Austin, TX is among the top five housing markets in the US today. If there was ever a time to sell or invest in real estate in Austin, it’s now. The industry is full of opportunity.
So, you’ve made the decision to sell your home and get a new place. Daunting as the prospect may be, you have to offload your current home first before you can make the leap.
This guide explores 8 ways to sell your home fast. Read on.
Sell Your Home Fast 101
1. Skip the Repairs
When you need to sell your house quickly, renovations can be quite costly. More often than not, you don’t have the time or money to spend on expensive repairs.
Most real estate agents list houses that are in tip-top condition. So if yours doesn’t meet the mark, you might end up sitting on the market for a really long time or having to make costly repairs to attract traditional buyers.
Selling to an investor on the other provides a much better alternative. Investors are always ready to buy the house as-is. Selling to an investor will save you the trouble of having to incur repair/improvement costs.
2. Ask for a Cash Offer
Cash is king. There’s nothing as good as the feeling of cold hard cash in the palm of your hand (or bank account), especially when you need to sell your house fast. Cash offers are the most common way of selling your house to an investor.
The whole idea behind this is to eliminate the lengthy property appraisals, loan applications, approvals and all other tedious processes that are synonymous with selling your house using the traditional routes. That way, once you receive your money in a lump sum, you can use it to move on and find another house, or, to tie up any pending urgent issues that need financing.
3. Closing Fast Is Key
It is important to know that an investor has the financial muscle to pay for your house in a lump sum cash deal. Nonetheless, how fast they can close on the deal is just as important when you’re looking to offload your property fast.
If you were to use the traditional method of having a realtor sell your home, you’ll have to jump quite a few hurdles before you can close on your property. Selling with a realtor will take at least 30-45 days AFTER a buyer has put in a contract.
Why? Buyers have to get inspections done, qualify for financing, have the house appraised, etc., and that takes time. A buyer has many contractual “outs” when it comes to buying your home, so just because it’s under contract, doesn’t mean it will close quickly or at all.
With an investor, closing on the deal is a straightforward process that’s free from bureaucracies. If you’re in a tough spot and need the money like yesterday, consider going with a reputable investor who can typically close in as little as 7 days.
4. Get out of Your Mortgage
You’re stuck in a 30-year mortgage and need to sell your house quickly. Maybe you’re having a bit of trouble keeping up with the payments, or you just want a fresh start somewhere else.
There are times when you may have little to no equity in your house and find yourself in a situation where you need to sell. Sometimes you are upside down in your mortgage. Sometimes a cash offer won’t cover your mortgage.
When a lump sum cash offer won’t be sufficient to wipe out your entire mortgage, an investor may be willing to take over the mortgage on your property entirely. They should be able to facilitate the transfer process or offer you some creative alternatives to help you get out of your mortgage fast.
5. Skip the Drama
Divorce settlements or inheritance issues surrounding the sale of a property can be quite complex given all the decision makers that have to be part of the process. Selling your house through a realtor will not give you the speedy sale you desperately need.
For starters, if the property in question generates revenue, like a rental property, the sale would most likely require the existing tenants to move out first before the property is put on the market. Not only will the process take time, but you may end up losing money as well.
An investor is often times willing to purchase a house with existing tenants in it. This way you can sell your house, tenants and all, quickly and without the extra time, money or hassles.
For inherited properties, it is usually much easier to sell to an investor, rather than going through the time and expense of fixing up and selling a property that is, often times, in a completely different state than you.
6. Cut on Costs
If you need to sell your home quickly, listing your home with a real estate agent will cost you money. Many times home sellers forget about some of the heavy hitting costs, such as realtor commissions, closing costs, concessions, and home warranties.
Typical real estate commissions are around 6% of the selling price of the home. If you do the math, that would be $18,000 on a $300,000 home. Closing costs are typically between 1%-2% of the sales price. The majority of sellers also have to come out of pocket or reduce the sales price due to what an inspector finds when doing a home inspection. Many buyers also want a home warranty, which can cost upwards of $500 depending on where you live.
Selling to an investor eliminates hefty real estate commissions, concessions due to repairs, home warranties, and in many cases, an investor will pay your closing costs.
7. Location Matters
You might find it difficult to get a real estate agent who’s willing to list your house if it’s in a bad neighborhood or if there are other factors beyond your control like by unsightly power lines, water towers, junky neighbors, etc.
These factors not only affect the offers you may get for your house, but it leaves you at the mercy of a very small subset of the buyer pool – retail buyers who are willing to look past eyesores. If you don’t live in a prime neighborhood and need to sell your house fast, you might consider contacting an investor rather than a realtor.
8. Remove the Stress and Hassles
Repairs, decluttering, people walking through your house possibly for months, keeping the house spotless until you have a buyer, having to run home to get the pets out of the house, offers that fall through and waste your time, inspections, criticism = HASSLE!
Selling to an investor can remove all of these stressors so that you can focus on your future and get out of the house that is burdening you!
The Bottom Line
Real estate is a tricky business – more so if you need to sell your house quickly. The longer your house stays on the market, the more value it loses.
Taking steps to sell your home fast is always a great plan no matter what your motivation might be.
Are you ready to sell your home in Austin, TX? We buy any house in just about any situation. Reach out to us now and we’ll get you our top purchase price right away.