The Quickest Way to Sell Your House
There are many reasons why a homeowner would want to sell their house. Is your home in danger of foreclosure, unable to make a mortgage payment, or filing bankruptcy? Getting a divorce and need to distribute conjugal properties fairly? Do you have problem tenants that you wish to get rid of? Inherited a property that you have no plans of occupying? Then selling your home is the easiest and most practical way to get cash.
When selling your house, you need to look for the most viable options available for you. Should you do it on your own? Who can you trust to do the transaction for you? Avoid stress and get the most value out of your property. Avoid the common mistakes associated with house selling through our quick guide.
Steps to Follow When Selling Your House
Selling your house does not involve just looking for a buyer, accepting cash, then handing over the keys. House selling is a long and intricate process that requires licensed professionals to handle it for it to be as painless as possible. Here's what you need to do.
Hire an expert real estate agent
Don't make any rash decisions when selling your house. Look for a reputable real estate agency or realtor to navigate through the house selling for you. A real estate agent has all the resources needed to get your house sold in the quickest way possible. Before selling your home, make sure that the realtor that you will hire has a proven success record in
Why do you need to make a listing through a real estate agent?
80% of successful home buying comes from real estate listings. Buyers usually like seeing pictures from websites first before physically inspecting the property. A professionally photographed house attracts more would-be buyers than printing amateur made pictures and sticking them on lamp posts. Your house will get more views if it's published on a real estate website.
What role does a real estate agent play?
The real estate agent will assist buyers during house tours and will show the buyers the features that the buyer is looking for. Aside from that, an expert real estate agent can guide you on the possible repairs that you need to make to get the price better. They can assess and advise you on the market value of the property. The agent can also bring serious buyers, walk you through the due diligence, and help you process the documents you need before the sale.
Additionally, the agent is an advocate that understands the buyer's needs and tailor the property based on the buyer's requirements. An expert agent will also warn you of the common mistakes you need to avoid during escrow and ensure a smooth transition after the deal is closed.
Decide Between Cash Offers or Better Pricing
Cash offers provide you with a quick and instant sale. However, the offers are generally lower than the actual market value of your property. There are many advantages to a cash offer. Among them are the following:
A regular house selling takes at least a few months, while a cash offer can be closed within a few weeks. The reason is that buyers who offer cash would already have the funds available before making an offer. Although the proposal would be lower than regular buyers, it is still the quickest way to sell your house.
Minimal Risks involved
Cash offers involve very little risk to the house seller. The funds to buy your house is readily available, and there is no need to wait for mortgage approval. Additionally, you don't have to worry about inspection contingency, financing contingency, or sale contingency. The risk of the deal falling through is very low.
No Appraisal Required
An appraisal is a lender-specified requirement. Cash buyers would already know what they are buying and usually don't require any inspection. If the house is appraised, the seller might ask for a higher price if the property's value is deemed higher than the offer. It's the reason why buyers generally avoid an appraisal. However, getting one is still highly advisable to have an idea of how much your property should be sold for you to prevent getting short-changed.
Pack Your Stuff and Clean your Home
When you've decided to sell your home, it's a good idea to start packing. When viewing houses, buyers tend to imagine themselves in the property that they wanted to buy. It's hard to imagine owning something if you can still see the current owner's personalized touches. After you pack your stuff, deep-clean your house. A dirty house is harder to sell than a well-maintained home. Decorate your house as if it's a department store window and hire professional photographers to capture the best profiles of your home.
Inspect your Property
Before listing your property in the real estate market, make sure that you've completed pre-inspection to avoid any delays in the transaction. Faulty electrical wiring or termites in the basement can delay or completely reverse any deals that you negotiated. Of course, some would accept small flaws, especially if they are cash offers. However, the price will be greatly affected if there are some renovations needed in your property.
A seller's idea of their property's value would be completely different from the price that a buyer thinks it should be paid. Getting a professional appraiser can gain, or lose, you a few hundred dollars. There are several factors to consider in pricing your property. The appraiser will look into the conditions of your house, the neighborhood, accessibility to public transport, schools, markets, and commercial areas, safety and security, and economic conditions. If you try pricing your house on your own, you will either offer it for more than the current market value (and not attract buyers) or get paid less than what it should be.
Decide on the Pricing
Once your house is assessed, you can now make a wise decision on the pricing that you are willing to offer to would-be buyers. Some homeowners list their property for a price that is too high compared to its actual market value. The upside is, you get more cash than what you own. The downside is, there is a strong possibility for the listing to be stuck for a very long time. Check the current sales data, and decide on the pricing based on that.
Likewise, putting up your house on the market for a bargain might get you a quick buyer or get multiple offers, but you will have to accept some losses in terms of its actual worth. Furthermore, buyers are wary of investing in a property that is priced too low. The common conception is that, if cheap, there are some hidden flaws that the seller did not declare in the sale.
If you're personally selling your house, your best option is to take a few photos, print them, then go around the neighborhood sticking papers on lamp posts and mailboxes. You can also put signage in front of your home or post it on your Facebook. But if you want to sell your house (and sell it fast!), your best bet is to get a real estate agency or realtor with a proven track record to create a listing for you and use their website for marketing your property.
Selling your house doesn't need to be stressful if you hire professionals to do it for you. It can be as easy as getting your documents ready, cleaning your house for viewing, finding a good buyer, and signing the required documents to close that deal. You can save on realtor commission when you sell your home on your own, of course, but it's also a hassle that you might not be willing to take, especially if this is your first time negotiating a sale. Plus, even if you do it yourself, you'll still need a lawyer to handle the documentation for you.
It's essential to let professionals handle the transaction, the same way you rely on a doctor when you're sick. Once you've decided to sell your house, make sure that you get a clear understanding of the processes involved in selling. Without professional help, making that sale is a very hard thing to do.