By Charles Pearson
August 28th, 2018
When a problem house is looming over you and you can not pull together the necessary resources and financing to put the house on the market or sell the property at full price you are left with very few options.
A quicker home sale usually comes with a discounted price to avoid the pain of having bad credit, going into severe debt, or maintaining a headache property that will continue to give you problems in the future.
If you really want to sell your home both quickly and with confidence in this 2018 market, you’ll need to know all of your options so you can make an informed decision before putting your house on the market.
Lets fully evaluate how to sell your house fast and what options are present in the 2018 real estate market.
My personal favorite option and least headache for you as the seller is the Investor Option.
THE WE BUY HOUSES PEOPLE! - THEY WILL BUY YOUR HOUSE FAST AS-IS
There are numerous investors in all areas fighting for "deeply discounted properties" that they can add to their portfolio. When you search for "sell my home fast" there will be a multitude of investors that want to buy your home as-is! Here at Ilivest we try and get you the most cash that we possibly can to make sure that you are in a better position after selling your house than you were in the beginning.
The main benefit of selling to an investor is that they definitely have the money to close on your house fast and with cash. According to Forbes, an investor can close within seven days and they can also offer a number of flexible payout options that you can take advantage of depending on your particular situation.
Numerous people that are in hardships usually sell their home to investors because of the ease and flexibility that is offered during the process especially since they will "buy any home".
There are also different types of investors that will buy your property and do different strategies with the asset that might even involve you staying in your home and having them fix it for you.
As the Washington Post reports, investors will likely off you 50-60% of your home's current market value but this is with everything taking into consideration such as the homes condition and the neighborhood that the property is in. If you goal is to get your home sold as fast as possible with the least amount of hassle this is your ideal option.
GET IN CONTACT WITH THE HIGHEST RATED REALTOR IN YOUR AREA
It is a fact that 89% of home sellers utilize a real estate agent to get their house sold although it may take some time especially when putting your property on the market.
With this option in place you can possibly sell your property for more money than you could have with any other option on this list while salvaging your credit. Although this is true you are definitely going to have to make repairs to the property so that it can have the ability to compete with other listings on the MLS.
In fact, the National Association of Realtors’ (NAR) “2016 Profile of Home Buyers and Sellers” report states that agented homes sold for a median 98% of the final listing price and netted sellers an average of $43,100 in equity. These numbers that are presented are accurate for all sellers in any market—no matter how fast you would like to get rid of your home.
If time is a factor for you and your family this may not be the best option especially if there are repairs that need to happen to the property in order to get it to the status that it needs to be at to sell at a competitive rate. This is typically where a seasoned investor would step in and make the upgrades to the property so that it sells fast.
With a highly rated real estate agent helping you list your house for sale you will have somebody there to negotiate and try to get you the most money possible for your house. This not only helps them out but the realtor will get a percentage of the sale as well, so the more money that you make the more the investor will make as well. According to Payscale the real estate agent field has a positive trend this year and expected to keep growing correspondingly with the market.
THE SHORT SALE OPTION IS BETTER THAN THE FORECLOSURE OPTION
The biggest thing that people get confused about short sales is they think that it is going to be a "short" easy process such as just selling to an investor that will be offering a fast cash closing. In fact it is much harder than that, in essence, selling short means that your lender has agreed to allow you to sell your home for less than you owe on it.
This is usually because you are behind on payments and the lender does not think that they will be able to recover the value of the home from you and thus will agree to sell the house in this short sale formality.
The problem is not only will a "short" sale be a longer process overall to complete, most sellers aren’t even eligible to short sell their homes. You need to be actually financially underwater, behind on your mortgage and facing foreclosure. Even if you’re eligible, your lender (or lenders if you have debt on the property with multiple entities) does not have to agree to a short sale.
Short selling your home is definitely one of the worst options that you can elect to have to go through if you are planning to sell your home. The paperwork is tedious, the process is hard, and the banks will take their time to make sure that they are covered even if you are not.
AUCTIONS HAVE A BAD RAP BUT MIGHT NOT BE SO BAD FOR FAST SALES
Auctions almost have the same ability to sell a property as fast as selling to an investor. However, that is because everybody at the auction are investors ready and willing to bid on numerous properties. There are numerous benefits to selling at an auction even when you are not in a must sell situation such as:
While you will know the exact date your home will sell thanks to the auction option, this may not be as quick as you’ll think. According to Forbes, auctioned homes take an average of 45 to 60 days from listing to close.
This method of selling at an auction will make you lose control of how much you can actual sell your home for. Unlike when dealing directly with an investor, your property is being bid on by a group of investors that might take interest or not thus creating a local demand for the property that might drive the price down or increase it. Either way the property is not going to sell no where near market price. However, As the seller, you set the minimum bid you’ll accept, typically at 10-15% below current market value (auction experts advise this to generate more interest among buyers), but after that, it’s up to the accept the final bid.
If you are looking to get any cash from an auction sale you will need to have equity in the property to make sure that there is cash on your end as well.
I WILL DO IT MYSELF FAST AND SAVE ON FEES = FOR SALE BY OWNER
It doesn't matter whether you’re pricing under market value or selling for less directly to an investor that is in your local area, if you want to sell your property really fast, you are going to get less cash.
With the numerous systems that are out on the internet these days it is easier than ever to market your property like a professional. This is especially true if you are pricing your property accurately with an appropriate discount that will attract investors and making it a win-win situation for you and the buyer.
Also you are lucky that we are in this time period for another reason finding a buyer won’t be too challenging because we’re in a seller’s market right now. The buyer will likely have their own agent who can handle the transaction, so does a seller really need their own agent? A seller really doesn't need to have any advocates on their side with the amount of information given for free online so that they know their pricing is right for the market.
Now that you know all the options that you have I hope that you can make a decision for your property that will give you the most profitable outcome for your situation.
Also is you need an investor to buy your property right now follow this link and watch our short sellers video and get a free EBOOK!