So you’ve made the big decision that it’s time to sell your house–or even worse–maybe there are other circumstances that are forcing you to sell. Factoring in how quickly you need to sell and your reasons for selling can help you to determine the best approach for offloading your property.
Why are you Selling?
Let’s start with the basics. What are the circumstances that are causing you to sell your beloved home?
- Do you need money?
- Can you no longer afford the payments?
- Are you behind on payments or property taxes?
- Did you recently get a divorce and no longer want to keep your home?
- Is there some other urgent reason that is causing you to have to sell your house ASAP.
If you answered YES to any of these questions, you may be a great candidate to sell to a real estate investor. Investors can buy properties quickly because they usually are using cash or have some funding source ready and waiting at their disposal. They look at a property and determine whether it will cash flow monthly as a rental or if they can fix it up and sell it for a profit. If your house meets either of those criteria, then chances are that you can find a real estate investor to buy your home.
But be warned…not all investors are created equal. You want to make sure that you choose a company that will put your best interest at heart. Scammers may try and take all your equity leaving you high and dry without much money to show for all those years of on time mortgage payments. The goal should be to create a deal that is win-win for both you and the buyer.
How quickly do you need to sell?
This is an important question for a couple of reasons. If you are in a situation where you need to sell your house ASAP, a traditional approach of using a Realtor and listing it on MLS will take anywhere from three to six months. Why does it take so long? Well first you have to find a qualified buyer who shares the same taste as you and loves the style and location of your home. That can take some time. Next your buyer has to qualify for a loan which has become more and more difficult after the housing bust in 2008. Third, the title company has to check the title and prepare the closing documents in order to send you a HUD-1 which shows all the fees and closing costs associated with the transaction. After you complete all those steps, you are almost at the finish line assuming your buyer doesn’t back out on you in the last minute. It happens all the time…ask me how I know!
So to summarize, if you are not in a rush and have plenty of time and patience to sell your house, you should probably find a good Realtor who knows your area to sell your house the traditional way. Yes you will have to deal with getting your house “show ready,” picky buyers and the chore of vacating every time someone wants to see your home, but it will also give you the opportunity to get the most money for your property.
On the other hand, if you NEED TO SELL NOW and just want to be done with your property, we highly recommend you reach out to a real estate investor to help you structure a plan that will get your house sold within the next 10 to 20 days. If you would like to know more about how Rocket House Buyers can buy your house or land from you, feel free to call us at (832) 930-2002.