Whenever you sell your home it is always one of the most stressful life events. If you need to sell your house fast or under duress additional strain and anxiety is added to the mix. We will explore what options you have when it comes to selling your home.
Listing Agent
The traditional method of selling a property would be through a professional real estate agent. Typically agents paid a percentage of the sale price of the home in addition to other possible fees their broker may charge. If your house is not in perfect condition or near-perfect condition you will need to invest in updates and repairs to get your home ready for showings. Additionally, market conditions can impact not only your asking price buy how quickly the right buyer will come along. Once you do find the right buyer, usually the sale will require inspection of the home which could lead to additional repairs prior to closing. If the buyer is using a mortgage lender to fund the purchase of your home you will need to wait for the property to be appraised. Sadly you could end up with a buyer that doesn't qualify for the loan or the house won't appraise which could lead to the deal falling through and the process starting all over.
Short Sale
You may find yourself in a situation where you may be able to negotiate a short sale with your lender. This means that the lender has agreed to allow you to sell your home for less than the remaining debt on the loan. The draw back to this is that it is a very slow moving process which means any urgency in the sale will be diminished.
For Sale By Owner
Selling your home on your own might sound appealing because you will keep costs down and be able to control everything. Professional auctioneers or real estate agents charge fees for their services which impact the profits you make on the sale. If you have the legal experience or understanding regarding any real estate issues that may impede the sale of your property you can save a great deal of money. However, it can be extremely devastating financially and legally if you make an error with any aspect of the sale with the buyer.
Cash Offers
When a direct buyer comes in and makes an offer, you can expect it to be all cash with a quick close. We buy houses usually as-is, which speeds up the selling process which saves you both time and money. This will also alleviate you of the legal responsibilities associated with disclosure.
A truly qualified investor is taking higher risks, paying the closing costs, and offering faster cash sales. These are reasons why their offers are usually lower than what a seller can get via FSBO or listing on the MLS. Regrettably, there are some less than honest cash buyers out there, so make sure to research and vet the investor you work with. Most buyers are dedicated to making fair, honest, and well thought-out offers to the homeowners they work with.
Auction
One of the biggest advantages to selling your house through auction is avoiding the headaches of showing your house. Additionally, with an auction sale, the property is sold as-is with a quick close so you won't have to invest financially on repairs or pour time into listing the home. But there are drawbacks to using an auction service. The fees for their service are typically higher than the traditional real estate agent fees, sitting as highs as 10 percent of the final purchase price. Most of the time the auction fee is charged to the buyer, which causes the buyers to enter lower bids so that they pay lower fees.
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