I want to sell my house as quickly as possible; what are my options?

Life is not always predictable. Circumstances can arise that require a speedy real estate sale. Whether due to unemployment, divorce, or assisting a loved one with a health issue, there are various reasons why you may need to sell your house quickly.  The condition of your home can also be an important factor in selling quickly. Regular maintenance can be a burdensome task, and if you lack funds for repairs and upkeep, it can make it difficult to present and sell your property.  Fortunately, there are flexible options available to individuals seeking to sell their homes.  

Qualified realtors will provide valuable guidance and show you the best options if you want to sell your house quickly.  In Bangor, Maine, real estate agents are familiar with expedited home sales.  Reach out to qualified realtors in Bangor, Maine, real estate agents on the website and explore your options.  

Buy your home fast: get a cash offer.

If you’re in a hurry to sell your home, one of the fastest ways to close the sale is to get a cash offer. There are many companies you can contact; however, cash-offer companies come at a cost.  Generally, there are significant fees, and their offer is less than the market value. 

Yet, if you’re looking to sell quickly without inspections or contingencies, cash offer companies are a viable option.  In addition, you can choose a closing date, which allows you to choose when to move.  Most companies ask you to answer a few questions about your home, and you’ll receive a no-obligation cash offer within a week.

How to Sell Your Home Fast: Hire the Best Realtor Known for Speed

Real estate companies in Maine can provide effective solutions if you’re looking to sell your home quickly while still aiming for a higher price. Currently, the average time homes spend on the market, from listing to contract signing, is around 54 days. However, if you’re dealing with a buyer who requires financing, it’s important to consider the additional time they may need to arrange their purchase loan. Alongside selling real estate for cash, collaborating with a reputable real estate agent is a key strategy to expedite the sale of a traditional home. Experienced agents have a track record of selling homes 10% faster than the average real estate agent. By partnering with knowledgeable professionals from real estate companies in Maine, you can enhance your chances of achieving a swift and profitable sale.

Key tips on how to sell your own home quickly and profitably

Here are some key real estate selling tips from leading agents for a quick transaction.

Create a sense of space.  Clear clutter, such as shoes, boxes, and piles of items, off the floor to create the illusion of space. Move furniture and bulky items that interfere with free space.  Avoid placing items on countertops and make sure the house is presentable before potential buyers begin their inspection.  

Thoroughly clean everything. If you don’t have time to clean, consider hiring a professional to do it for you. Cleaning a three-bedroom, two-bathroom home costs an average of $200 to $400, and you’ll likely get a good return on your investment. In today’s market, the appearance of a home holds more importance than ever to buyers.  According to a 2022 survey, yard and outdoor space was one of the top reasons buyers desired a home, and attractive homes tend to sell faster and command, on average, 7% higher prices.

Timing is crucial. The time of year can affect how quickly a home sells, but it varies by region. Some real estate markets are subject to strong seasonal fluctuations depending on when potential buyers start looking for a home.

Local Selling Options to Avoid: Short Sales, FSBOs, Auctions

While some methods of selling may appear appealing for a quick sale, they often come with drawbacks.  

Options to avoid include short sales, FSBOs, and auctions. 

Short sale: The term shorting refers to money, not time. A short sale means that the owner has agreed to sell the home for less. A short sale often takes longer than a regular sale.

FSBO: Selling FSBO (for sale by owner) is not a common option. According to the National Association of Realtors (NAR), only 10% of sellers use this method, and 50% of them already know the buyer. Don’t expect an FSBO to move quickly if you don’t have a buyer, like a friend or family member. 

Auctions:  While auctions can be a fast option, they also come with unpredictability and risks.  Selling a house takes, on average, 21 to 45 days or more. You have limited control over the final sale price, and auction costs may exceed traditional brokerage fees. Even if the house doesn’t sell, you still have to pay the auction fee.

What are the key benefits of selling for cash?

Selling your home to a cash buyer can be an attractive option, even if the selling price is below market value. The main advantages of selling to cash buyers are: 

  1.  Faster Closing and Selling- your home for cash can pay off faster, usually within a week or two, compared to the months it can take for non-cash buyers.
  2. No Repairs – Save time, money, and headaches on repairs and upgrades by selling to cash buyers. Many cash buyers seek homes in their current condition.
  3. Simply and conveniently: Selling for cash eliminates the need for extensive preparation, reducing the time required for documentation. Selling to a cash buyer often means selling your home as-is.
  4. No marketing, preparation, or show is required – no need to put up generic flyers or set up times for buyers to view your home. Traditionally, it takes 10 to 25 viewings from potential customers to sell homes, but with cash buyers, this step is bypassed.
  5. Lower Fees – Not only do sellers avoid brokerage fees, but many cash buyers also pay closing costs.
  6. No Lender’s Appraisal Required: A cash sale eliminates the risk of delays and foreclosures associated with a lender’s appraisal and low real estate appraisal.
  7. Reduce stress and hassle: According to a survey, 70% of salespeople find the traditional sales process stressful. A cash sale is usually quick and easy.
  8. Less Negotiation – cash buyers often offer to take it or leave it, so there’s less haggling and hassle.
  9. Fewer financial and legal hurdles – A cash sale requires no fund approval or appraisal because there are no creditors. In a traditional home sale, more than a third of the deal is delayed, and the deal can fall through due to the buyer’s financing issues.
  10. Lower maintenance costs: As long as you own your home, you will have to pay maintenance costs, which include monthly utilities, taxes, insurance, maintenance, and other costs.  A quick sale eliminates these costs.
  11. Fewer Lost Sales (Less Risk): Many traditional buyers have contingencies with their offer, increasing the risk of cancellations. In contrast, cash buyers rarely have contingencies.
  12. Flexibility – Sellers working with buyers often choose the move-in date that best suits their needs. 
  13. Peace of Mind – Selling for cash provides peace of mind and financial security, especially for homeowners facing a variety of life challenges.

