During tough economic times, there are many reasons why homeowners want to sell a home fast. You may want to sell fast in order to keep from going into foreclosure and maintain your good credit rating. On the other hand, you may also believe that there are upcoming events which will make it difficult for you to stay in your home, for example losing your job, a long-term illness or being furloughed (which is an all too common occurrence right now).
First off, there are plenty of companies out there right now looking for deals. They have already done their homework; know the markets and the values of properties. They’ve also calculated how much they can pay in order to turn a profit. And, the beauty of these companies or individuals is that they pay cash. This means that you don’t have to wait for them to get bank approval. The best thing about these companies is that in order to get started they basically only need to know the property address.
Regardless of the reasons, in order to sell a home fast, you should keep some basic things in mind. The first thing to consider is any issues with the title on your property. Clear title is probably one of the first things a new buyer or investor is concerned about. For example, if you owe back taxes or there are a city or other types of liens on your property, this will surely give new buyers pause for concern. Clearing up liens makes it easier for the new buyer to not worry about paying them after he/she takes over the property.
The next big item to help sell a home fast is to really check out deferred maintenance. Have you taken care of your property? Is the roof in really bad shape or does a toilet need to be repaired? Many sellers who try to get out of a property fast are already in a bad position financially. So, they decide not to put any money into a property to fix it up. Any new buyer or investor will surely consider the cost of fixing a property before they make an offer. Some tricks would be to make simple, cosmetic repairs so at least the property “shows” well.
Who pays for what? There are many fees on a check-off list, including title insurance, transfer fees, appraisal and more. Think about which ones you might be able to absorb before putting your house on the market. The reason is simple. The quicker you can make these decisions, the faster you’ll come to an agreement on the sale of your property.
Here’s a unique option to sell a home fast. If you are deep in financial difficulty (this holds true for both homeowners and investors), consider deeding it back to the bank. This is called a “deed in lieu.” It means that you want the bank to take it back (debts and all) in lieu of foreclosing on you. It may not be as fast as you’d want, but it hopefully keeps you from having to worry about finding a buyer.
Price is not always the only factor in trying to sell a home fast. It is just one factor. It is still true that location, location, location is important. However, there are plenty of examples of investors scooping up properties in bad locations but have tenants in them already. And, if they are Section 8 tenants, it could be a marriage made in heaven. Section 8 is a government-backed program that pays you, the landlord, come rain or shine, their portion of the rent.
No matter what your reason for wanting to sell a home fast, there are ways to make the sale go faster and plenty of buyers looking for the right deal. You need to make the decision to “fish or cut bait” as they say. This is often not an easy decision, but once you do, the rest becomes a whole lot easier.