What is the Fastest Way to Sell a House?
Not everyone has the time it takes to properly sell a house on the open market through a real estate agent. That “traditional” home selling process does take time if you want to get the best possible price for your home.
Time to Move
You will likely have to invest time and money on repairs and upgrades to increase the resale value and buyer appeal. You may have to clean and stage the property for listing photographs, videos, open houses and private showings. You will need to hire a Realtor® and let them market the house until offers start rolling in. Then, you need to negotiate with buyers, finalize a sales contract and go through the closing process—which can take 30-45 days or more depending on the buyer’s financing situation. Overall, these steps will generally several months to complete. You may want or need to close the transaction sooner.
So, what is the fastest way to sell a house?
The answer here is simple: a cash home sale. Selling your house to a cash home buyer will at the very least shorten the closing period. There is no buyer mortgage that needs to be approved and financed. The buyer is paying cash for the property and this removes many contingencies and complications that tend to drag out the process. In some cases, a cash home sale can be closed within a week or two rather than taking a month or longer for the closing stage alone. A cash transaction can be done quickly if the buyer and seller are both motivated and the contractual details are worked out properly.
Okay, a fast cash home sale sounds great. How do I find home buyers ready and willing to pay all cash for your house?
Home Selling Options
There are a couple ways to go about this. You can still publicly list your property on the MLS, through a real estate agent or as a “For Sale By Owner” listing—marketed however and wherever you choose. In this case, you can wait and see if any cash offers come in. Some buyers are in a strong position to purchase the property with cash only and may still be willing to pay you top dollar for your home. This is a great outcome when it happens. However, the odds of it happening are slim. Most of your offers will come from regular buyers who are using mortgage loans to finance their purchase.
The other option is to work privately with a real estate investor. Real estate investors will typically be paying cash for houses like yours—or they will at least have other forms of financing already locked in to speed up the closing process. They are looking to buy quickly and with minimal complication. A cash investor wants to buy your house to renovate and then resell for profit or turn into a rental property. They are looking to get deals done as fast as possible.
Pros and Cons of a Cash Home Sale
On the positive side, selling to a cash real estate investor will offer several key benefits. First, you can get the deal done quickly. You can sell your house and have money in hand within weeks rather than months. Second, the process is very simple and you shouldn’t have to spend any of your own money upfront. They will buy houses in as-is condition. You don’t need to worry about repairs, upgrades, cleaning or staging. Third, there is no need to hire a Realtor® in this situation. You work directly with the cash buyer to get the deal done. Having said that, it’s never a bad idea to consult with your attorney or a trusted advisor before signing a contract to sell your house to a private buyer.
The main drawback of selling to a cash real estate investor is that you will not get top dollar for your property. They will offer you what they feel is a fair market value and the price will be justified based on the condition of the house, fast closing and other factors. You will save time and any upfront money to get the sale completed quickly, but the trade-off is that you won’t get quite as much in the end. By the time you add up all the expenses of a traditional sale, however, the ultimate return of a cash home sale may still be more than worth your while. There are no real estate agent/broker commissions, repair costs or closing fees. Plus, you will save money without having to pay several more months of mortgage payments, property taxes, utilities and other homeownership expenses.
Why should I sell my house for cash?
A cash sale is often the best solution for someone in a financial distress situation (tax default, behind on mortgage payments, etc.) or a homeowner who needs to sell quickly (divorce, unwanted inheritance, job relocation, etc.). If you have the time and money to go through a traditional sale and wait for the best possible offer, that is probably still the best way to go. If you don’t want to deal with that process or simply can’t for financial reasons, then a cash home sale to a real estate investor may be the perfect solution.
To learn more about the cash home selling process and to get a fair offer on your house within 24 hours, contact PropertyLark today. Please fill out the form on the right to get started.