I’m looking to sell my house fast. What should I know?
A multitude of factors can fuel the desire to sell your house fast. Whether it’s financial pressure, life changes, or simply based on convenience, it is worth researching a few things before you pull the trigger.
Click here for a quick down-and-dirty analysis of your home value.
How can I sell my house quickly, regardless of the market?
The answer to this question depends greatly on the home, the property it’s on, the location, and the amount of money you need to net from the sale. Remember, there is a price at which almost any home will sell quickly. The real question is whether you are willing to accept that price. Let’s take a look at some quick home sale tips and tricks that can be used in almost any real estate market.
- Understand the options: In the post-Amazon world, consumers are accustomed to having a litany of choices for every decision. Why should selling a home quickly be any different? The truth is, it’s not. Today, sellers can find buyers through traditional channels, such as Ibuyers, auctions, and investors, and they can choose to represent themselves in a For Sale By Owner transaction or hire a licensed realtor.
- Hire A Real Estate Expert: In a tight housing market, a home could be prepped for sale, listed, and under contract in 72 hrs or less if the seller hired a top-notch licensed Realtor. In many cases, a cash offer can be obtained for full retail value on the first day on the market, and the sale could close as few as 10 days later. In this instance, a quick home sale can be achieved via a traditional Agent who understands the market and your home value and has a database of interested buyers who are ready and willing to act.
- Auction Your Home: Auction companies like Auction.com, Conciergeauctions, and Williamsauctions.com are also quick sale options. At the same time, most auction companies specialize in selling distressed property. Concierge Auctions is an example of a company specializing in the sale of extremely high-end and luxury properties. In general, auction companies will market your home to a pool of interested buyers for a predetermined time. Typically, the marketing window is 30 days. They will then open the property up for live and online bids. The highest bidder who exceeds your minimum acceptable bid will purchase and close on the home. The auction company will generally perform this service for a fee of up to 10% of the sales price. The auction fees are only charged on the successful sale of the property, so the risk to the seller is minimal. This service can sometimes yield decent results, but it is primarily for distressed properties and the extremely high end of the luxury market.
How do I sell my house myself?
For Sale By Owner? With the free flow of information and technology today, more and more homeowners are trying to go it alone when it comes to selling their homes. A FSBO, or For Sale By Owner, is a process that has been around for a long time. It typically involves putting an FSBO sign in the front yard, putting together some marketing, like an ad on Facebook, and working with a local title company to handle the escrow, title insurance, and contract processing. Since only about 10% of these sales actually close and usually result in an extremely long marketing time (over 200 days), it is not recommended to attempt this method when in need of a quick home sale.
Is it a good idea to sell my house to cash home buyers?
Consider an iBuyer: By now, everyone has heard the term iBuyer. These are essentially high-tech marketing companies that offer a quick cash transaction with a flexible closing window. This option has become more popular recently due to a booming market and diverse ways to sell a house. While every service has some unique features, essentially, the process is the same. The company pays cash for your home. When you move out, they market and sell it for more money. Obviously, they are only able to do this if they pay you less for your home than it is worth on the open market. Many automated services are currently offering to buy your home, and many can do so quickly and efficiently. Remember that a code of ethics does not bind them or represent your best interests. They are working on their own and only make money when they pay you less than they can sell it for later.
How to sell my house fast for cash?
Sell To An Investor: Like iBuyers, traditional investors are looking to make a profit on your home. However, a long-term investor will typically pay more for a home than an investor looking to make quick cash on a flip sale. While an Ibuyers model is to buy and sell immediately, a rental property investor is in it for the long haul. They will often not only pay you cash and close quickly, but they will also offer you the ability to rent the home back for a period of time to give you the flexibility you need to make arrangements for the next stage of your life. An experienced licensed Realtor will often know investors who might be interested in your home.
Short Sale
A short sale is when you need to sell your house, but the property is no longer worth as much as is due on the mortgage. Often referred to as “being underwater on your house”, it can be stressful, especially if you need to change your life situation quickly (hence the sale). In this instance, the buyer of the property will have to be a third party, and the proceeds will go directly to your lender. Similarly, the lender must agree to forgive the difference in the house note since the proceeds will be less than the outstanding debt. If the bank is threatening to foreclose, obtaining a short-sale contract to sell your home can provide quick relief.
A licensed realtor who is an experienced short-sale expert is required for this type of transaction. The Agent will quickly list the property, typically below market value, to ensure an immediate offer. They will then negotiate on your behalf with the lender to accept a short sale for the home. Once the bank agrees to consider the short sale, it immediately postpones the foreclosure. This gives you much-needed time to plan for the future. A bank is typically willing to proceed with the sale if you can prove financial hardship and inability to pay the remaining balance. This makes sense for the bank as the foreclosure process is costly. Once they foreclose on a property, they have to insure, market, maintain, and sell the home to someone else. If those costs exceed what they can net from a short sale, they will approve it and move on. Remember: A short sale is a lengthy process, but it can quickly provide relief from foreclosure.
