Written By The Simply Homes Team | November 10, 2022 | 8 minute read
Are you hoping to move closer to your loved ones, or are you searching for a smaller house that is more accessible? No matter your reason for asking, "Can I sell my house fast?" there are several options available to you.
Home sales have a reputation for being a drawn-out process, but this isn't always the case. You can significantly accelerate the process by following a few simple tips and using the right avenue to sell your home. Here's everything you need to know about selling a house fast.
Home buyers have diverse interests and needs, and a few different methods are available to sellers to reach the right audience. Choosing how to market your home is the first step toward selling a house fast. These are the three most popular options for selling a home quickly:
A cash buyer is any buyer who purchases a home in full without the need for mortgage financing. For example, this may be a private party who is purchasing a home to live in. Naturally, selling a house for cash allows the sale to complete faster since the buyer doesn't need to wait for financing approval.
You can find cash buyers in several ways. For example, you may connect with a private cash buyer after you list your home on an online marketplace. In other cases, a real estate agent may have connections with cash buyers who are interested in purchasing a home like yours. Networking at local real estate auctions is another great way to find cash buyers.
iBuyers are similar to cash buyers in that they purchase homes for a lump-sum payment. However, iBuyers are usually real estate investing companies that focus on reselling homes rather than private parties. iBuyers often purchase homes in any condition, so they're a good choice if you're interested in selling a house as-is.
Simply is an iBuyer that is dedicated to providing the best value for your home. When you sell to Simply, we provide the highest possible offer based on the fair market value of your home. If you're looking to "sell my house fast," you're in luck: we'll get back to you within 24 hours when you request an offer and can close the sale in as little as 7 days!
Traditional real estate sales are still an option for homeowners who hope to sell their home quickly. Listing with a real estate agent draws more attention and allows for faster sales than listing your home for sale by owner.
A quality real estate agent can get the right buyers' eyes on your home and navigate the transaction efficiently so you can settle as soon as possible. Despite this, real estate listings for most homes still don't match the speed and convenience of selling a house for cash. According to realtor.com, the average home remained on the market for 39 days in August 2021.
Selling your house is a substantial financial decision that can have an impact for years to come. Some of the top reasons people decide to sell their homes include:
Outgrowing their current home
Becoming unsatisfied with their neighborhood
Moving for work
Moving closer to family
Leveraging home equity
As with any big decision, you should weigh the pros and cons before committing to selling a house quickly.
Advantage 1: Selling a House As-Is
Home sellers are often surprised to find that updates and repairs are one of the most expensive parts of their sale. In a traditional real estate sale, your house must be market-ready to draw the interest of prospective buyers. If your home inspection uncovers unknown issues, your sale could be postponed until the required updates are financed. Selling as-is eliminates the repair expenses commonly associated with real estate sales.
Advantage 2: Dispose of Inherited Property
Inheriting a house can be a fortuitous event, but it often leaves the new homeowner with several questions. One common concern is how to dispose of an inherited property that you don't need or want. Selling an inherited property quickly is possible with a cash buyer or iBuyer.
The probate process when inheriting a home requires significant paperwork and time on the beneficiary's part. This is especially true if the will is disputed or unclear. You will also be responsible for paying capital gains tax on the new property. To avoid the time and expense that comes with inheriting an unwanted home, consider selling as-is with Simply.
Advantage 3: Avoid Repossession
Notice of foreclosure often prompts homeowners to ask, "Can I sell my house fast?" If this describes your situation, you'll be glad to know that you probably still have time.
Lenders often send a demand letter after three months of missed mortgage payments. Often, the sell date for the home is set two to three months after this. Before the sell date, you may still have the option to sell a house for cash, and there are good reasons to do so. A cash sale allows you to recoup most of the value of your home and pay it toward your mortgage. Selling a house fast makes it easier to get your finances in order following foreclosure.
Advantage 4: Move for Health or Age-Related Issues
Aging in place is a popular choice among older homeowners, but it isn't always an option. Selling a house fast is important for people who are transitioning to assisted living for health or age-related issues. Assisted living facilities often have designated time frames for new residents to move in. A quick sale helps to meet this deadline and finance the move when the homeowner can no longer live independently.
