Have you decided that now is the time to sell your home? Due to the depressed real estate market, perhaps your home is valued at less than your mortgage. Maybe you’ve lost your job and can’t afford the payments anymore, or you might have been transferred. Whatever the reason, you have to sell your home.
Are you wondering where you should start? Should you contact a realtor, try to sell it yourself, or possibly contact an investor? Let’s look at the three options:
Selling Your Home Through a Realtor
If you have lots of time to wait and equity in your home, and don’t mind paying someone to sell your house, using a real estate agent might be the way to go. On the other hand, if you’re in a hurry to sell or owe more than your house is worth, using a realtor may not be the right decision. Realtors list your house in the MLS, show it to prospective buyers, set up the closing for you, and charge you between 6% and 7% commission.
With the depressed economy and real estate market, using a realtor to sell your home may not be the best way to sell. Why?
• You probably want to sell your home quickly. Realtors don’t generally sell homes fast. It’s usually a long, waiting process.
• You must have around 6% equity to sell your house through a real estate agent. Maybe your house doesn’t have any equity.
• Your realtor or prospective buyer may want you to make repairs, landscape, paint or have new carpeting installed, all of which will cost you money.
• There are a record number of homes already on the market. Can you really count on a realtor to sell your house when there are already so many out there for sale?
• Do you really want people trampling through your home all the time? Each time a realtor has a prospective buyer, you have to leave your home, even though it may be inconvenient for you. Realtors don’t want the homeowner on the property when they’re showing it.
• Your listing may expire before your house is ever sold.
• Do you want to pay out up to 7% of your hard earned money for commissions?
Selling Your Home Yourself
With the burgeoning use of the Internet, people find more options to sell their homes themselves. Selling your home yourself can save you money, because you won’t have to pay out exorbitant commissions to a realtor, but that doesn’t necessarily mean you should sell it yourself for several reasons:
• If you have recently had a major change in your life, selling your own home may present problems, and you may not be able to function like your normal self. Perhaps you’re going through a divorce, or your spouse has recently died, or maybe you’re going through a life-threatening or debilitating disease. In these cases, trying to handle your personal problems AND sell your own home might be too much. Other things to consider are:
• Are you willing and financially able to do the necessary repairs to your home to make it appealing to a buyer?
• Do you have the time to constantly show your home at all hours of the day and evening?
• Do you have the knowledge and ability to negotiate with prospective buyers and deal with your lender?
If you don’t feel comfortable in dealing with these items, don’t consider selling your own home.
Selling Your Home Through a Real Estate Investor
If you don’t want the hassles associated with selling your home, using a real estate investor to sell your home will probably be the best way to go, especially if you are in a hurry to close and move on with your life.
• A real estate investor will usually make an offer on your home within 48 hours.
• A real estate investor can close quickly.
• A real estate investor won’t ask you to do any repairs. He will buy your home “as is.”
• If your mortgage is higher than the value of your home, an investor may ask you to consider a short sale. A short sale is when your lender allows the investor to purchase your home for less than the amount owed on your home. You, as the seller, will not receive any cash from the sale, but if you have lost your job and can no longer afford your payments, a real estate investor can help keep you from going into foreclosure.
• If you’ve inherited a property that your don’t want to keep, an investor can offer you a fair price, and you don’t have to worry with other methods of selling it.
A real estate investor will purchase your home in any area and in any condition and will close quickly. If you don’t want to put up with the hassles of selling your home yourself, or dealing with a real estate agent, call us today to sell your home. We’re here to help!