Can I sell my home if it’s in an active foreclosure?
It is possible to sell your home up until it is repossessed by the bank or sold at auction, though it is difficult. In pre-foreclosure, you will have to settle your debts with the lender, and this is achieved by selling the house to net enough to pay what you owe.
In turn, you will no longer own the property, but you can avoid serious damage to your credit. In a time like this, having a quality real estate agent who has experience in negotiating with both lenders and buyers will be extremely helpful. A sense of urgency in dealing with both parties, and getting the most out of each negotiation is imperative.
What is the process for selling a house?
We’re glad you asked. We’ve put together this 10-step, never-fail, sure way to sell your home faster than the market average and for more money!
Sell Your House Fast – Century21 Northwest
Step 1: A Real Estate Pro Will Sell Quick!
We understand that selling your home as fast as possible may sound like a nightmare, but that’s why we’re here. Century 21 Northwest has been working with quick sales in every market for decades. We pride ourselves on creating integrity-laden opportunities for our clients that give them a better chance to get their dream home in the future by getting all of their money for their home today. One of these awesome Century 21 Quick sales programs is perfect for you: Century 21 Instant Offer, Century 21 Investor Sale, or Century 21 Lightning Listing.
Read more to learn about how we can make that a reality for you to sell your home fast!
Step 2: Homes That Look Great Sell Fast!
Home condition is second only to price as a driver of time on the market. Start with curb appeal and make sure that the arrival experience puts the home in its best light. Tidy the landscaping and trim the plants and trees. Paint is the highest return on investment for any home improvement. Consider freshening inside and out to make the home look and smell like new. Fix what is broken and clean what is dirty.
Step 3: Staging For That Model Home Feel.
Model homes always feel so much nicer than our own homes because they’ve been meticulously designed to do so. You can make a big difference in your home by remembering to do these simple things; make it feel bigger, make it feel brighter, and make it feel like a canvas for their personality not yours.
First, clutter is the enemy. Only the elements that enhance the beauty of the home are used to decorate it. The perfect example is the kitchen. You will never see a bunch of papers, a toaster, a blender, or any of the common items we keep in all of our kitchens in a model home. You can also remove all of the extra furniture that clutters walkways and makes the space feel cramped and empty the closets of all but the essentials.
Pro Tip: Put all of the extra items in the garage. People overlook a cramped garage, but a cluttered kitchen is a deal breaker.
Second, make your home sparkle by opening every blind and pulling back the drapes to let in as much natural light as possible. Consider removing the screens, storing them in the garage, and cleaning the windows. Make sure every light in the home functions and is using the same natural light bulb throughout the home. When a showing is scheduled be sure to turn on every light in the home.
Step 4: Set an Attractive Price
Price is the single greatest driver in speed to sale. There is no shortage of people who will offer cash and a quick close if you are willing to sell your home for less than it could bring on the open market. If you want to sell your home quickly, set its price at a point where it is attractive to most buyers. If you are not an expert in home valuations, find a local expert Realtor to assist you. A Realtor has access to market data that nobody else has. The best Realtors are experts at interpreting the data. They might even be able to suggest a price that is above the current, comparable sales if the home is unique and the market is hot.
Step 5: Speedy Sales With Great Home Pics
Your photography is the bait that will bring buyers to the home. Do not cut corners here. A good photographer will know how to present a home in its best light. These pros avoid taking pictures of things that detract from the home value, like power lines, busy streets, and cluttered areas. He will use lighting and angles to make things appear more open, as well as wide lenses that give the home a more open feel than can be obtained via normal cameras. Remember, these photos are going to be published all over the internet. A good photographer can be hired for less than $200 and will pay for himself in the amount of traffic his photos will generate.
Step 6: List Your Home For Sale
Read more here about Paperwork, Fees, and Closing Costs in Arizona
Step 7: Robust Marketing For Rapid Sales
The Multiple Listing Service, or MLS, is a portal utilized by professional Realtors to market the listings they’ve been hired to represent. It remains the single greatest tool to access the biggest buying pool since most buyers are working with an Agent. However, when you really want to sell your home fast, you’ve got to utilize every tool and trick available. Social media is an excellent place to tell millions of people about your home. Make sure your agent has a large Facebook audience and will agree to market your home on their page. Make sure his brokerage and brand have the same tools. Ask him to list your home on Facebook Marketplace and advertise it on all of the social media platforms. Then, share it on your own social media platforms and ask all of your friends to do the same. Don’t discount other options like Craigslist and YouTube. The idea is to cast the widest net possible to attract the most attention. More eyes equals more showings, equals more offers, equals a faster sale!
