Selling residential property is typically a lengthy procedure. On average, it takes around 71 days to close a house deal. But what if it’s not fast enough for you?
Moving out, unwanted inheritance, and mortgage payments – several different reasons may shorten the time frame. People can’t always wait a month or two to get the work done. And so, they need real, quick solutions to deal with the problem. Don’t fret if you find this situation relatable. From an auction to a cash offer for home, there are many different options to sell fast. Let’s explore each one in detail below!
Look for Cash Buyers
Cash buyers are those people who are willing to purchase your property through full cash payment. It means they don’t have to apply for loans or mortgages. So, you can expect to sell the house quickly and easily.
But beware of how you handle these transactions. Cash buyers are often scammers who portray they’re ready to buy, though they don’t have any money. They aim to trick you into handing over the property or cause some dispute. Apart from this, cash buyers also try to talk the price down by stating issues in the house. So it’s always a good idea to get a pre-inspection done before you show the house to cash buyers.
Contact Fast House Buying Companies
Hundreds of fast house-buying companies have sprouted up over the years. These are legit groups of investors who purchase your property in your desired timeframe. Some of the best fast house buying companies include I Buy Houses, We Buy Ugly Houses, and iBuyers.
The iBuyers refer to certain companies that purchase properties that need minimal work and sell them for a higher profit margin. Currently, there are 4-prominent iBuyer companies known:
- Zillow Offers
You can reach them using their website or contact number, and a registered agent will soon respond to handle the inquiry.
Talk to Your Tenants
If the property is on rent, the best option is to offer it to your tenants. These people already know the house inside and out since they’ve been living in it. And so, the chances of them buying will be high. This method also solves reliability and safety concerns. The buyers will be trustworthy people you’ve known for a considerable time.
However, there’s one problem. The tenants may not have the cash available to make the purchase immediately. Instead, they may apply for loans or mortgages, which may take up to a month.
Get the Best Real Estate Agent on Board
Hiring a real estate agent does sound like an extra expense, but it’s 100% worth it. These professionals have good contacts in the market. So, they can help you sell the property quickly and ensure you don’t have to compromise on the value. According to one study, properties sold by real estate agents were valued at an average of $318,000. Meanwhile, homeowners sold them for an average of $260,000. That’s a difference of $58,000!
Put It up for Auction
Sometimes, the property is not in the best condition. It may require a lot of repairs and restorations. Or, it may have issues like a defective title. In these cases, finding a buyer through traditional means is almost impossible. People often want picture-perfect houses so they can move in quickly. As a result, they won’t accept something that needs a lot of work.
If you’ve got a similar house, put it up for auction. The procedure is more of a gamble since a buyer is not guaranteed, and you may have to compromise on property value. But, if you get in touch with an auction specialist, things will work out in your favor fast.
Another way to sell your defective properties fast is to get assistance. There are several reputable Assisted Sales specialists available today.
These experts take up the responsibility for repairing and refurbishing the property to attract buyers. They’ll also pay for the expenses. However, in exchange for their help, you have to give them a percentage of the sale profit.
Exchange It with a Builder
New-build homes that have been sitting in the market for a while but haven’t been sold are ideal for Part Exchange (PX). It refers to a process whereby you exchange your property for another one from a builder.
It’s like trading things. You use the value of your home as a payment to get another home. But, there are some points worth considering:
- Most reputable builders prefer newly constructed homes only.
- They may offer anywhere from 95 to 100% of the property value.
Reduce the Demand
Although this is something we don’t recommend, you can do it to sell the house urgently. Many people would compromise on all defects and issues when they can get a property at a price lower than the market value.
If you seriously consider this option, make sure to conduct research so that you’re not demanding way too less for a good property. It can be a huge loss!