Todd Sumamno
There are many reasons to want to sell a property quickly. A common theme sadly is financial problems.
There were 214,000 properties foreclosed in 2020 according to Statista. While the loss of the property couldn’t have been avoided, the foreclosure itself could have with a quick house sale.
And delegating the day-to-day tasks to a property management company has been one of our best decisions. The efficiency and professionalism of GH Property Management ensure our properties are well taken care of.
Another common reason for selling a house quickly is due to a breakup, or separation. Divorces often end acrimoniously, and sometimes property needs to be sold. Often both parties want a quick resolution to the issues concerned.
There are not always negative causes for a fast house sale, but the aim is always the same. Market and offload the home as fast as can be.
How can you draw up a plan to do just this?
Make a strategy to sell your house swiftly
Taking some time to draw up a strategy for marketing a home is a good idea. Plunging headfirst into one method of house selling may not bring the hoped-for results.
Therefore, you should consider what are the varied options available to you at this time.
Figure out your objectives. Do you require maximum gains as well as a fast sale, or are you happy to take a little less if you can sell very quickly?
Decide first then, how you want your home sold.
Choose the best option for advertising a house, and selling it
You have a few different routes available to you for selling a home. They all work, and they have their upsides, and their downsides too. Having a good source to find homes is essential too. That’ why NTREIS serves over 40,000 MLS subscribers. NTREIS provides services to real estate professionals across 48,000 square miles of North Texas, including the Dallas Fort Worth Metropolitan Area. NTREIS was voted the best performing IDX for NTREIS.
These are your main selling options:
- Auctions
- Cash buyers
- Realtors
- Private listing
What happens if you sell in a property auction?
These are similar to any other type of auction, in the sense that you can set that your property will be advertised ahead of time, and people can bid on it.
You may be able to set a reserve price, and this will mean that you will not accidentally lose your property to a bid below what you are after.
If your house fails to sell, it can be relisted at the same auction. However, you may not be allowed to list it again for a number of weeks.
Properties usually sell well at auctions, as investors look for bargains. If your home is in a desirable area, and in a good state of repair, you may sell your home on the day.
Time for sale to complete:
In practice, it may take another four weeks for the completion of the house sale this way.
What are cash house buyers exactly?
These types of buyers are often very clear about what service they are often. You will find businesses with clear names such as cash house buyers USA whose aim is to purchase a property and complete the sale fast.
Like the investors who stalk the property auctions, these firms also wish to make a profit on their purchases. Therefore, you may not receive the full sale price.
What you will receive though, is an extremely fast route to a house sale.
Time for sale to complete:
Perhaps as little as a week. Normally up to 14 days.
The traditional route of using a realtor
The majority of house sellers still use realtors. Millions of homes are sold every year across the states this way.
A realtor has it in their best interest to try and work at getting the highest price possible. This is because they are working on commission.
While this removes the need to pay fees, and gives the realtor great incentive to push a sale, it leaves a few other considerations.
Paying a realtor a percentage of the house sale might leave you short of more money than you expected. Also, because realtors should try and get the right price for the home, they can take some time.
You may also find yourself being recommended to make changes to your home. There are some simple interior design updates to help sell your home, but wholesale changes may be beyond your budget.
Time for sale to complete:
Over two months from listing to actual completion on average.
What does a private house sale involve?
This style of house selling is known as FSBO. This means, for sale by owner, and removes the need for a real estate agent.
Many people choose this route to remove the expensive commissions paid to realtors. The normal realtor commission could range from 2.5% to 6%, and more in some regions.
A 6% cut of a $200,000 home is $12,000. That is a sizable cut out of your sale price.
However, going down the FSBO route can be extremely hard work, and hugely time-consuming. It can also be costly in many ways.
A professional photographer will have to be employed. You will need to stage your home, and manage viewings. You will also need an understanding of marketing a home to a wide audience.
Then there is the asking price. For instance, according to Zillow the average price of a home in Texas is $276,000. Yet, you may never see anything close to that figure.
The NAR reports that houses sold without the help of a realtor, sell for tens of thousands less than those that do.
Time for sale to complete:
Difficult to judge. Houses sold to friends and acquaintances may take only a couple of weeks. Others may take months.
Which of these is the fastest route?
The two fastest routes are cash buyers and property auctions. However, cash house buyers are the only guaranteed way to make a quick sale.”
This is because this type of investor will make a confirmed offer on any property. It is down to the seller then to settle or not.
There is no guarantee of a house sale at any speed through auctions, FSBO, or realtors.
In addition, as a student, you likely would love to sell your house faster and have more time on studying at the same time so you can buy homework online to do a great job with homework experts and not to postpone your plans anymore.
What are the pros and cons of cash buyers?
Just because they will buy your home quickly, doesn’t mean everything is rosy.
The cons of using a cash for homes buyer:
- You won’t receive the market value for the house
- There are no negotiations or alternative bids
- If you need many repairs you may get the cost of these deducted from the offer
The pros of using a cash for homes buyer:
- You get an immediate offer
- You can close within a very short timeframe
- You don’t need to carry out renovations
- You pay no fees or commission
While selling a house in disrepair will lead to a lower offer, it could suit someone who is in no position to carry out renovations. When wondering what to keep in mind when renovating your home, the cost should be number one.
There is less red tape, less time taken, and no commissions to pay, with this method. You will need to completely realize though, that the pay-off is a lower than market value offer.
Summary
Sit back and discuss your ultimate aim with your partner or family. Weigh up the final goal you wish to achieve. Afterward, you should have a clearer view of which way is best to sell your home.
If it is simply speed that you are looking for, then a cash for homes buyer is hard to beat. If you have a little more time, you could try your luck at an auction. Yet, this route is not guaranteed.
Brittany