Step 8: Make Showings Easy And Sell Quickly
Since homes sell after buyers tour them, the more people that get to see a property, the more likely you are to sell it fast. Flexibility is key. By making the showing schedules based on the buyer’s convenience and not your own, you increase the total number of buying prospects. Since most buyers like to tour on weekends, consider making plans to be somewhere else during that time. This will allow prospective buyers total flexibility regarding when they can view the home. Also, insist that your Agent hold open houses to drive additional visits. Make sure the Agent markets the home and the open houses to all of your neighbors, as they are excellent referral sources for prospective buyers.
Step 9: Negotiate With Buyers
Now that you’ve taken all of the steps to attract the buyers, next come the offers. Be prepared to negotiate quickly by understanding your bottom line and what is really important to you. Remember that greed kills deals, so if speed is a strong motivation, don’t be afraid to accept an offer that gives you what you need. The old adage “a bird in hand is better than two in the bush” is so applicable in this case. A strong buyer who is willing to meet your terms will make a great partner in a quick close, and when you beat a buyer up on his offer price, expect him to return the favor during the inspections and repair requests. If you go into that phase with sour feelings, deals will often blow up. Keep your eye on the prize when you want a fast home sale.
Step 10: Close It!
Closing Date
No matter what type of home, listing, or offer you’re receiving, the closing date is the official endpoint of your quick sale journey. Your realtor should be the one negotiating this with real estate investors or home purchasers, but if you’re looking to sell your home as fast as possible, make sure to create a timeline early. The best agents should be able to create a timeframe within a window that you both agree upon.
In a cash transaction, the amount of work required to transfer ownership is minimal. The title company just performs the research necessary to prove transferability and gets a title insurance company to write a policy to protect everyone. This can be done in as few as 10 days. When a loan is required, the process is more arduous. The lender will require a 3rd party appraisal. The appraisal company typically takes between 7 and 10 days to submit its findings to the lender. When complete, the lender submits the file for underwriting, which can take an additional 7-10 days. If the loan is approved, it will take another 3 days or so to draft the loan documents and submit them to the title company. Here, a final settlement statement is prepared, and the parties are scheduled for signing. In total, a loan-backed sale will typically take about 30 days to complete. That’s why it’s imperative to do everything with precision on the front end if speed to close is the motivating force.
At Century 21 Northwest, we move with haste.
We’d love the opportunity to discuss the process and options of selling a home quickly with you. Please call or drop by anytime for a no-obligation consultation.
Read more about the steps to selling a home.
Frequently Asked Questions
Many factors influence the speed of a home sale, including local market supply and demand, the amount of similar inventory available, your home’s condition, its location, and the price you set. Your willingness to accept a lower price can significantly expedite the sale.
iBuyers offer quick cash transactions with flexible closing windows. They aim to buy your home for less than its open market value and then resell it for a profit. While fast, remember they are not representing your best interests, and you might receive less for your home.
Both iBuyers and traditional investors seek to profit. However, long-term rental property investors might pay more than investors looking for a quick flip. They may also offer additional flexibility, such as the ability to rent back the home after sale.
Yes, a short sale is an option if your property is “underwater.” This involves selling the home to a third party, with proceeds going to your lender, who must agree to forgive the difference between the sale price and your outstanding mortgage. This process requires an experienced short-sale expert (licensed realtor) and typically takes time, but it can stop a foreclosure.
You can sell your home up until it is repossessed by the bank or sold at auction. This requires settling your debts with the lender by selling the house for enough to cover what you owe, thereby avoiding damage to your credit. A real estate agent experienced in negotiating with lenders and buyers is crucial.
Pricing is the single greatest driver in the speed of a sale. Setting an attractive price, potentially below what it might bring on the open market, will attract more buyers and lead to a quicker sale. Consulting a local expert Realtor for valuation is highly recommended.
Homes that look great sell fast. Staging helps create a “model home” feel by decluttering, brightening spaces, and making them feel larger, allowing buyers to envision themselves living there. Professional photography presents your home in its best light online, attracting more potential buyers and increasing showings.
The closing date marks the official end of the sale. Cash transactions can close in as few as 10 days due to minimal work required for ownership transfer. Sales requiring a loan are more arduous, involving appraisals, underwriting, and document drafting, typically taking about 30 days. Precision in the early stages is imperative for a quick loan-backed close.