Disadvantage 1: Seller Responsibility
Working with a real estate agent can be an advantage for new home sellers who are unfamiliar with the process. Agents handle all the paperwork and negotiation so their clients can focus on preparing for their move.
When you sell to a cash buyer or iBuyer, you will navigate the sale process more independently. The seller must collect necessary documentation and follow up with the buyer when needed. Fortunately, Simply makes home sales easy with full support from an advisor throughout the entire process.
Disadvantage 2: Hidden Fees
In any market, certain companies will be less-than-transparent with their customers about their fee structure. Nothing is worse than nearing the end of your home sale, only to find that the buyer has significantly changed their offer.
Reputable cash buyers and iBuyers will ensure that their customers understand their fee structure before initiating the sale. Offers from Simply are no obligation with no hidden fees, so you can feel comfortable with the process of selling your home.
Disadvantage 3: Potential Scams
Selling online to an iBuyer is less personal than working with a real estate agent. Unfortunately, this means there is a potential for bad actors posing as reputable investing companies. In a cash home sale, you will need to vet your potential buyers more carefully.
Previous clients' reviews are a great way to determine the quality of any home buyer. If you are selling to a private cash buyer, be sure to secure proof of funds before closing. Simply is a real estate company backed by incredible investors that is committed to improving the communities we serve.
Home buyers almost always view pictures of a home before they see it in person. Before you list your house on a marketplace, invest in professional photography to cast it in its best light. A professional set of photos covering your home's full interior and exterior will let potential buyers know exactly what to expect before they arrive.
While you want your home to stand out to potential buyers, there's also a certain need for conformity. Often, the hardest types of homes to sell are those that don't quite "fit in" with their neighborhood. This can be hard to define since it's somewhat subjective—but you know it when you see it.
Homes that are non-traditional in shape or construction introduce several new factors that could sway a buyer's opinion. Even a house that is simply too large or small compared to its neighbors could come across as an outlier. If your house has particularly unusual or outdated features, consider if any updates could improve its first impression.
While repairs and inspections aren't necessary before selling a house for cash, you can still take a few steps before selling to a private cash buyer. Any buyer will be more interested in a home if they can visualize their belongings in it. Depersonalize your home by removing photos, clutter, and excess furniture. These steps are especially important if you choose a traditional real estate sale.
If you're looking to close as soon as possible, it's hard to go wrong by selling to an iBuyer. Online buyers like Simply allow you to request an offer on their website and start the process of selling your home almost immediately. With an iBuyer, there's no need to wait for mortgage financing, bank appraisals, or showings before you close your sale. You can close your sale in a matter of days or weeks according to the best schedule.
Several expenses factor into selling a house as-is. Resellers assume the cost of performing any necessary repairs or upgrades on the homes they buy. These expenses are factored into the buyer's offer to the home seller. In addition, resellers must purchase homes slightly below market value to profit from the sale.
On the other hand, you must consider the fees you avoid when you decline to work with a real estate agent. In a traditional real estate transaction, brokers and agents receive 5 to 6 percent of the sale value in fees. No real estate fees mean significant savings when selling a house for cash.
Because every house and every sale is unique, there's no set formula to determine the net difference between selling a house for cash and selling it on the market. Fortunately, you receive your offer very early in the process when you sell to an iBuyer. With Simply, you can be sure you are satisfied with the no-obligation offer before proceeding further.
For the highest premium on your home sale, LendingTree recommends targeting early summer: "Sellers realized the highest premium in May, according to the data, with median sales prices topping out at $197,400 compared to a $174,000 median value, which translates to a 13.4% premium."
With this information, you now have a solid answer to the question, "Can I sell my house fast?" The next step is applying this knowledge to your circumstances.
Are you the parent of a growing family that needs more space right away? Are you faced with foreclosure and seeking to reclaim your finances? Do you have a loved one struggling with independence in their home? If you answered "yes" to any of these questions, selling your house fast for cash could be the right option.
If selling a house for cash sounds like the right solution for you, request an offer with Simply today!
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