If you need to sell a house quickly, odds are it’s because something unexpected has happened. Perhaps you get offered a job in a state or need to move so you can care for an aging parent. Maybe you’re getting divorced and downsizing, or it could be that you’re remarrying and so you need a larger home.
If you own an investment property, you may decide it’s time to sell–or perhaps you have nightmare tenants who’ve forced your hand. Other people need to sell a house fast when they inherit real estate they don’t want or need (say, a family home across the country), or for financial reasons (such as when your mortgage is underwater).
Regardless of the reason, when you need to sell your house ASAP, the stress adds up. Brokers may say they know how to sell your house fast, but you wonder whether they can deliver on their promises.
When you need to sell a house quickly, what’s your best option? The traditional real estate process is not known for moving quickly, especially if the market is already saturated with homes for sale.
Compare the real estate listing process with other strategies for selling a house ASAP in a slow market and decide what’s right for you when speed is essential.
Our guide covers, in detail, three unique ways to sell a home fast:
1. Using a real estate agent
2. Putting it up for sale by owner (FSBO)
3. Accepting cash offers from home buyers
You’ll learn how each method works and the pros and cons, to get a feel for your options. Then, our guide explains all the preparation you’d need to do before putting the home on the market, as well as the marketing efforts that will help sell the home. And since no real estate transaction is complete until the deal closes, we explain what closings look like in each scenario. You can know more at Springbok Properties reviews.
But today, right here and right now, there are other ways to sell your home quickly. No, it’s not instantaneous like the platform we’re building. It’s a bit slower than that. Yet, if you play your proverbial cards right, there are methods and techniques you can use to get the most bang for the so-called buck. Again, it all depends on your definition of fast. Can you sell your home as fast as you can order an Uber? Not yet at least. But you can sell it moderately quickly. Here’s how.
Understanding the mechanics of home selling
There are some factors when it comes to selling your home that simply cannot be changed. These impact the speed of the sale. They’re things like location. You hear it all the time. Location, location, location. If your home is in a highly desirable neighborhood or located directly on the water, you’re probably in luck. It will most likely sell fast. Also, market forces. Is it a seller’s market? Or is it a buyer’s market? You can’t really change that aside from waiting it out. But you never know how long each will last.
1. Sell your house to a wholesaler
What most people don’t understand is that nearly 40% of all real estate transactions that happen in this country happen using all cash. That means there are no banks involved. It also means that most of the traditional hurdles of underwriting are gone. But wholesalers do something a bit more unique. They help middle man your house. Not for top-dollar. But you’ll get a fair amount. That’s for certain. They’ve lined up cash buyers on their end who tell them what inventory they’re interested in.
All the wholesaler does is put your house under contract and flip it to a cash buyer. Often, this involves little to no money out of their pocket. So why would you flip it to a wholesaler? Well, it’s fast. Certainly faster than attempting to list it with a traditional agent. Now, how do you find a wholesaler? That’s a bit more complicated. They often find you. In their search for distressed sellers, they look for signs that properties are ready to sell at a deep discount.
So what do you do if you don’t want to wait for them to find you? Use one of the national companies like Theadvisory or any of the others out there. But keep in mind that you’re going to likely sell that asset at 60 to 70 cents on the dollar. Other ways are to source wholesalers on your own is to search on Google for something like “sell house for cash” followed by your state or your city name. You could also use Facebook Groups or LinkedIn to source cash buyers by searching for “cash buyers real estate” or other similar terms.
2. Find the top real estate agent in your area
Okay. There’s a real difference I need to highlight here amongst real estate agents. While I have nothing against them personally, here’s the truth. Most agents are well-intentioned. They certainly have every intention of selling your home for top dollar. And they want to sell it fast. But is that usually case? Not often. Most lament that realtors don’t quite do their job. The whole list-it-and-forget-it complaint seems to take center stage. And rightfully so. You’re giving up 6% of your home price at the end of the day.
Expecting the Asking Price
Any smart buyer will negotiate, and if you want to complete the sale, you may have to play ball. Most people want to list their homes at a price that will attract buyers while still leaving some breathing room for negotiations—the opposite of the underpricing strategy described above. This may work, allowing the buyer to feel like they are getting good value while allowing you to get the amount of money you need from the sale.
