Technology is moving fast. It’s changing the way we live. Revolutionizing the way we cooperate and commune. In fact, there’s little that’s been unscathed by technology. Industries have been razed and new brands have been erected in their place apparently overnight. Titans in business have distorted and folded at the hands of technology. Blockbuster. Toys ‘R Us. Kodak. Yahoo. Nokia. Xerox. Names that some time ago meant something have now disappeared into thin air.
Today, they have been replaced by big companies like Uber, Netflix, Amazon, Facebook and others that are leading the charge in the dawn of a new era. They’re acceptance change, reshaping and disrupting business as we know it. Yet, with all the technological advancements and all the change, one industry has been left largely unscathed. Real estate. The truth is that to sell your house for cash is still such an old-fashioned process in this country. It’s based on an old model, one that depends on an endless array of friction.
Can you sell your house for cash fast today? It depends on your classification of fast. Is it as quick as ordering a ride from Uber or renting a vacation rental on AirBnB? Heck no. Can you sell your house as speedily as you can get a mortgage to buy a new one on a website like Lending Tree? Nope. Unless you want to sell your house for cash out there on a fire sale for pennies on the dollar, you cannot really sell it that fast by any measure. Today, you have to jump through hoops and hurdles, Endless stream of red tape, Agents, Commissions, and never-ending fees. These are normal. Not the exclusion.
Unlike transportation, business and entertainment, real estate has been slow to revolutionize. The legalities and complexities are never-ending. Sure, there are faster ways to sell your home. They entail going to companies that we call iBuyers. Meaning, they buy the asset themselves. Companies like OfferPad, OpenDoor, and even, Zillow, have all entered the conflict and for good reason. But does that allow you to get top dollar when selling it direct? certainly not.
How to Sell Your House for Cash Fast
The question is, how can you make a platform and a marketplace to sell your home in lightning speed and still obtain top dollar? And how do you do all of that without really using a real estate agent to steer the whole process?
Understanding the Technicalities of Home Selling
There are several factors when it comes to selling your home that simply cannot be altered. These impact the speed of the sale. They’re things like scene. You hear it all the time: location, location, location. If your home is in a highly pleasing neighbourhood or located openly on the water, you’re most likely in luck. It will most probably sell fast. Also, is it a buyer’s market? You can’t really vary that aside from waiting it out. But you would never know how long each will last.
So how long does it normally take to sell a property? According to Zillow Research, the national average number of days a home spends on the market is 68 days. Of course, that depends on spot and whether it’s a seller’s or buyer’s market. But it also depends on the value. If you’re looking for top dollar, look forward to wait. And, if your home is in a bad condition, don’t expect top dollar.
Sell Your House to a Wholesaler
What most people don’t get is that nearly 40% of all real estate dealings that happen in this country happen using all cash. That means there are no banks concerned. It also means that most of the conventional hurdles of underwriting are gone. But wholesalers do something a little bit more unique. They help middle man your house. Not for top-dollar. But you’ll get a fair amount. That’s for sure. They’ve lined up cash buyers on their end who tell them what inventory they’re attracted in.
All the trader does is put your house under contract and flip it to a cash buyer. Often, this involves little to no cash out of their pocket. So why would you flip it to a wholesaler? Well, it’s fast. Certainly, quicker than attempting to list it with a traditional agent. Now, how do you find a wholesaler? That’s a bit more complex. They often find you. In their search for concerned sellers, they look for signs that properties are ready to sell at a deep discount.
Find the Best Real Estate Agent in Your Area
Okay. There’s a real distinction I need to highlight here amongst real estate agents. While I have nothing against them in person, here’s the truth. Most agents are well-intentioned. They definitely have every intention of selling your home for top dollar. And they want to sell it fast. But is that more often than not the case? Not often. Most lament that realtors don’t really do their job. The whole list-it-and-forget-it criticism seems to take center stage. And fairly so. You’re giving up 6% of your home price at the end of the day.
In the US, there are about 2 million active real estate agents. Roughly 1.35 million of those numbers are licensed agents. That’s according to the National Association of Realtors. However, a very small portion of those qualified agents actually makes money. And the longer they are agents, the more likely they become top producers. You build up relationships over the years and over time your business balloons. And those are the real agents you want to go after if you want to sell your house for cash a lot faster.
So how do you find the best real estate agent in your area? Simple. Just do a search online. Something like “top real estate agent in Los Angeles” or whatever area you’re in. Look for realtors with hundreds of optimistic reviews. Find the top producers and see if they’ll list your home for you. Does that mean you’ll sell it overnight? surely not. But going with a top producer who is already developed dealings is the best chance you have for selling that property faster than the average in your area.
Dramatically Reduce Your Price
Look, you can’t alter the location of your home. You just can’t. But you can change the price. And relying on the temperature of the market, consider altering your price can seriously speed up the process. If you are listed at $400,000, dropping it to $350,000 is a dramatic change in price. Dropping it by $5,000 will not do much for you here.
What a lot of people like to do is to remove the home from the MLS and relist it again. That’s fine, but there is a history created on your assets. Anyone can see the number of days it spent on the market. They’ll also know if you’re a serious seller or not. Rather than removing the house from the market and then relisting it, just drop the price. To reiterate, price is a huge motivating factor. Keep in mind that people act on things at a dramatic discount.
Consider a Short Sale of Your Home
Most of the time, when people want to sell fast, it’s because they’re underwater. We call these properties upset. Why? Because, often, the debt owed on the property is more than the value of the home. That means that equity is non-existent. Plus, when you are going through a divorce, the death of a spouse, or bankruptcy and other financial struggles, it compounds the situation. And when you no longer have proceeded to pay the mortgage, that’s when you risk losing your home completely.