If you’re like most people, when you decide you’re ready to move, you want to sell your home as quickly as possible. However, not all homes lend themselves to a quick (or profitable) sale. Ultimately, it depends on your circumstances, the condition of your home, and the state of the housing market.
But don’t worry, where there’s a will, there’s a way. We’re here to tell you about some common ways to sell your house. Keep reading for our top five suggestions for homeowners in various situations.
1. Using a Real Estate Agent
Hiring a real estate agent or realtor is perhaps the most popular choice for selling a house. There are pros and cons with this method, as with any other.
For example, the home seller usually pays for their realtor and the buyer’s realtor. Each realtor typically charges 3% of the home’s value. If your home sells for $200,000, for example, you would be paying around $12,000.
However, using a realtor usually means selling the house faster and for more money. To be clear, it’s usually enough money to cover the costs of their fees.
2. For Sale By Owner
Alternatively, you may decide to sell your home without a realtor. Based on the information above, you may wonder why you would choose this option.
Selling a house privately means:
- More control over the sale of the home
- No realtor commission fees
- DIY marketing (which is easy with today’s technology and resources)
- More control over access of your home to strangers
And remember, though statistics show that homes sold with real estate agents sell for more money, it doesn’t mean yours will sell for less. Get an accurate appraisal of your home and don’t accept low offers.
3. Selling to a Cash Buyer
In some cases, people need to get out of their house as soon as possible. This is often the case if the home is facing foreclosure, the owners are going through a divorce, the owner is moving for a new job opportunity, etc. If you’re thinking “I need to sell my house fast,” consider selling your home to a cash home buyer.
Cash home buyers are also ideal for selling homes that need a lot of work. If you don’t have the time or money to fix your home up to meet the standards of typical buyers, you can find a cash home buyer who will buy homes in any condition.
4. Rent to Own
Sometimes, property for sale can sit on the market for a long time. If you’re having this problem, consider a rent-to-own option. Find a tenant who wants to rent your house with the idea that the payments are going toward purchasing the home.
As long as they’re paying rent, you don’t have to worry about making the mortgage payments. However, you must create a legally binding contract to protect both party’s interests.
5. Assuming a Loan
Finally, if you have a home for sale but don’t have much equity built into the house, consider finding a buyer who will assume your loan. Not all home loans allow this option.
If your mortgage allows a loan assumption, the buyer will need to get approved through the lender. Then, they can simply assume the loan under their name.
Looking to Sell Your Home
A lot of things can affect how quickly you sell your home. Based on your circumstances, you may not be able to sell your home traditionally. Consider the options listed above to find the best solution for your circumstances.
And if you’re looking for more homeownership advice, check out some of our other articles while you’re here. Our blog was created to help people like you buy and sell properties, designing comfortable living spaces, and save money.