Selling your home can be a very distressing and stressful experience. There are just too many things to do; from preparing, staging, and listing your home, to negotiating with buyers and closing the sale.
If you’re putting your home up for sale, make sure you’re getting the best deal possible. This is especially frazzling if you’re facing a life-changing phase: divorce, a new job, or fiscal constraints, to name a few. In these cases, you’d want to sell your property fast yet receive a good price so you won’t have to suffer the seller’s regret in the future.
To make sure a home gets sold as fast as possible with your needs and objectives still on the front seat, consider the following options. We’re going to quickly discuss the benefits and downsides for each, so you can sell your house fast with confidence.
1. Home Buying And Flipping Companies
If you’re in a rush to pay off your debts or want to move out as soon as possible, consider selling your home to cash buyers like WeAreHomeBuyers.com or home flipping companies.
These firms work by buying homes, renovating them, and offering them as freshly-remodeled properties to interested buyers. Companies have their own appraisal rules, but the industry standard is pegged at 70% of the property’s after-repair value (ARV).
This method is perhaps one of the fastest ways to sell your property. After checking your home, representatives from a home buying company will come up with an offer. If you’re okay with the offer, the transaction can close really fast.
An industry survey revealed that houses spend 25 days in the market in 2020, on average. Home buying companies can even make this period shorter, granting that everything goes smoothly.
What’s even better is that you can sell your house “as is”, so you don’t have to spend out-of-pocket costs for repairs.
2. The ‘For Sale By Owner (FSBO)’ method
This home selling process is one that doesn’t require the services of a real estate broker. It doesn’t guarantee a fast sale though, especially if the seller doesn’t have access to a wide range of home seekers, whether online or offline.
One of the main benefits of this home-selling method is that the property owner doesn’t need to pay commission fees to an agent or a broker—and this can run anywhere from 3% to 6% of the total selling price.
In 2020, about 8% of the home selling process was done through FSBO, according to real estate statistics. In most of these transactions, the seller sold the property to someone they knew; a friend, family member, or a neighbor. Hence, if you don’t have a buyer, it may be challenging to use this method in selling your property.
3. Putting Your Home Up For Auction
Auctions are not just for pricey jewelry and foreclosed homes. Property sellers wanting to offer their homes to the public have the option to list them on an auction sale.
Potential buyers are given a short window to view the property before the actual bidding takes place. Sellers can offer the home for absolute auction, where the bidder gets the home no matter the price. Another option is a reserve auction, where a seller requires that a certain amount is reached, otherwise there won’t be a sale.
Auction companies estimate that about 11% of the homes offered sold for more than the price originally set by the seller to other listing platforms. While you’ll get a higher price for your property, it may not be the fastest way to do it. Selling your home through this method could take up to 45 days.
4. Hiring A Real Estate Agent
Home selling requires attention and time, and the process is often tedious. If you’re doing it yourself, expect to handle voluminous documents and making several trips to and from government offices. Expect to have your phones and emails bombarded with constant exchange of communication, especially during the negotiation process.
For these reasons, home sellers prefer to hire the services of a real estate agent. In fact, up to 89% of property sellers sold their homes with the help of these professionals, according to the National Association of Realtors (NAR).
Agents have better access to the real estate market and are highly adept at navigating it just to close a deal. For instance, they’ll be able to help you with setting a fair market value for your home, prepare it, list it in the market, negotiate with the buyers, and eventually close the deal.
But while it’s effective and less demanding to sellers, this may not be the fastest way to get your property off the market.
To Wrap Things Up
Selling your property fast can be less taxing if you’re familiar with these non-traditional strategies. While unconventional, it doesn’t mean that these methods aren’t effective. If you’re not so much after getting a high price for your home, you may find these methods attractive despite the price cut.