SELLING YOUR HOUSE FAST FOR CASH
Selling your home or investment property fast in today’s market can be a frustrating feat and we understand. That’s why we put this guide together to give you a clear image of your options.
Homeowners looking to sell quickly are often in this position for one reason or another. It could be a financial crisis, imminent foreclosure, job loss, divorce, an inherited or unwanted property, etc. Whether you are a motivated seller or just what to turn over your property much quicker than the much longer traditional procedure of listing with an agent, here are the best ways you can go about it, their advantages, and any downsides.
- SELL TO A FAST CASH BUYER OR iBUYER, INVESTOR, OR WHOLESALER
Who is this for?
Selling your home to a real estate investor, wholesaler, or fast cash buyer is the best option you have if you want to sell within 30 days or less and you are not interested in carrying out any maintenance or repairs to the property.
If you can find the perfect real estate investment company or individual that buys homes for cash in your market, you may get the best possible offer for a stress-free quick sale. Although there are usually many great options, the wrong one can leave you with an unsold house, ruined credit, and a worse situation.
How it works!
Most cities have local and general location iBuyers also known as ‘We buy homes for cash’ companies and individuals who will present a cash offer for your property as-is just hours or days after you get in touch and present the details of your home’s condition and an evaluation.
Advantages
The advantages this option offers include;
- No agent fees
- No repairs and maintenance fees
- No showings
- Quicker closings
- Less worry about if your home will sell
- More control over the sale and moving dates
- No closing fees
Disadvantage
The main downside of selling your house to a fast cash buyer is the fact that most of them present cash offers often below the market value of your property.
- FIND THE TOP QUICK SALE REAL ESTATE AGENT OR BROKER IN YOUR AREA
Who is this for?
If you are looking to sell your home fast but don’t quite have the pressure of considering the relatively lower offers from fast cash buyers in exchange for ease and speed this may be the best option for you. It’ll take a few more months, most definitely, but if you can wait, it’ll fetch you more money. Especially if you find a producer you can trust to defend your interests.
Take note that there’s a huge difference between real estate agents. Although almost all are well-intentioned and wish to sell your home at the best possible price possible, some have more impressive experience and track records of quick sales and satisfied clients. After all, you’ll be spending around 6% (3% for your agent and 3% for the buyer’s agent) of the price your home sells for or even more in commission payments, and you should be getting a pro that guarantees you a sale quicker than the average of your area.
How it works!
First, you need to find a top agent or broker in your local area with the know-how, experience, and connections that’ll guarantee you a quick sale. You can do this search online or via recommendations and narrow down using positive customer reviews.
After finding the just the perfect guy or lady, you can move on to connect and sign a listing agreement giving them exclusive representation rights to sell your property.
At this point, your agent lists the property, markets it, hosts as many showings and open houses as possible to potential buyers, and manages all negotiations.
When your home sells, the agent handles all the paperwork and collect commission fees with the buyer’s agent as soon as the deal is closed.
Advantages
- You can get paid in cash
- You get more money or profits from the deal.
- Real estate agents know the market really well and can get you the best deals.
- The agent is also in charge of marketing your listing, showing the property, and the closing documentation.
Disadvantages
- Closing fees and agent commissions reduce your profit on the sale.
- Agents make use of the traditional methods to market and this often takes 3 – 12 months which is too long for most motivated sellers.
- Agents prioritize buyers who plan to live in your home and this often leads to extra delays as they often have financial fallouts.
- You are often required to carry out some repairs to guarantee a quick sale.
SELL YOUR HOME YOURSELF
Who is this for?
Before considering this option, make sure you have a clear understanding of the path you’ll be taking. It can only work well for you, if you have some field knowledge of real estate investment, you want to avoid paying agent fees and don’t mind doing it yourself, plus you can wait up to 6 – 12 months.
How it works!
You’ll have to start by placing a value on your home and you could pay for an appraisal to get the actual value. Then you have to take good photos of your home and list on ‘For Sale By Owner’ websites like Trulia or Zillow. You can put up a ‘For Sale By Owner’ sign as well to attract potential buyers who pass by. Adding a few for sale signs around the city can get you cash buyers.
When all this is done, you get to take care of incoming offers, showings, and all the paperwork for the sale.
Advantages
- Save money since there are no agent fees. That said, you could add a commission to entice the potential buyer’s agent.
- You can also get a cash buyer, although it’s less likely because you lack the resources of an experienced agent or broker.
Disadvantages
- Handling the paperwork can be cumbersome
- Lack of experience can land you into a bad situation with the process.
CONSIDER A SHORT SALE
Who is this for?
If you are underwater and your distressed property’s value appears to be lower than the debt owed or maybe you are facing a tough divorce, lost your spouse, facing bankruptcy, pre-foreclosure, or another financial crisis, a short sale may be a great idea. With no income to keep paying your mortgage, losing your home entirely is not a risk you want to take.
How it Works!
In a short sale, the debt needs to be higher than the value of your home so that you can ask your bank to go on with the process. However, you must get all lien holders to agree to the short sale.
First, you need to get in touch with the primary note holder. This is the holder of the largest mortgage on your home. Having just one mortgage makes it even easier. All you need to do is contact the bank, inform them about your situation, and find out who you must talk with to get you from underwater.
Yes, it could be embarrassing, but it’s much better than foreclosure and eviction from your own home.
Advantages
- Saves you from foreclosure and eviction.
- You pass on any future financial burdens from owning the property.
Disadvantage
No one really wants to get to this point and the other options in this guide would save you the stress of needing a short sale to bail you out.
CONCLUSION
Among all the options outlined above, finding a genuine fast cash buyer seems to be the most reasonable if you want a quick and hassle-free deal for your home. For instance, NexOffer is a reputable company offer quick and fair cash offers for homes as soon as the sellers answer a few questions and a FREE home evaluation is done.