Of course, whether you end up with more or less than your asking price will likely depend not just on your pricing strategy but also on whether you’re in a buyer’s market or a seller’s market and how well you have staged and modernized your home.
Selling During Winter Months
Believe it or not, there really is a right time to sell during the year. Winter, especially around the holidays, is typically a slow time of year for home sales. People are busy with social engagements, and the cold weather across much of the country makes it more appealing just to stay home. Because fewer buyers are likely to be looking, it may take longer to sell your home, and you may not get as much money. However, you can take some consolation in knowing that while there may not be as many active buyers, there also won’t be as many competing sellers, which can sometimes work to your advantage.
You may be better off waiting. Barring any mitigating circumstances that may force you to sell during the winter or holidays, consider listing when the weather begins to warm up. People are usually ready and willing to purchase a home when it’s warmer.4
Skimping on Listing Photos
As so many buyers look for homes online these days, and so many of those homes have photos, you’ll be doing yourself a real disservice if you don’t have any visuals of your home. At the same time, there are so many poor photos of homes for sale that if you do a good job, it will set your listing apart and help generate extra interest.
Good photos should be crisp and clear and taken during the day when there is plenty of natural light available. They should showcase your home’s best assets. Consider using a wide-angle lens if possible—this allows you to give potential buyers a better idea of what entire rooms look like. Ideally, hire a professional real estate photographer to get top quality results instead of just letting your agent take snapshots on a phone.
And don’t just stop at photos. Consider adding a video tour or 360-degree view to further enhance your listing. This can be easily done with any smartphone. You can certainly entice more potential buyers into walking through your doors for showings. You may even get more offers if you give them an introductory walk-through of your property.
Not Carrying Proper Insurance
Your lender may have required you to acquire a homeowners insurance policy. If not, you’ll want to make sure you’re insured in case a viewer has an accident on the premises and tries to sue you for damages. You also want to make sure there are no obvious hazards at the property or that you take steps to mitigate them (keeping the children of potential buyers away from your pool and getting your dog out of the house during showings, for example).
Hiding Major Problems
Think you can get away with hiding major problems with your property? Any problem will be uncovered during the buyer’s inspection. You have three options to deal with any issues. Either fix the problem ahead of time, price the property below market value to account for it, or list the property at a normal price and offer the buyer a credit to fix the problem.
Remember: If you don’t fix the problem in advance, you may eliminate a fair number of buyers who want a turnkey home. Having your home inspected before listing is a good idea if you want to avoid costly surprises once the home is under contract. Further, many states have disclosure rules.5 Some require sellers to disclose known problems about their homes if buyers ask directly, while others decree that sellers must voluntarily disclose certain issues.
Not Preparing for the Sale
Sellers who do not clean and stage their homes throw money down the drain. Don’t worry if you can’t afford to hire a professional. There are many things you can do on your own. Failing to do these things can reduce your sales price and may also prevent you from getting a sale at all. If you haven’t attended to minor issues, such as a broken doorknob or dripping faucet, a potential buyer may wonder whether the house has larger, costlier issues that haven’t been addressed either.
Have a friend or an agent, someone with a fresh pair of eyes, point out areas of your home that need work. Because of your familiarity with the home, you may be immune to its trouble spots. Decluttering, cleaning thoroughly, putting a fresh coat of paint on the walls, and getting rid of any odors will also help you make a good impression on buyers.
Not Accommodating Buyers
If someone wants to view your house, you need to accommodate them, even if it inconveniences you. And yes, you have to clean and tidy the house before every single visit. A buyer won’t know or care if your house was clean last week. It’s a lot of work, but stay focused on the prize.
Selling to Unqualified Buyers
It’s more than reasonable to expect a buyer to bring a pre-approval letter from a mortgage lender or proof of funds(POF) for cash purchases to show that they have the money to buy the home. Signing a contract with a buyer may be contingent on the sale of their own property, which may put you in a serious bind if you need to close by a particular date.
