Sell Your House Fast: 3 Choices for Selling Your HomePosted by Santos Delaney on April 21st, 2021 What do you do if you want or need to sell your house right now? There are three different alternatives: Option #1: Selling with an agent Realtors are great should you have plenty of time to market and your house is in excellent condition. You can find most likely a large number of realtors in your area, and let's say you're to pick one which has successfully closed some deals and has experience. The realtors will probably walk through your property and present you advice on what should be fixed, cleaned up or removed. Then you'll sign a 6-month to 1-year listing contract and they're going to put it on MLS (Multi Listing Service). In my own home state of Arkansas, agents typically charge 6% or more depending on the situation because of this service. They will handle all of the calls, plenty of paperwork, qualifying the audience, and presenting you offers. Typically 3% would go to the agent that finds the customer and 3% goes to the agent that listed the property. After the property hits the MLS the fun begins! You should have lots of people getting into your home, looking around and checking every nook and cranny, 7 days a week, and potentially at all different times of the day, as everyone has different work schedules and time commitments. This means your house has to be spotless ALL the time. This can be very intrusive for most people. Once a buyer is available, which takes on average 4 to 6 6 months, your agent will open escrow and the buyer's "inspection period" will begin. During this time period, several inspectors will come to your dwelling and check EVERYTHING! This typically carries a home inspector, who'll check almost everything you could think of and much more, plus ordinarily a roof inspector, pool inspector, termite inspector, etc... After all of these inspections are completed, most buyers will provide you with an inventory (and we've seen some really long lists!) of items which expect one to fix, or instead they may ask for a large price reduction. Unless you agree to take action (or negotiate something they'll accept), the buyer can walk away and you're back to square one. Once you see through the inspection period, the buyer's lender will order an appraisal to make sure that the worthiness and condition of the property is acceptable to the lending company. This appraisal process, which used to be fairly routine, is now blowing up many traditional real estate deals. We recently had a house that people renovated and had several buyers wanting it for 0,000. Which means 0,000 may be the 'market' price, right? Wrong! Despite the fact that we'd multiple offers at or around 0,000, which indicated that the buyers and their realtors thought it had been worth that price, the appraisal came in at only 7,000. The appraiser decided to use bank-owned and distressed sales for comparables when calculating his value, rather than comparing it to other non-distressed remodeled properties nearby. This low ball appraisal will be attached to the property for 6 months. Just what exactly do we do? We have been forced to wait the six months or turn it right into a rental property, taking the risk that the tenants won't screw up the recent renovations we just spent lots of money on. Now, let's say the appraisal will come in fine than you can head to closing. Usually the buyer and seller split closing costs, that may set you back roughly 2-4% of the sales price, and so are taken out of your proceeds at the closing. Success...Sold! Realtors are great should you have plenty of time, your house is in excellent condition and you don't mind people arriving at your home continuously. offerpad reviews will probably allow you to obtain the highest gross price for your house (before commissions, repairs, closing costs, time on market), and you may probably be represented professionally, as most realtors take pride and are pretty good at what they do.Like it? Share it! |