Even in a hot market, where houses don’t seem to last long on the market, it takes 45 to 90 days, at best, to get from listing to close.
You need to factor in the mortgage house buying process. The typical homebuyer requires lender approval, and the home loan process usually takes 30 to 45 days. It can take longer if the lender has requests, which usually means asking you, the seller, to make repairs or improvements.
But maybe you do not have that kind of time. Maybe you’re relocating for a new job, or you’re getting a divorce, or facing foreclosure or bankruptcy. Whatever the reason, whatever your situation, you want your house sold fast and stress free!
How Fast Do You Need to Sell Your House?
Depending on how fast you need to sell your house, you may have more or fewer options. It often comes down to, can you wait for the lengthy mortgage process or not?
After the home loan is approved, closing can happen within the week. Keep in mind, however, that the buyer decides the closing date. Some savvy buyers request the following month to avoid that month’s taxes and/or to delay the first mortgage payment.
Need to Sell My Home Fast in Less than a Month
If you do not have time to wait – you need to sell fast, like yesterday, and you cannot spare even a day to list or market or make improvements, cash buyers are exactly what you’re looking for because they buy houses fast without a loan.
Option 1: Sell Fast for Cash to an Investor
If you have the need for speed, this is likely your best option. Selling fast for a cash offer to a real estate investor means you can close as quickly as 7 to 10 days, depending on your situation, and get paid in 24 to 48 hours.
A real estate investor buys houses “as-is”. You do not need to worry about improvements or curb appeal or cleaning. The cost of repairs and renovations are then deducted from the final amount you receive. “But I want to sell my house for more money,” we hear a lot of homeowners say. But here’s the thing: what you lose in the offer price is actually money back in your pocket. The cash buyer invests their own money in fixing up and improving the property, saving you money, time, and effort.
When there is an underlying reason for selling the house fast, who you sell to matters more. For example, if the house has been foreclosed, and the auction date set, you want to sell it to an investor who can take on the paperwork and legal matters. Oftentimes, the investor can speak with your lender, negotiate an extension, and even the final debt to be paid, if you have a flexible servicer.
The Advantages of Selling to an Investor include:
- No realtor or service commissions
- Guaranteed cash offer
- They cover closing costs and additional sale fees
- They’ll take care of paperwork
- Fast closing – you choose your own closing date
- Get paid in cash in as little as 24 hours
- Experienced and specialized investors can negotiate tough situations with third parties, like your mortgage lender, title company, etc.
The ONLY Downside of Selling to an Investor is this:
- You don’t know how much you might have gotten for your property by selling it on the open market. But, if selling quickly is the priority, you need to be willing to trade potentially higher profits in favor of speed and a predictable closing date.
Option 2: Sell to an iBuyer
An iBuyer is a company that will purchase the house directly, usually also for cash. Unlike the previous option, where you are dealing with a small business, or sometimes one person, iBuyers can be massive companies and often have strict requirements.
With an investor, you pay no fees, but with an iBuyer, they get a commission, ranging from 5% to 12%. Oftentimes, they appear to give higher offers, but when you factor in that there is a commission, it may actually be less than what an investor would pay.
iBuyers also promise speed, and closing dates are negotiable within the desired timeframe.
The Advantages of Selling to an iBuyer include:
- No realtor commissions
- They take care of the paperwork
- Fast closing, in as little as 10 days, or negotiable
- You get paid in 24 to 48 hours
The Downsides of Selling to an iBuyer include:
- Service commissions of 5% to 12%, which can be higher than working with a realtor
- You may still pay closing costs
- Most iBuyers prefer easy transactions, so if the reason for selling involves legal matters, like foreclosure, liens, or title problems, they tend to shy away from getting involved
- You don’t know how much you might have gotten by selling it on the open market, that is, if you had more time to wait
Need to Sell My House Fast But Can Wait Up to 90 Days
Option 1: Hire a Top Listing Real Estate Agent to Speed Things Up
According to the National Association of Realtors (NAR), 2020 sellers who enlisted the help of an agent sold their properties for 100% of the listing price, and only 35% reported reducing the asking price at least once.
Hiring an experienced agent can relieve a lot of stress. They’ll take care of big to-do items, like listing, marketing, walkthroughs, paperwork, and negotiating with buyers. Of course, this all comes at a cost, which is taken from the home sale price in commissions, split between your listing agent and the buyer’s agent. Rockstar agents may cost more – 8% in commission, but they are also more likely to help you expedite the sale for your house. Be sure to interview and ask references to ensure an agent is really a superstar.
