Cash News
Homeowners often have good reason to want to sell a house fast. You may be getting married, expecting a child, relocating for a job, or selling a home you inherited.
Unfortunately, selling a home isn’t known for being a speedy process. It’s not uncommon for it to take at least one month, and more often three months — and that’s in a strong seller’s housing market when prices are stable or rising, and many sellers receive multiple offers. In a buyer’s housing market, when prices are softening, and buyers have more power to negotiate, it can take even longer to sell your house.
Regardless of market conditions, how quickly a house sells depends mainly on its price, location, and condition. These three factors are interdependent. That means the worse the house’s location and condition are, the lower its price will have to be to attract a buyer for a quick sale. Here are five ways to sell your house fast if you’re in a time crunch.
Learn more: Is it a good time to sell a house?
If your home needs a lot of repairs, isn’t well-maintained, or hasn’t been updated in a while, it will have to be priced lower than comparable homes that are in better condition if you want to sell it quickly as-is — or at all. The alternative is to invest time and money upfront to prepare the house so it will attract more offers.
To speed up repairs, hire a handyman you trust and get everything done all at once. Smaller repairs, like new light fixtures or faucets, can be done in a couple of days. Bigger renovations, like replacing the HVAC system or roof, will take longer.
Yes, making the house look nice is important for showings. But another crucial factor is photography. If potential buyers don’t like the images of the home shown online, they may lose interest in buying it before they even schedule a tour or visit an open house. To get the photography done sooner, discuss the timeline for this step with several Realtors before choosing a listing agent to list your home for sale. Even if you sell a house without a Realtor, you’ll probably still want to find a professional photographer on your own.
Read more: I received a text asking to buy my house — Is it legit or a scam?
While the home’s location and condition are paramount, they aren’t the only factors that affect the sales price. Other things to consider include the home’s age, lot size, square footage, number of bedrooms and bathrooms, floor plan, and features.
Special features many buyers currently want include soapstone countertops, rounded (or “bullnose”) corners, plant ledges, a beverage center, modern farmhouse architecture, and an outdoor TV, kitchen, or shower.
Read more: How a short sale in real estate works
Buyers typically want ample time for home inspections and appraisals. For sellers, longer timeframes can prove to be a frustrating hassle. To move the process forward faster, encourage your real estate agent to emphasize your preference for a quick sale in conversations with prospective buyers’ agents. Good communication on this point could motivate buyers to strengthen their offers with fewer contingencies and shorter timeframes.
Of all the potential causes for delays in a home sale, the buyer’s financing may be the riskiest and the hardest for the seller — or even the buyer — to control. Last-minute spikes in interest rates, problems with credit checks, appraisal woes, and title or homeowners insurance issues can delay the buyer’s mortgage approval or derail it altogether.
One way to avoid this problem is to choose an all-cash offer, if you receive one. A cash home buyer doesn’t need a financing contingency to close the transaction. People who aren’t getting a mortgage don’t have to get an appraisal (though they may choose to get one). These can be big pluses if you want to stick to a specific closing date. Some home sellers will even choose an offer with a lower price if it’s all cash.
Read more: Are ‘we buy houses’ offers a rip-off? How to know if you’re getting scammed.
Homeowners who don’t want the hassle of making renovations, scheduling showings, or waiting for potential buyers to complete their due diligence may want to consider selling the house to a direct buyer, also known as an iBuyer. Common direct buyers are Opendoor and Flyhomes.
Direct buyers are home-buying companies that give homeowners a way to unload a home with fewer delays. These companies pay you in cash, and the tradeoff could be a lower price than if you sold to a regular buyer. You should weigh the pros and cons, but this is a decent option if you need to sell a home fast.
While the typical timeframe to sell a house could try anyone’s patience, savvy home sellers who make smart, strategic choices may be able to speed things up and sell in a hurry.
This article was edited by Laura Grace Tarpley