There are several strategies that are used in today’s real estate industry to help homeowners sell property fast. These strategies adapt and change over time. Technology has had a huge impact on how quickly someone can sell a house. Homeowners can sign documents digitally, and home buyers can view properties virtually. You may be thinking that all you need to do is sell your home for cash to ensure that the process is quick. Here, we will review newly discovered strategies to help you sell property fast.
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How to Sell Property Fast
Best practices on how to sell your home fast and for cash
What does it mean to sell a property fast?
The definition of “fast” is relative to each person. In terms of homeowners trying to sell property fast, one may think that ninety days is acceptable. If your property is a huge piece of land, one could assume that selling it in one year is an achievement. Others may have a high standard of selling a house within three weeks. Regardless of your perspective, we can only base our strategies on the present.
Selling property fast typically means that the home sale process is finished within thirty days. This timeframe is becoming more of a standard for off-market real estate transactions – which means it is not sold on the MLS. It is difficult, but not impossible, to still sell your house this fast on the market. However, it does become more complicated.
Best Ways to Sell a Property Fast
Regardless of how well the real estate industry is doing, there are always people out there buying houses. The market can pick up, or slow down, but the home buyers that do this full-time will continue buying all throughout the year. If you plan to sell your house in the summertime, it will be easier to find an end buyer. There are more home buyers shopping during that time of year. You can find owner-occupant buyers, that will pay a premium for your house. There are also home buyers that can help you sell your home for cash.
Are you planning on selling your house in the winter? For homeowners that fall into this category, it is usually more difficult to sell property fast. There are fewer buyers looking for a property. However, if you can find the right home buyer, you can still sell your home fast and for cash.
These home buyers are usually full-time real estate investors. They usually specialize in helping homeowners sell property fast because they use cash to complete the transaction. If you have thought that I need to sell my house for cash now, you will want to work with these types of buyers. They bring experience to the table from previously helping homeowners sell property fast. Additionally, they can troubleshoot issues that come up during the sale process. It is extremely helpful to work with experienced home buyers since selling a property can become complicated.
Should I sell my house for cash now or later?
If you sell your house for cash, there are multiple benefits to you that can make it worthwhile. As mentioned previously, the speed of the transaction is greatly increased. Secondly, the cash is instant. What does this mean? You don’t need to wait for the home buyer to get approved for a loan. This is one of the biggest slowdowns in the entire process of selling a home. Basically, if you want to sell property fast, it is best to sell to a cash buyer.
For homeowners that plan to sell property to a buyer that is using a loan for the transaction, the process takes more time. The bank typically has to approve the home buyer. This is because the bank must know that the home buyer they lend to will pay them back. The bank wants protection. It can take weeks, sometimes months, for a home buyer to be approved to buy a house using a loan. While this should not be a “make or break” when reviewing offers, you should still weigh this factor when deciding who to work with. If you have thought that I need to sell my house for cash now, you will need to decline offers from these types of buyers.
Future appreciation versus Inflation
It can be difficult deciding whether to sell your house for cash now or wait until it appreciates more. This decision causes common conflicts for families deciding when they want to sell property. Quick offers for your house in cash may seem attractive to take. I suggest asking yourself these questions:
- How soon do I need to sell my house?
- What will I do with the money?
If you need to sell your property fast, then I would consider accepting your first cash offer. Review the terms of the contract. Select the one with the least amount of contingencies and the soonest closing date. That is the path of least resistance and will be the fastest way to sell your property. As noted previously, making sure that the offer is in cash is important.
Next, I suggest that homeowners determine what their next plans are for the money. What do you plan to do with the proceeds from selling your house? Do you need the money to buy another house? If that’s the case, you may need to receive a certain offer amount on your current house before you can sell it. This is common for homeowners that are planning to upsize and buy a larger house.
Once you know your timeline, and how much money you need to make from the sale of your property, you can create a game plan. For the homeowners that aren’t pressed for time or money, it may be worth it to hold on to your property. Is your neighborhood appreciating in real estate value rapidly? Consider keeping your house for a few more years. If it appreciates in value over time, you may be able to make more money later. You can likely still sell your home for cash, and get the process done quickly, by selling in the future.
Unfortunately, even the most experienced cash home buyers cannot tell for certain that values will go up or down. It is best to consult multiple professionals, along with doing your own research, to formulate your own prediction on what will happen in the future. If you want to learn about real estate property buyers in your area, click here for more information on how they can help. You can refer to past history of real estate values to get an idea of what could happen. Typically, even if the market drops, you can still sell property fast if it’s in an attractive neighborhood.
What can prevent a property from selling fast?
There are countless obstacles that can come up and slow down homeowners that try to sell property fast. Certain things may be completely out of your control. Others may be in your control, but still unavoidable. For example:
- Title issues
- Home buyer backs out
- Damage to the property before closing
- Seller’s family gets involved and doesn’t want to sell
- Real estate market shifts
When attempting to sell property fast, what strategies can you utilize to speed up the process? Being honest about the title of a property can help speed up the sale process drastically. Title issues can arise after the title company runs its reports. This report usually takes about 2 weeks initially. From there, all parties review the title report and address any issues. If there are issues on the report, it can take additional weeks, or months, to fix them.
Each issue comes with its own set of obstacles and solutions. Some are quick fixes, while others can drag on. If homeowners are aware of anything that could be considered a title issue, it will save everyone time if they are address off-the-bat. If you want to sell your home fast and for cash, but the property has title issues, it can slow the process down. Title companies can help owners through these issues, and ultimately help them sell property fast.
Damage to Property
If a property suffers damage before closing, the home buyer usually has the right to back out of the deal. This can also be a point where renegotiation happens. For properties that have been vacant for a long time, this is, unfortunately, more common than you think. People can break in while the property is boarded up and damage it. When the price gets renegotiated, this can slow down the selling process.
Sell My House using Technology
By utilizing existing technology, you can market your property more efficiently and reach more potential home buyers. Cash home buyers will often buy houses without seeing them in person. Take professional photos, and videos, that you can share with people online. This can not only help more people learn about your property, but you can also highlight the best features of it.
Does your property have a large backyard? Take videos of the entire property, including the lot, to interest buyers. If home buyers have already seen the majority of your house through pictures and videos, they won’t need to spend as much time touring it in person. Sometimes, they won’t even need to see it in person.
Many home buyers who do this full-time will be properties without actually walking it in person. This will decrease the total time that it takes to sell your property. Additionally, many home buyers will even buy places directly from their cell phones. Technology is at an amazing place in time!
By following these strategies, you can learn how to sell property fast in today’s real estate market. Our team is the best at giving homeowners options. If you’re looking for a quick house sale, you came to the right place. Brotherly Love Real Estate can help!