If you are in dire need of cash or simply want to dispose of your home in short order, then the speed and turnaround time of the average real estate transaction can be frustratingly slow. For various reasons, you won’t always have the luxury of waiting for 6, 12 or more months to sell your house.
The typical real estate transaction has varied players and requirements. By selling your house for cash, you can circumvent many of these requirements and accelerate the process. Virtually everyone would want to dispose of their house expeditiously in cash yet it’s a minority who do eventually succeed in doing so.
Nevertheless, you can increase your odds of selling your house in cash and quickly by applying the following tips.
Slash Your Price
Buyers will look at a wide range of factors before they determine whether a given house is worth it. Nevertheless, price is arguably the most important factor of all. It doesn’t matter how much a prospective buyer is interested in a house if the price is out of their range. You cannot change your house’s location (another major factor) but you can drop the price to make the property attractive to a larger pool of buyers.
Drop here means a dramatic reduction. For example, if the prevailing market rate is $450,000, consider slashing the price by $50,000 or more. The lower your price goes, the more the people your house comes within buying range of and the higher the likelihood of selling it fast in cash.
Sell to a Wholesaler
Wholesalers play the role of a middleman in a real estate transaction. You won’t receive top-dollar from a wholesaler but if you are selling it quickly for cash, then this is probably not your primary consideration anyway.
Wholesalers line up cash buyers who are interested in your type of house. The wholesaler places your home under contract then flips it to a cash buyer. They often commit little to no money of their own. Yet, because they have a ready pool of buyers within easy reach, they can put cash in your bank account quickly.
Usually, wholesalers will approach you themselves. They look for sellers who are ready to let go of a property at a steep discount. You can, however, find wholesalers directly by running an online search for ‘sell house for cash’ combined with your city or state name. For instance, check how we buy houses Miami.
Tap Into the Grapevine
We are well into the age of the global 24-hour news channel. Still, the grapevine remains undefeated in its ability to disseminate information fast. While there’s nothing wrong with advertising your home in the local press, this shouldn’t mean you dismiss the power of good old-fashioned gossip.
Selling your house isn’t something you should hide from your family, friends, coworkers or even neighbors. After all, you want the rest of the world to know so it wouldn’t make sense to withhold this information from people who already know you.
Tell a friend to tell a friend. Mention or hint to your neighbor that you will be moving out shortly and that you are looking for a buyer. Many neighbors will grab the opportunity to choose who lives next door. If they know a friend or relative who’s always wanted to move into that neighborhood, they’ll be more than happy to share this information with them.
It’s amazing how many real estate transactions can be traced to a casual chat over the fence or during a lunch break at work.
Erect a Placard and Posters
Hardly anyone buys a home from a neighborhood they’ve never been to. So you have to make sure that the fact that your home is for sale is apparent to anyone passing by. You can achieve that by erecting a placard at the entrance of the home or, for apartments, placing a poster on your door or on the noticeboard of your apartment complex.
Passersby who are scouring the area for vacant homes will see that you are keen on selling quickly and are therefore more likely to approach you with a cash offer.
Buying or selling a house is typically the most expensive financial transaction the average person will be involved in during their lifetime. So whereas it’s a desirable goal to sell your house quickly for cash, acknowledge that despite your best efforts, that won’t always be possible unless you are ready to get rid of it at a ridiculously low price.