission can eat into your profits and reduce the amount of money you receive from the sale. Additionally, there may be other expenses involved, such as staging the home, professional photography, and marketing efforts with a top real estate agent, which can further add to the home sale overall costs.
Another disadvantage is the uncertainty and lack of control over the selling process. When listing a home, you are at the mercy of market conditions, buyer preferences, and the expertise of your realtor.
You have limited control over the timing and outcome of the sale, and it can be frustrating to wait for potential buyers to show interest or negotiate offers. This lack of control can lead to stress and anxiety, especially if you have a pressing need to sell quickly.
Sales-Related Costs Are High
We aren’t kidding when we say that costs are high when selling a home. Some sources suggest setting aside 10% of your income just for this alone.
When selling an inherited home or one you want to get off your hands, you just want money from the sale. You don’t want to have to spend more money!
If we haven’t made ourselves clear already, take a look at some of the typical costs you can expect to cover:
- Agent commission: agents usually charge about 5%, which can be a huge chunk of your sales earnings
- Fees and taxes for your neighborhood: there are property taxes, local transfer taxes, and capital gains taxes
- Title insurance and lien: another cost add to the list
- Mortgage payoff: in addition to paying off the mortgage, there may be a pre-payment penalty
Extra Time Commitments
The entire process of selling a home in the traditional sense adds a ton to your plate. Not only are you spending time repairing and preparing the home. You have to stage the home and entertain interested prospective buyers too.
You will also need to set aside a lot of time to work with your real estate agent. Depending on what needs doing, you may need to take time out of your busy work schedule to handle things.
There may be issues with documents and licenses, which require waiting in line at stale government offices. While your experienced real estate agent may handle some of these things, that doesn’t mean you will be free from obligations.
Life is stressful enough as it is. The last thing someone needs is to add more stress. Statistics show that a third of Americans cry during the process of selling their home.
Needless to say, the traditional process puts a strain on your mental health and your relationships. There’s no reason to make things harder than they need to be. This is why we recommend other ways to sell a home fast.
How to Sell Your House Fast
We weren’t kidding when we said that there is a faster, easier, less stressful way to quickly sell a house. And that method is with a cash buyer. Read on for the step-by-step, all cash sale process.
Find a Cash Buyer
A cash buyer is a person who has a no obligation cash offer and will purchase your house as-is, no questions asked. Even if your house is in need of repair or dilapidated, a cash investor will take it. For most of them, the word “no” is not in their vocabulary when it comes to a deal.
Cash buyers make back their money by renovating homes and reselling them. In other words, they are taking all the stressful parts out of the home selling for you and handing you a check instead.
And don’t worry, cash buying is more common than you may think. Approximately 29% of all home sales these days happen with cash buyers. That means many people like you want to avoid listing their home and going through the rigmarole we mentioned.
Make Sure Your Home Looks Its Best
Of course, if you were trying to sell your house fast, you wouldn’t have time for major renovations. But you might be surprised by the little things you can do that can improve your home’s appraisal. Things like giving it a good clean, or airing it out for a weekend.
A cash home buyer is going to give you cash regardless of your home’s condition. But there’s nothing wrong with doing a few extra things here or there to improve its value. Rest assured, a cash home buyer will appreciate those extra details and may likely give you more money for your trouble.
Get a Cash Offer
Luckily, you can do this all from the comfort of your home. Simply provide a detailed description of the residence with some pictures. Your cash home buyer will evaluate these and make a determination.
In some cases, they may request to come see the home. This is usually to clarify something in person that the pictures and description could not answer. They may simply call you and ask you a few questions as well.
You should get your cash offer quickly. In the majority of cases with cash offers, you won’t wait longer than a day. Occasionally, it may take a few days or up to a week to get an offer–cash home buyers can be busy!
Evaluate the Offer
As the saying goes, always get a second opinion. Don’t accept the first offer that they give you. The same is true for selling a home in cash.
There are plenty of cash home buyers out there. Feel free to get another quote from someone down the block. Who knows, they may offer you a little bit more just to beat out the competition!
Obtain Proof of Funds
Unfortunately, there are quite a few real estate scammers on the housing market. These people may get you to sign something you’d rather not, tricking you out of your own home. They might even entice you with lucrative house offers that are too good to be true.
Your home could be worth several hundred thousand dollars. That’s not an investment you want to give away lightly. Be 110% sure before proceeding.
Ask the buyer to provide a proof-of funds statement from their financial institution. This will usually be a bank statement that verifies that they have the cash on hand to buy the bank.
Further, make sure their method of payment checks out. Physical cash and checks can be counterfeit.
Get a Home Inspection If Necessary
Before holding up their end of the deal, the cash home buyer may wish to have a home inspection. Even though they do purchase homes as-is, they need to know exactly what they are getting. This is why we recommend that you be forthcoming and honest about the condition of your home–even if it’s not so great.
An inspection will usually solidify the deal. If the home is as you described, then you will still get the promised cash offer. So don’t think of this as a potential disqualifier.
Accept the Offer
If everything looks good, it’s time to sign the contract! Understand that once you do this, you have signed away the rights to your home. Be 110% sure that you want to do this before you put your signature on any contract.
Pay careful attention to the details. There may be a timeline for you to vacate the home in the contract. Take note of anything for future reference so that it doesn’t catch you off-guard later.
Get a Cash Buyer Today
Selling a house by traditional means is a great way to add a ton of unnecessary cost and time to the closing process. Now you know how to sell your house fast with a cash buyer. This is the best way to get a guaranteed, quick payment that allows you to get rid of the home for any reason–even if it’s in poor condition.
TX Cash Home Buyers purchases homes in any condition for cash, no questions asked. Find out how our process works and then sell your home to us today.