Selling a home can be both a rewarding and a frustrating experience. Many sellers wonder “how can I sell my house fast?” or “what’s the best time to cash out on real estate?” The truth is that the best way to go about selling a home, especially if you need a quick sale, could be to sell to investors directly rather than using a real estate agent. Here’s what you need to know, whether you’re looking at how to sell an inherited house, are selling a home as is, or for whatever reason need to get through the process as quickly as possible.
- Does the law require you to have a real estate agent when selling a home? There is no law that requires you to get any kind of help when selling a home. Some states will require a realtor only at the point where you handle the paperwork related to the closing, but this is something to check with your individual state laws.
- What are the benefits of selling your home by yourself, directly to an investor or other party? A “for sale by owner” process allows you to enjoy the full price of your home without having to pay commission fees. Selling to investors also means more flexible payment options, and it’s often possible to sell a house for cash. It’s also much easier to sell a property sight unseen without having to make any of the expensive repairs that are normally considered the responsibility of a seller. Investors are also as interested as sellers in making a fast closing, which is possible when selling to investors as there’s often no need for appraisals, inspections, or approved financing.
- How do I go about listing my home? Online listings are the most common way of listing when selling a home these days, and there are quite a few websites that specialize in helping people to sell their homes directly. The Multiple Listing Service is a national service that allows investors and others to search for sales by area.
- What kind of effort does selling a home take if I do it myself? First, it’s important to know the fair value of your home. It’s tempting to judge the market value by what you paid for it or by the cost of real estate you’re considering buying. But if the price is too high, your house will sit for a long time without selling, meaning you’ve wasted a lot of time and will still have to sell for less in the end. Use the internet, a competitive market analysis, or a licensed appraiser to determine the value of your home.
Second, you’ll need to prepare your home for sale. If you don’t wish to do any work on the house, you’ll need to lower your price for a quick sale. Third, you’ll have to negotiate the sale yourself, which means bargaining with buyers. There could be a lot of back and forth involved until you can agree on a price, and you’ll want to make sure that the selling contract includes all the details. Don’t forget closing price, all items included in the sale, closing date, closing concessions, and all possible contingencies. Finally, you’ll have to deal with the closing, which is a legal matter handled by a title agent or closing attorney. If you have a mortgage on the property, be aware that your existing mortgage is often the most difficult part of negotiating a closing. It’s always a good idea to get some help in understanding your mortgage details, and some investors will be able to help you make this a smooth process.
Selling your home yourself will be more complicated than using a realtor, but in the end, it can mean saving a lot of money in fees as well as selling a home quickly. Carefully consider what your needs are, and if you need to sell your home quickly, consider selling to a motivated investor.