4 Steps to a Quick Home Sale
Sometimes, life makes the decision to move for you. A new job or addition to the family requires a quick home sale while you’re also busy trying to find a new place.
So how can you ensure your home sale goes as quickly as possible? Follow these four steps:
1. Don’t waste time “testing out the market”
Many sellers want to list their home as high as possible to see if they get any bites before reducing the price. This is fine if you’re not in a rush to move, but a serious problem if you want a quick home sale.
When buyers’ agents search the MLS for listings to show their clients, they typically use price ranges. While you may hope to list high and then negotiate the price down, you may actually be excluding buyers who would otherwise be interested in your home because your listing never shows up on searches based on your list price.
If you’re hoping for a quick sale, list your home at market value. Properly’s free online valuation will tell you what that is. You’re much more likely to get multiple offers quickly, thus keeping your sales price high without wasting time on the market.
2. Be prepared for a lot of showings
Especially in an extremely hot real estate market, a well-priced home can have a lot of showing traffic very quickly. We’ve listed homes that have seen five or more showings a day for the (short) time they were on the market.
Keep your property ‘showing ready’ at all times. Make your bed, vacuum the carpet, and clean off your countertops before you leave the house everyday, even if you don’t have any showings scheduled yet. Our instant showing system means you could get texted a showing request at any time, and you only have one chance to impress potential buyers.
Make sure this doesn’t happen though.
3. Consider a cash buyer, even if their offer is lower
The natural inclination is to accept the highest offer you receive; however, not all offers are created equal. Different types of financing add layers of complexity to the closing process.
For example, FHA loans require that the property be in a certain condition, so accepting an offer from a buyer who needs that loan could require you to make repairs to the home before the the lender will even consider closing. Even buyers who use a conventional mortgage will almost always require a home appraisal, which takes time and could result in the deal falling apart over the appraised price.
Cash buyers offer your best chance for a quick close. They typically don’t require a home appraisal or need time to secure a mortgage and can close in as quickly as seven days. If a quick home sale is important, consider taking a slightly lower cash offer over a buyer who requires financing.F
4. Offer inspection concessions during due diligence instead of repairs
As we’ve discussed before, the home inspection is the closing activity most likely to kill a deal. The inspector can turn up a number of issues you weren’t aware of and can launch both you and the buyer into emotional round of negotiations over what repairs need to be done and who will do them.
Instead of trying to save a few bucks by doing repairs yourself, and thus delaying the closing even further, we highly recommend a negotiated cash concession for any necessary repairs. This ensures both a quick home sale and eliminates the chance that the buyer won’t be satisfied with the repairs and kill the deal anyway.
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