August 17, 2020
First, let’s look at a couple of the more conventional methods for selling a house that most people look at first, then we’ll discuss an alternative that’s often overlooked
This has conventionally been one of the most popular ways of selling a house. While it has its advantages, generally speed is not one of them, and neither is cost. Like any industry, there are good agents and bad ones. It’s hard to know who to trust. Unfortunately, some agents aren’t as motivated to get your house sold as you are. Sometimes this can result in your house sitting on the market longer than you can afford. Other times, it’s simply not an option because of the fees the agent charges (often 5-7%), especially if you don’t have a lot of equity. Even when you have a good agent and things go smoothly, sometimes this process can take longer than you have.
Many people turn to this method for selling their house. It may sound attractive because you don’t have to pay commission to a listing agent. But there are many hidden costs. You may have to make repairs to the home that you hadn’t planned on. To sell quickly, you may need to stage the home to make sure it makes a good impression. Marketing the home can be expensive and time-consuming. You have to buy signs and pay for ads. Then there are “holding costs”, which many people overlook. What are holding costs? While your house is on the market, you continue paying the mortgage, taxes, insurance and maintenance. It can really add up. On top of these expenses, you have the hassle of showing the home. People may want to come by at inconvenient times. It can be uncomfortable having strangers coming and going on a regular basis.
In some cases, you may be able to rent out your house. This isn’t always feasible. Depending on your mortgage payment and rental values in your neighborhood, you may not be able to get enough rent to cover your mortgage. Typical renters may not take care of the house like you would. It can be a lot of work to find good tenants. You may do background checks, credit checks, and spend time interviewing each person. Then there’s the issue of maintenance. You don’t want people calling you about a broken toilet or dripping faucet in the middle of the night.
This may sound like a strange option, but it’s what some people end up doing. They either procrastinate or are too afraid to make a decision that they just sit there doing nothing and their situation gets worse.
Most people don’t think of this option when it comes to selling their home. Others are scared because they’re not sure how it works and worry that they’ll be taken advantage of. In reality, it’s often the quickest way to solve your problem. Investors make their living buying and selling houses. Often they don’t have to jump through all the hoops conventional buyers do. They may have access to funding that allows them to close quickly on your house. Or they may have knowledge of other creative options that will create a win-win situation, options you wouldn’t have ever thought of. Every situation is different, so once they assess the situation, they can make a recommendation for the best course to follow. Whatever route they suggest, you’ll get the benefit of relief from the burden your house is causing without all the hassles you’d have with more conventional methods. Real estate investors are familiar with the sensitive situations that may cause you to need to sell your home quickly and can provide relief in a way that ensures everyone is happy.
As real estate investors, we would be glad to work with you in providing a solution to whatever real estate problem you’re facing.