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Have you found yourself in a position where you really need to sell a house
quick? Whether you are relocating for a new job, inherited property you cannot
afford to keep, or need quick money to pay for a much needed operation the
bottom line is you need to liquidate now.
Buy My House 43
Sell Your House Fast - 3 Options You Should ConsiderAre you looking for ways to sell your house fast? The first thought that comes into most people's mind is to call a real estate agent and list their house for sale. While it may be a good option if you have enough equity in the house and have plenty of time to wait for somebody to buy your property, you might be at the point where you know all you have to do something else.Selling your house with the help of a real estate agent in a slow economy could mean months of it sitting on the market while you are continuing to make payments. A viable alternative is to work with a local real estate investment company who can often provide you with several options of selling your property.Here are some options that you might consider.Option one: sell your house for quick cash.Many real estate investment companies work with private funding which allows them to buy your property quickly. They do not have to go and get approval for a loan and wait for some bank to decide whether they can qualify. There is no lengthy underwriting process. They can often buy a property within just a few days of you contacting them. Many times, they will do a quick inspection of your house, do some research on the numbers and make you an offer quickly.Most of the time, when you are looking to get all cash, you will have to settle on a lower purchase price. This is understandable, considering that the cash investors are putting up hundreds of thousands of dollars of cold hard cash and they need to get a decent return on their investment. They have many choices on what to do with their money. If you need to sell your house fast, your property needs to be a worthwhile case to them to invest money into.Option two: sell your house on terms.If you are willing to look at creative ways that an investment company can offer you, you can often get a higher total sales price for your house. One of those creative ways is to sell your house by owner financing it to the investment company. Many times, this will allow you to sell your house extremely fast, possibly even within couple days of the first contact.If the real estate investment company does not have to put up all cash, they can offer you a lot better terms because they do not have to abide by the criteria of their private investors. They can get very creative in structuring the deal to make sure it's a win-win for everybody.Option three: lease option your house to the investment company.This method will usually work only if your house is in great shape. Most investors will not put funds into repairing a property that they don't own. However, if your house does not need any repairs or maintenance, a lease option to an investor could be a great way to sell your house fast. Just like with selling your house on terms, many times you can have the whole transaction finished in a few days.While you might consider lease optioning your house to the actual occupant instead of investor, you need to be prepared for what that choice would entail.When you lease option a house to a person who is going to live there, you are, in fact, becoming a landlord. While some people don't mind dealing with "tenants and toilets," you need to consider whether you really want to be a landlord and be on call 24 hours a day to deal with your tenant-buyer (not to mention issues like collecting late rent, maintenance, evictions and etc.) A real estate investment company will already have all the practices set up to be an effective landlord and deal with all related issues.Another issue to consider is how fast you can sell the house. When you sell your house through lease option to an investor, the transaction can be finished in a few days. However, if you decide to do it yourself, it can still take weeks or months to find a qualified tenant-buyer. During that time, you have to spend time and money marketing your house, showing it, and screening prospective buyers. It is up to you to decide whether you can delay selling your house for a while.
As an intelligent person I know you are aware
that real estate agents are not fast or inexpensive, and banks are not exactly
renowned for their lightning fast processes either, but what else can you do?
Depending on your situation one solution is to sell the house quick by offering
a discount to cash buyers. Remember even a well qualified buyer takes time, even
months, to get a bank loan approved and get through escrow. Are the traditional
methods the best or only options you have? Maybe if you knew of someone that
might be able to get enough cash together to make you an offer. If only it were
that simple. You might even be able to close on the deal by the end of this
month! But that only happens in fantasy land, right? Actually you are in luck as
real estate investors are very much in the practice of doing just that. In fact
this is just one of many examples of how and when a real estate investor may be
involved in any number of properties. For now we will focus on one specific
scenario and that will be buying a property in cash for a quick and easy
transaction. Often times when a property is going to be sold at a discount it is
referred to as wholesaling. In a typical wholesale deal a real estate investor
will have a contract for the property owner to sign granting the investor
control over the sale of the property for a limited time. The contract will
usually consist of terms which generally boil down to an agreement to sell the
property for a specific price and within a specific time frame, generally thirty
to sixty days.The idea of having a contract to sell your property, much less
sell it at a discount, probably sounds a little scary or even strange. Be
assured that these contracts are short, simple and to the point. If they were
not then no one would sign them! Also keep in mind that you do not have to sign
a contract before the ink is dry and there will be some time to think it over.
Have it reviewed by your own legal advisor to help put your mind at ease. These
short and sweet contracts will not take a legal professional much time, and
subsequently not much of your money, to have it reviewed. Signing a contract
provides incentive to a cash buyer as no one is going to want to put a lot of
time and effort into a deal that they do not have confidence in. A signed
contract means the deal is half done already and assures the buyer that the
seller is serious. In this situation the buyer now knows that the property is
available to them and due diligence may be conducted prior to closing the deal.
The advantage of this type of a transaction to the seller is the speed. The
whole process of discovery, offer, entering into a contract, performing due
diligence, and final decision is most often going to be much quicker than
dealing with a conventional loan and real estate agents. Both the seller and
buyer score a win.
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