Most people consider buying a home to be their biggest investment. What happens when you need to offload that investment quickly?
Any number of factors can put you in this position. A nasty divorce will send you running for cover from a former home. A new job in another part of the country is a happier circumstance but will leave you in the same situation. Maybe your financial situation has forced your hand and you need the money.
Whatever the reason, selling a home quickly isn’t always the easiest thing to do. Most people need financing to purchase a home and have to wait until their financial institution approves the loan. Your home may also be a fixer-upper in a market when most people want “ready to move in” homes. Most homes take between 45 to 90 days to sell.
Fear not, there are ways you can pull up that For Sale sign in a shorter period, collect your cash and be on your way. Here is how.
Request that it be a cash sale
Doing this immediately takes buyers who need financing to buy your house out of the picture. Part of the reason home sales take so long is because of the mortgage approval process and the bank’s requirements. If you can eliminate this, you raise the chances of selling quickly.
There are several advantages to a cash sale. You won’t have your hopes raised by a provisional offer, only for the bank to deny your prospective buyer a loan. Cash offers are usually made on an “as is” basis. Because you are selling the house in the condition it is, you won’t have to spend money on repairs. You also have the cash almost immediately to invest in your new property or life.
One key disadvantage of a cash sale is you may receive a lower offer than you might like.
Sell it to a home buyer
Instead of selling your home for yourself for cash, how about selling it to a company that specializes in purchasing properties for cash? Going online to do your checks, you can see many of them, like this home buying company in Little Rock, AR, that specializes in taking homes off of the buyer’s hands with little fuss. They also tend to buy “as is”, so you don’t have to worry about renovating your home.
Remember that as a cash seller, you would still have to list your home and take care of the inconvenience of showing it to prospective sellers. This is eliminated with a homebuyer.
A home buyer is not looking for a buyer for your home before they can pay you. They are purchasing it themselves with the intention of flipping it or turning it into a rental investment property. This means they’ll want a fast sale too.
A home buyer sale arrangement is also different in that there aren’t as many steps as a traditional mortgage sale. The paperwork is relatively simpler. You receive a cash offer. There are fewer fees that regular sales tend to generate; no commission fees that a real estate would normally take and no closing costs.
Because of the removal of the time and inconvenience involved in most regular sales, with a home buyer, you can be out of your home with cash in hand in as little as 10 days.
Enlist the help a real estate agent known for moving property quickly
Any old real estate agent won’t do for this. You want an agent that has a track record of selling homes quickly. How can you tell? The lovely thing about the Internet is that everything is searchable. Look up your prospective real estate agent and check their sales stats. You are looking for their days on the market figures. This is a computation of how long on average the homes they sell stand unsold. You want the agent with the lowest numbers.
The good thing about getting an agent is that they usually handle everything, from listing, to showings to negotiations with buyers and everything in between. If you select the right agent, they can turn over your home in significantly less time.
Trying to sell a home with an agent’s help may require you to do some extra work. For example, an agent won’t want to work with a home that needs significant renovations before the sale. They may also advise costly repairs. Your house always has to be “show” ready, which may be difficult if you still live there.
Make improvements known to sell a home faster
Whether you use an agent or sell your home yourself, these home improvements have been known to result in offers within days of putting a home on the market:
Improve the curb appeal of your home
The outside of your home is what initially draws potential buyers’ eyes. No matter what your home looks like on the inside, they won’t stop to look at it if it’s not appealing outside as well.
Applying a fresh coat of paint to the facade and front door will do wonders. Investing in some plants for your porch may help as well. If you have the funds, get some landscaping done for your yard.
Reduce the clutter inside
Once the prospective buyer gets inside, you want to show your home in the best light. Having a messy house doesn’t reflect well on you. Large furniture pieces take up space and make your home look smaller than it is. Neither is conducive to a quick sale.
Clean up your home, hire a professional company if needed, and remove anything taking extra space.
Make repairs to hot ticket areas
Certain areas, like a kitchen and a bathroom, are known to sell a house. Update their look with some minor repairs.
Take the “you” out of your home
Because it’s your home, you would have added touches over the years that are uniquely you.
The problem is, a buyer may not be in love with them. Before you show your home, repaint in neutral colors. Most buyers want to see themselves in a home and your decor may prevent them from doing that.
Selling a house quickly is a bit of a feat, but not if you follow these guidelines. Use them to get cash in your hand fast.