Selling a property usually takes 31 to 60 days. What if this isn’t fast enough or what if you’re behind on your mortgage and need to sell your house quickly to prevent foreclosure? What if your divorce ruling mandates you to sell your house by a certain date?
There are several reasons why the traditional schedule may not work for a seller, ranging from inheriting an undesired property to moving for a new career to wishing to avoid the house selling process entirely.
There are, thankfully, ways to speed up the home-selling procedure and obtain your money faster.
Option 1: listing with a top agent
Consider listing with a top local realtor if you need to sell quickly but don’t want to give away your home’s worth.
Agents sell properties for more money in addition to handling heavy labor in terms of pricing, marketing, and negotiations. Properties sold using an agent in 2021 had a median sale price of $318,000, while homes listed by the owner had a median sale price of $260,000.
Although no real estate agent can guarantee when your property will sell, the most knowledgeable know how to price and advertise homes to generate several offers fast.
Option 2: find a cash buyer
The mortgage procedure is generally the most time-consuming aspect of a traditional home closing. Lenders might take weeks to obtain and analyze a house appraisal, assess a mortgage application, and arrange financing and closing documentation.
On the other hand, all-cash buyers are not dependent on obtaining a mortgage, and they commonly close in less than two weeks. Keep in mind, however, that the rapidity of a cash transaction frequently comes at a cost.
The majority of cash buyers are investors looking to resell the house quickly. As a result, they require a significant discount from fair market value (15-50%) for the deal to make sense. The buyer typically waives the right to contingencies, inspections, walk-throughs, appraisals, repairs, or title insurance in return for this reduction.
In fact, that is the primary benefit of selling to a cash buyer – a house in bad shape might be a great turnoff for traditional home purchasers, but a seasoned real estate investor can see past a property’s flaws to see the potential.
Option 3: sweeten the deal
If you need to sell your property quickly, consider basic repairs and maintenance such as touch-up painting, window washing, and replacing anything broken. If repainting your entire house is out of the question, paint the front entrance. You may also change your address plates and door knobs with newer, more stylish ones.
Check that the walkway from the curb to your porch is clean and safe to walk on. This involves correcting any uneven walkways and cutting overgrown grass. You want buyers to be able to view and focus on the exterior of the property as they approach.
Buyers enjoy cash benefits, so if you’re short on time, think about how you might make your offer more appealing. Here are several examples:
Selling a property may be stressful, especially if you’re on a tight timeline. Fortunately, whether you need to sell quickly due to a new job, a life event (such as a divorce), or financial considerations, there are options to expedite the process.
If you don’t have a large budget to prepare your property for sale, concentrate on the first impression that purchasers will make when they view it for the first time. Buyers can make a choice in a matter of seconds—a few from the curb, and a few more when they go through the front door. Make those seconds count by using a terrific realtor, a well-kept home, and a compelling financial offer.
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