Selling a house is a nerve-wracking undertaking. In fact, selling a home may be more stressful than bankruptcy or divorce.
Now, throw in the fact that you need to sell your house fast because of a new job, financial hardship, or otherwise unexpected life upheaval?
Well, the pressure is on.
But making rash decisions in haste could leave you second-guessing and kicking yourself over your sloppy decisions down the road. If you want to sell your house fast both quickly and with confidence, you’ll need to know all of your options so you can make an informed decision that best aligns with your current circumstances and goals.
Let’s review your choices so you can look back on the experience of selling your house fast with no regrets. You’ve got options so we’ll cover a lot of ground, including the ins and outs of how to:
Now, we’ll dive into each of these paths one by one so you can decide which one is right for your individual home-selling needs.
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Selling your house yourself means you can avoid losing 5-6% of your equity toward paying your real estate agent’s commission. Plus, in the event that you’re putting your house up for sale in a seller’s market, finding a buyer won’t be too challenging.
Now, if the buyer has their own agent who can handle the transaction, does a seller really need their own? If you want a fast sale, yes.
The buyer’s agent is exactly that — the buyer’s agent. If closing quickly isn’t a priority to the buyer, the agent will cater to her client’s needs during closing and put your desire for a fast sale second.
Out of all homes sold in 2018, only 11% were FSBO sales. Those who have success with a quick FSBO sale typically sell their house to someone they already know such as a friend, relative, or neighbor. So if you don’t already have a buyer lined up, it could be a difficult strategy to execute.
If you are set on selling yourself, you’ll need to get educated on all the closing documents you and your buyer will need to successfully complete the sale. And you’ll need to arrange for an attorney and title company to help you complete the transaction.
Without an expert to keep track of all the intricacies of the transaction, you cannot necessarily count on the sale to go quickly or smoothly.
Should I short sale?
The main thing you need to know about short sales is that “short” refers to money, not time. Selling short means that your lender has agreed to allow you to sell your home for less than you owe on it.
As a general rule, short sales take a lot longer to finalize than a regular sale.
Not only will a short sale take a lot longer to complete, but most sellers also aren’t even eligible to short sell their homes. You likely need to be financially underwater, behind on your mortgage and facing foreclosure. Even if you’re eligible, your lender (or lenders if you have debt on the property with multiple entities) does not have to agree to a short sale.
So if you want to sell your house fast a short sale is definitely not the way to go.
Getting your home sold quickly is just one of the benefits of an auction sale
If you think auctions are only an option for desperate sellers and banks unloading foreclosure homes, you’re mistaken. Any homeowner can sell their house at an auction, and doing so may just be a smart choice if you want to sell fast. Getting your home sold quickly is just one of the benefits of an auction sale.
While you will know the exact date your home will sell thanks to the auction option, this may not be as quick as you’ll think. According to Forbes, auctioned homes take an average of 45 to 60 days from listing to close.
Selling at auction is risky, too, because you have limited control over the final sales price. As the seller, you set the minimum bid you’ll accept, typically at 10%-15% below current market value (auction experts advise this to generate more interest among buyers), but after that, it’s up to you to accept the final bid. Competing buyers may bid up the price over the market value or you may be stuck accepting that minimum bid offer.
Not all properties are ideally situated for auctions either. NAR advises that sellers self-test the market, their home and their financial situation with the Two-Thirds Rule to determine if an auction is the right option.
One of the major factors is that your home needs to be carrying a lot of equity — up to 25% — to see any cash from an auction sale. After all, the last thing you want is for your home to sell for less than you owe.
If your priority is to sell your house fast in Arizona then the best option is to contact SellforcashAZ.