The Advantages of Selling with a Realtor include:
- They take care of marketing;
- List house for sale on local MLS;
- Filter buyers;
- Schedule and organize walkthroughs; and
- Take care of the paperwork
The Downsides of Selling with a Realtor include:
- Commissions averaging 6% of the final sale price
- You pay all closing costs
- Even if you get and accept an offer on the first day your house gets listed, you still need to wait another 45 days for it to close, and that includes the buyer’s mortgage approval, title arrangement, and the effective date of closing
- Sometimes offers fall through, or lenders don’t approve loans, or they ask for too many requirements, making it unpredictable as to how long it may take to sell your house
Option 2: Sell Your House By Yourself (FSBO)
A lot of homeowners consider the FSBO route mainly to avoid paying the realtor commission and fees. However, it can be lengthy and time consuming, unless you already have a buyer lined up to purchase your house.
The Advantages of Selling a House by Owner (FSBO) include:
- More control over the process
- You can negotiate directly with the buyer
- 2020 Data from the NAR shows that FSBO houses sold in less than 2 weeks (but the owner knew the buyer)
The Downsides of Selling a House by Owner (FSBO) include:
- You may still have to pay 3% commission, if there’s a buyer’s agent
- All the marketing and visibility on your property depends on you
- You’re responsible for filtering buyers
- You’ll schedule and do all the showings
- You’re responsible for the paperwork. Depending on the location of the property, you may need to hire a real estate attorney
- Studies by the NAR show that fast FSBO sales only happen when the buyer is an acquaintance who got a “friends and family” price, rather than the market value
FSBO homes still need to appear nice during walkthroughs. In addition to clearing clutter and staging rooms, consider improving your curb appeal, since the home’s exterior is the first thing buyers see when they pull up. Trim hedges, plant fresh flowers, pressure wash and add a fresh coat of paint to the house, and spruce up the front porch.
The biggest mistake made with FSBO homes is overpricing. Potential buyers often pass over listings with a high asking price, and the longer a house sits on the market, it gives the impression there’s something wrong with it. You’ll need to lower the price, and you’ll need to lower it at the right time, or else take down the listing and relist it later.
Tips to Sell My House Fast
Here are some tips to help you sell your house quickly, thus increasing your chances of more, and better quality offers, that is, if you have the time to work on the house.
Price It Right
If the price is too high, buyers will walk away. BUT if it’s too low, you may be leaving money on the table. Pricing a house just right is tricky. If you have a realtor, they can help you with this by pulling comparable listings and market data, otherwise you will have to do it yourself.
Declutter and Spruce Up Curb Appeal
How would you feel if you were shopping the market, and you pulled up to a house with dirty windows, chipped paint, and a brown yard? What if you walked inside, and there was a mess? You would be put off by the property’s overall appearance, right?
Put a little elbow grease into making your house presentable, so when buyers visit, they are left impressed and can imagine themselves living there.
Make Speedy Repairs
If you hire a good team of contractors and repairmen, you can get a lot of work done in a few short days. Most buyers are going to want repairs done, so if you get them done ahead of inspection, you’ll save time.
If Possible, Pick the Right Time to List
Some seasons fare better than others. Spring and summer are popular, but fall and winter have their merits. Study the market with your realtor and pick a time to sell, that is, if you’re not hard-pressed to sell right now.
Financial incentives, like lowering the asking price to make up the difference in repairs, or covering the closing costs, or one year of the homeowners warranty, encourage buyers to make an offer.
How SolidOffers Can Help You Sell Your House Fast
When you need to sell your house fast, you want as few issues as possible to avoid delays, especially if there are legal reasons for wanting to sell quickly. We work exclusively with a trusted network of real estate investors located throughout the country. These investors come with a proven track record and are thoroughly vetted to ensure they are experienced, professional, and the right fit for you.
There are some bad apples in the real estate investing industry. We save you the hassle of dealing with them by vetting every investor and only recommend investors you can trust.
SolidOffers is not an iBuyer. We do not charge commissions, so our service comes at no extra charge to you.
Our goal is to streamline the home selling process. We make it easy to sell your house faster, with less stress and less money. You choose when to close, so you can move when you’re ready to, and skip the cost of a storage unit. Contact us today, and let’s talk about how we can help you sell your house fast.