When we get referrals, typically the homeowner is asking, “how can I sell my house quickly?” The reasons are all different, but the endgame is always the same. The homeowner wants money in the checking account and the property in someone else’s hands.
Because of the real estate market’s complexities, you have limited options if you want to sell your house quickly. There are times, for sure, when you can list your house and quickly receive an acceptable bid. But that’s not something you can count on to happen every day.
So what exactly are your options if you want — or worse, need — to sell your house quickly? You’re really looking at two possibilities.
List it on the real estate market
Many people, even when they need to sell quickly, will still try the real estate market. It’s established. It feels safe. It might even feel like the right way to do things. Some people might not even know of any alternatives. The process is the process: List your house with an agent, find a buyer, and move out.
Unfortunately, the process is rarely that simple. Unless you live in an absolutely booming real estate market, the bids won’t start flowing the minute you list your house. You’ll have to wait for the right buyers to come along. And even then, they can draw out the process.
Delays can start before you even start listing. Many houses simply aren’t in saleable condition. You might have a number of problems that you’re not even aware of. Many of the houses we appraise have problems with the foundation, the roof, and plumbing that the homeowner is clueless about. Those repairs can cost thousands and take precious time to perform.
After that comes the the selling process, which again can take months. But let’s say you get lucky and that a couple sees your listing on the first day, tours the house the next day, and puts in a bid right on the spot.
And then imagine that bid isn’t close to your asking price, and doesn’t reflect all the money you invested in repairs. What do you do then? What if they need a contingency, like selling their own house first? And worst of all, what if they’re having trouble getting financing?
As you can see, the traditional real estate market is rife with delays. If you find yourself in the middle of a gold rush seller’s market, then you can probably list your house, get an acceptable bid quickly, and sell your house. But if buyers have even a little advantage, the process can take months and months.
That doesn’t sound great for someone who wants to sell a house quickly.
Sell to an investment group
The good news for people who want to sell their houses quickly: cash sales are more common than ever. More than 40 percent of house sales in Q1 2014 were all-cash purchases.
How does that help you sell your home more quickly? Cash sales are far less complicated than sales that involve a mortgage. For starters, the bank issuing the mortgage will have certain conditions that need to be met. If the house doesn’t pass inspection, for any reason, chances are they won’t issue a mortgage. In an all-cash transaction, the bank plays no role at all.
Then consider the creditworthiness of someone who puts in a bid. Someone with poor, or even borderline, credit might have to shop around for a half-decent interest rate. Never mind someone who puts in an acceptable bid but then can’t even secure a mortgage. The whole process can get real messy.
When you sell you an investment group, you get paid in cash. If they operate in the same way as HoustonHouseBuyers.com, you’ll get an offer not long after appraisal. If you need to close quickly, the investment group can arrange that. If you need some more time — because you were surprised at just how quickly you got that all-cash offer — you can set any closing date you want.
Depending on the cash buyer, you might not have to make any repairs, either. At HoustonHouseBuyers.com we buy houses as-is, no matter the condition. The offer will reflect the condition, of course. But if you do the math and factor in the value of time, you might find that making the repairs and selling at a higher price on the real estate market might mean less money in the bank than selling as-is to an investment group.
Do you really need to sell?
Depending on your situation, you might not necessarily need to sell your house at all. For people who just need a quick infusion of cash, there are other programs available. Some investors, like HoustonHouseBuyers.com, can offer programs that let you stay in your house while still getting a quick cash infusion.
The bottom line: when you contact an investment group about your housing needs, you get more flexibility at the least, and more options at best. This is invaluable if you need to sell your house quickly. The real estate market is just too unpredictable and inflexible. You’re at the mercy of others.
If you find yourself asking “how can I sell my house quickly?” then why not contact HoustonHouseBuyers.com? Fill out our form today to see what we can do for you.