Circumstances that require a fast sale
Wondering how to sale my house fast? Sometimes homeowners face circumstances that require a fast sale, such as:
- Back payments or facing foreclosure
- Pending delinquent tax foreclosure or looming tax liens
- Facing fines for code enforcement violations from local jurisdiction
- Loss of a job or loved one
- Inheriting a house you can’t afford to upkeep or pay taxes on
- Burnout land lords tired of tenant evictions
- Medical bills
- Need to pay off other debts or need access to equity
- and more
Factors to sale my house fast
When an owner is looking to sale a house fast, there are several factors to consider:
- How fast do you need to sale? Is there a deadline you must absolutely meet?
- Does the house need repairs? How much work does it need to be in a condition to be livable with today’s market standards? What about major repairs such as structural issues, electrical problems, HVAC replacement, roof replacement, etc.
- Does the house have any liens against it that the buyer will have to consider when buying? Such as not paying a contractor (mechanic’s lien), not paying IRS taxes (tax lien), not paying local property taxes (tax lien), or judgment liens from other types of creditors.
- What type of buyer would be ideal to sale my house fast?
- Would a bank actually lend money for someone to get a mortgage on my house? Is the house in such bad shape a bank would not risk making a loan for the property?
- Are there multiple people on the deed that will all have to agree on a sale?
Finding a buyer to sale your house fast
If you are looking to sale fast, all the factors above will likely be considered by your buyer. All things considered you will likely find your best option is to sale to an investor. Here’s why:
- Most investors are cash buyers. This is a huge bonus for a couple reasons. 1) With cash they can close quickly, typically as soon as 7 days. This is because they don’t have to wait a month for a bank to approve them for a mortgage. 2) With their cash reserves, they can account for items such as back payments, back taxes, liens, or judgments….and don’t forget about repairs. Your average buyer typically doesn’t have the cash reserves to pay for the property and also pay for all the excess costs, depending on the circumstances the seller is facing.
- Investors buy houses “as-is” – most buyers will want you to do repairs on the house before the closing…typically they will submit a “repair request” through their realtor. Fortunately, investors are used to buying houses that need work, which means they understand the repair costs, and can account for this in their purchase.
- Investors don’t typically use realtors. This means if your house is “for sale by owner” (not using a listing agent / seller’s agent), and the investor is not using a buyer’s agent to represent them, then there are no realtor commissions.
- Investors won’t ask for closing costs – good luck finding a retail buyer that doesn’t ask for at least a portion of closing cost assistance in their offer. In addition, investors may be able to pay the seller’s closing costs as well (it’s important to note that the buyer has their closing costs and the seller has their own closing costs).
- Investors have buying experience – your average homeowner may buy 2 or 3 homes in their lifetime. Investors buy homes full-time as part of their business. This experience is important, especially when it comes to making a fast sale, that requires attention to detail and an understanding of all the challenges associated with buying houses because every real estate transaction is different.
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