How to Have a Much Quicker Home Sale
Some homeowners face situations where they need to have a quicker home sale. Examples might include:
Exploring Your Home Selling Options
These are just a few examples of scenarios where it may make sense to forego the traditional real estate process and find a much quicker way to sell. If you have time to list your home on the open market (whether through a real estate agent or on your own as a “For Sale By Owner” deal), it is probably going to give you the best return on your investment. You will get higher price offers and, in most cases (but not all), clear more cash at the end as long as you have enough equity in the home.
Understanding the “Traditional” Sales Process
However, not all of us have the luxury to take several months to go through the other real estate process. First, you have to prepare the home for sale, which means making repairs, painting, decluttering, cleaning things up and possibly having the home professionally staged to attract more buyers. Then the property has to be marketed. A Realtor® will post the listing on the Multiple Listing Service (MLS) and do whatever other marketing they offer. If you are selling it on your own, then you will have to find your own ways to market it (classified ads, Craigslist, social media, word of mouth, etc.).
Once the house is ready to sell and the market is out there drawing eyes, buyers will want to come preview the home in person before making any purchase offers. You might have open house days or be required to schedule showings. In both cases, you need to make yourself scarce and keep the house super clean. You’ll probably want to hide away any sensitive documents, photos or valuables just to be extra safe. Some homeowners are a little uncomfortable with the thought of random strangers looking through every corner of their home.
Once you start getting purchase offers, then you have to review and decide which to accept. After a selling agreement is made with a buyer, the final closing process begins. A standard escrow will take 30 days. Some can last as long as 45-60 days if the buyer has a contingent sale going on their previous house. During the closing process, there will be home inspections and you have to hope that the buyer’s mortgage loan is approved by the underwriter. Even when the contract is in place, there is no guarantee that the house is sold (or sold in a certain time period). Most transactions go smoothly, but you have to be prepared in case there are some bumps along the way. Under the traditional sales model, the quickest home sales can be finished within a couple months. On average, it usually takes 3-6 months to complete the transaction.
Traditional Sale vs. Selling to an Investor
The traditional sales process sounds like a bit of a hassle and it is to some extent, but it’s worth going through if it nets you more money on the house. However, if you are in one of the situations above or another situation where you don’t have the time or interest in listing your home on the open market, then you may want to consider the alternative of selling your house to a real estate investor.
Most investors are coming to the table with cash financing or other creative financing options (lease options, owner financing, etc.) that dramatically streamline the selling process and timeline. Though there may still be a home inspection and some additional closing steps involved, most cash investors are buying houses in as-is condition. This means you don’t have to spend all that prep time making repairs, cleaning, staging and marketing. You don’t have to have a parade of buyers previewing your house or go through the full escrow process, making for a simpler and quicker home sale.
With PropertyLark, you are able to set your own desired closing date (as in how quickly you want to or need to move out). If you wish to complete the sale as quickly as possible, we can close in as few as seven days. That means all the paperwork is finalized and you get whatever cash you have coming to you within a week or two, not several months later.
Which Method Nets the Most Money?
It is true that the selling price you get with a cash buyer or real estate investor will not be as high as you probably will get in an open market sale. You are accepting less money in order to have a faster, easier and more convenient home selling experience. Sometimes, your personal or financial situation dictates the need for a quicker sale. Other homeowners just want to avoid the hassles and get things done as efficiently as possible.
What is nice about a cash sale from a financial standpoint is that you don’t have to pay anything out of pocket to get the house sold. You don’t have to worry about repairs, real estate commissions or most closing costs. You also don’t have to worry about the bills you have to continue paying as long as you own the home. We’re talking 2-6 months of mortgage, insurance, tax, utilities and HOA payments. There are actually some situations where a cash sale actually ends up netting more than a traditional sale. It just depends on a variety of factors.
If you need to sell your house quickly or just want to explore different cash sale and creative financing options, reach out to PropertyLark today. Fill out the contact form on any page of our website to get your fair offer within 24 hours. We will work with you to determine the best method for selling your house based on your financial situation and desired move-out date.