Sometimes you buy a house only to have to sell it sooner than you thought. Whether the property didn’t perform the way you thought it would or something else happens in your life that makes it impossible to afford the home, if you’re in a hurry to sell, you need to think outside the box.
The traditional way to sell a home may take longer than you have to solve your financial issues, or you may just be in a hurry to sell and move on with your life. Fortunately, there are many ways you can sell your house fast.
How Long Does It Take to Sell a House?
Today, homes are selling faster than usual because of the shortage of inventory and high buyer demand. COVID changed the real estate industry in a big way since it provided many people with an opportunity to work remotely and live almost anywhere.
Investment homes often take longer to sell because your audience is other investors.
Factors that Affect How Long It Takes to Sell a House
Like anything in real estate, many factors affect how long it takes to sell your house. Even if you have the most desirable home in the neighborhood, these factors could affect how long it takes to sell.
- Price – This is the most significant factor. If your house is priced too high, it will turn buyers off, but if it’s too low, people may wonder what’s wrong with it. The right pricing strategy may help to sell a property quickly. A professional appraiser or real estate agent can help you figure out how much to list your home for. Roofstock Marketplace, for example, offers services to help sellers who need to sell their homes fast, including key market insights to help with pricing.
- Livability – Homes that are ready to be moved into immediately may sell faster than homes that need work. Even if your home is livable but needs work, it might sell slower because many buyers want a home they can move into right away. If your home is more of an investment home, investors often want a home already outfitted with tenants or an underpriced home, so there’s room in the pricing to cover the cost of renovations. If your home falls in between these two areas, it may take longer to sell.
- The economy – No one can control the economy. It may be a seller’s market for a while, but then switch to a buyer’s market, or the market could come to a halt altogether. There are many moving pieces to the economic part of the real estate industry that are unpredictable and uncontrollable..
- The real estate agent – The wrong real estate agent could slow down the selling process. If you don’t work with someone experienced in the industry or with the audience you’re trying to reach, it could take longer to find the right buyer. This often happens with investment properties. Most real estate agents deal with primary homeowners and homebuyers, so they may market an investment property to the wrong audience, delaying the sale.
- Home condition – The better shape your home is in, the more likely it is to sell quickly. If it looks unkempt from the outside or the inside is cluttered and not staged, it could take longer, even if the layout and overall condition of the home are good. Clutter and disorganization can make it harder to sell a home.
7 Ways to Sell your House Fast
No matter the market conditions, your house, or the home’s livability, there are ways to sell a home fast. You just have to know how to think outside of the box and use your resources.
Here are the top ways to sell your house fast.
1. Sell to a Wholesaler
Wholesalers are marketers who know which homes will sell fast and have the audience to sell them to. You don’t sell your home to the wholesaler; the contract gets transferred to a buyer the wholesaler finds for you.
One downside is that wholesalers look for deals because they want to convince a buyer to pay more for the property than is paid to the seller and profit from the difference. This works well with undervalued properties in need of work that you aren’t willing to do or don’t have the money to manage.
The upside, however, is wholesalers often have a vast network of buyers available so they can help you sell your home faster. It may be a tradeoff – you may get a little less money for the home but sell it fast.
2. Consider a Short Sale
If you’re in over your head in debt and can’t find your way out, your mortgage company may approve a short sale. This means you sell the home for less than the amount you owe on the mortgage, but the lender accepts it as payment in full. It damages your credit, but it’s better than a foreclosure. The mortgage company will report your debt paid as agreed.
You can’t make a short sale without getting bank approval first. The process often takes as long as 6 to 9 months, so start early. Once you get approval, short sale offers usually come in rather quickly. The speed of the sale itself depends on how fast the lender moves, but if it means you can walk away from the house without paying the difference between the sales price and mortgage, it may be worth it.
3. Sell to Other Investors Using Roofstock Marketplace
When you market to the wrong audience, it can take a long time to sell an investment property. Roofstock Marketplace was explicitly created for investors to buy and sell investment properties, helping both sides of the transaction.
It’s easy to sell your house on Roofstock. It starts with you deciding if you want an iBuyer offer from Roofstock or if you want to list on the Roofstock Marketplace. To obtain an iBuyer offer, you will provide the property address and some key details. Roofstock will notify you within 48 hours whether the home meets their criteria for iBuyer offers. You may also provide Roofstock with information to post a listing of your home. Include all the features of the home, measurements, and plenty of pictures. Roofstock will list the home for you and charge only 3% of the purchase price or $2,500, whichever is greater.
The nice thing about using Roofstock is you can sell the home with tenants in it. This means if you’re done with the home but don’t want to displace your tenants, you can sell the property to other investors who want to become instant landlords.
4. Hire a Real Estate Agent
Real estate agents can make or break your sale. If you hire the wrong agent, it could take a long time to sell your house. But if you hire the right one – an agent with experience in selling investment homes and who knows where and how to market to investors, you may meet with more success.
Real estate agents negotiate on your behalf and ensure you get the most money for your home. Since they work on commission, they have a particular interest in how much you get for your home.
Keep in mind: Real estate agents charge a commission based upon the sales price. Commissions are often negotiable. Traditionally, it’s the seller’s responsibility to pay the commission, so it comes out of your profits.
5. Sell to All-Cash Buyers
Cash buyers buy homes as is. This means you don’t have to do any renovations or even very much negotiating. Cash buyers want to buy a house and close within a week or two. Because there isn’t much paperwork and there aren’t any banks to wait for, it can be done quickly.
The key is in the price. Cash buyers typically look for a deal. They don’t want to pay as much as they would if they went through a real estate agent or used bank financing. They look for undervalued properties, and if you’re in a hurry to sell your home, you may be willing to offer that discount so you can get the home off your back.
6. Sell to Your Tenants
Before you market your home to outsiders, consider asking your tenants first. If you have long-term tenants who have settled into the area, they may be willing to buy the house from you.
If you sell to your tenants, there may be less work to do since they already know the home. You’ll have to draw up a sales contract and work out a price, but it shouldn’t take too much work if you have a good relationship.
You may be able to skip a real estate agent if you sell to your tenants, but make sure you use an attorney, so you ensure everyone’s rights are taken care of during the process.
7. Price Your Home Right
No matter which method you use to sell your home, the bottom line is that pricing matters. You should price the house to sell if you’re in a hurry, but don’t cut your profits short. If you price it too low, people may wonder what’s wrong with it and not look at it. But if you price it too high, people will avoid viewing it because the price is too high.
Working with professionals is the only way to ensure you price it right. A licensed real estate agent, appraiser, or firm like Roofstock is the best way to ensure you’re asking the right price for your home. With the right price, you’ll find you get more people viewing it and possibly more offers.
The Bottom Line
Selling your investment home doesn’t have to feel impossible. With the proper steps, you can sell your house fast. Whether you’re trying to get out because you need the money or you’re just tired of playing landlord, the steps above may help you sell your home fast.