 

Selling for cash can be a viable solution to life’s challenges. Whether you’re facing divorce, layoff, unemployment, moving, or you inherited your home out of state, a quick sale may be in your best interest. Either way, selling for cash means less work on your end as long as you are willing to accept the drawbacks.

How does a cash sale work?

If you’re selling your home for cash, you can expect the process to look like this:

Contact: Contact a buyer or investor in your area and tell them about your home.

Get a pre-offer: You will receive a pre-offer within 24-48 hours, which may change after your home is appraised.

Assess your home: The company will usually schedule a visit or visual inspection within a few days to assess the condition of your home.

Make a binding offer: The company will make a binding offer. You can accept or reject it. Most companies do not change their prices, so there is no room for negotiation.

Start of closing: Once the offer is accepted, you and the company sign the contract, and the closing of the sale begins.

Title Release: Buyers wait for confirmation that they can claim the title to their home before paying. If a lien is discovered, some companies will help you with the procedure.

Payments are usually made within 7-14 days. Many cash management companies also offer flexible transfer dates.

Who buys houses for cash?

Some cash buyers are people who have enough cash to pay for a real estate purchase with cash. However, when listing a property, it is difficult to predict whether an offer will come from a cash buyer or a mortgage buyer. To get cash, sellers who need to sell homes quickly often partner with companies that buy homes for cash. Here are five of the most common types of cash house-buying companies.

Franchisors: These companies sell their projects under their brands. They buy, renovate, sell, or rent homes as is.

Investors buy houses for reform, reconstruction, and turnkey sale. They look for deals to maximize their profits.

Buy-and-hold investors: These buyers convert homes into rental properties as part of a long-term investment strategy.

Trade or Buy and Sell: These companies offer modern and affordable ways to purchase your current home or free up your resources to purchase a new home.

iBuyers: Use Automated Valuation Models (AVMs) to generate cash offers. Their offers are often more competitive than franchises and are based on the level of benefits. iBuyers typically charges a service fee of around 5-6%.

What are the benefits of selling real estate with the best brokers?

The best real estate agents offer hands-on experience to help you with all the key aspects of selling your home.

Top Sales: The top 5% of real estate agents in the country sell 10% more homes than the average real estate agent. The additional income can often equal or even exceed the commission paid.

The best real estate agents sell homes faster. Verified brokers have a shorter “Days on Market” trading history. You can connect your property with like-minded people and often generate interest before the house becomes visible.

Professional Network: Good real estate agents have a long list of talented professionals. These include verified licensed contractors, handymen, real estate attorneys, and more.

The right price: is an important factor in selling your home quickly and getting the highest profit. The best brokers can determine the right selling price by analyzing comparative sales and current market conditions.

Appraisal and Inspection Experience: Certified Realtors help sellers anticipate and manage the home appraisal and inspection process regardless of the outcome. An agent can give you advance advice on when and how to arrange a valuation so you can speed up the sale of your home.

Professional Trading Skills – The best brokers give sellers a huge trading advantage. An experienced broker has the negotiation skills and responsibility to get the desired price and be able to sell the property on time.

Relax – When you work with an experienced broker, you can be sure you have an expert on your side to ensure the deal runs smoothly and move forward no matter how you end it.

Advanced Marketing – There is a difference between home marketing and home selling. The best real estate agents don’t put your home on the MLS and wait for offers. An agent often aggressively advertises a home in the best locations and from the best angles before everything is ready and the home finds a buyer.

Knowledge of Contracts: The best real estate agents are well-versed in keeping home sales transactions legal and compliant. They will know the necessary documents and explanations you need and will help coordinate all aspects of the legal agreement to minimize risks and possible delays.

Objective Perspective: Working with an experienced real estate agent can help you gain an objective perspective on the home selling process when it matters. This is especially helpful when you need to sell your home quickly.

Innovative Tools: As new technology solutions emerge, agents can use these advances to deliver better results to their clients faster. This can include virtual tours and advanced real estate imaging tools.

What do agents need?

As the sale date approaches, you naturally wonder if your realtor is working fast enough to sell your home. If you want to sell your home as quickly as possible, you should work with a real estate agent who has experience selling homes fast. For this, you can check the agent’s average days on the market and list to the sale price.Additionally, an agent who’s using a robust real estate agent CRM system can efficiently manage and accelerate the selling process, ensuring faster and more effective results.

Low DOM: This metric tracks the time between a home being listed and a buyer signing a contract. When an agent’s average DOM is lower than the regional average, it’s a good sign that the agent has carefully evaluated homes for quick listing and has a strong listing marketing plan.

Local Experience: Agents with local experience can better present the benefits of your home to potential buyers. You’ll also learn about local real estate and learn which improvements will help sell your home (and which ones will cost money).

Know your property type: Agents with experience selling homes like yours are well-positioned to sell faster. It is important to find agents who are successful in selling real estate in your area. You can benefit from their local knowledge and experience. 

Each agent’s profile shows the number of homes sold in the community. It is important to determine in advance which realtors are right for you. Whether you are buying or selling, it is important to choose the services of an experienced real estate professional. If you need to sell your property fast, there are various options available to you. Selling a house is known to be difficult, stressful, and time-consuming. However, you should not leave the fate of your sales to your own devices. Whether you’re asking for a cash offer, working with a top real estate agent to meet deadlines, or gathering information on your home’s value before selling your home for good, you’ve learned the basics of selling your home fast. You just have to choose your path.

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