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What is the Fastest Way to Sell a House for Cash?

What is the Fastest Way to Sell a House for Cash? | Today I'm Home

Written by

David Bolton

/

November 3, 2020

Selling your house fast for cash is always a great idea. The longer your house stays on the market, the more value it loses.

Also, selling your house fast frees you up, so that you can move on with your life. It also reduces the number of days that you will need to prepare and stage your home.

However, selling a house fast is not always easy, especially in a slow real estate market. But regardless of how bad the market is, you can always make the sale proceed a bit faster.

So, what's the fastest way to sell a house for cash? Here are some creative ways that you can use to sell your house faster.

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Table of Contents:

Hire a Seasoned Realtor

According to a report published by the National Association of Realtors, houses sold through a realtor fetched higher prices compared to those sold by the owner. Besides the price, can a realtor help you to sell your house faster for cash?

It's important to note that the speed at which your house will sell will depend on various factors like the prevailing market competition, how the economy is performing, neighborhood desirability, availability of financing as well as property condition.

However, hiring a realtor can help make the process easier and faster. For instance, they can help you with house preparations, staging, pricing the house correctly, as well as executing a marketing strategy to promote your listing.

A seasoned realtor will also help you to negotiate with potential buyers, file the necessary paperwork and make sure that the deal is done according to proper guidelines.

When you have an experienced realtor representing you, you also come across as a serious and legitimate seller, which will in turn bring buyers that are more serious to the table.

Hiring a seasoned real estate agent also means having someone by your side, who can vet all the potential buyers to ensure they are legitimate. Your agent will also help you to avoid time-wasting and costly mistakes.

However, you need to ensure that you choose someone who has a track record in selling houses fast for cash. But it shouldn't be hard to find one, especially if you know where to look.

Sell it to Wholesalers or Flippers

Chances are, you've come across signs written, "we buy houses for cash" plastered on street signs or around telephone poles. Such companies buy houses regardless of the state it is and then flip it for cash.

As much as these companies or individuals may not offer top dollar for your house, you will get a fair amount. Also, they will help you sell your house fast for cash, since they already have a large number of buyers waiting in line.

When you sell your house to wholesalers, you save yourself the burden of having to market the house. If your house is in bad condition, then selling it to flippers for cash is a great option.

Also, you don't have to deal with real estate agents, since the wholesalers will offer you cash on the spot. As you probably know, finding a good real estate agent takes time and effort. Before you find the right one, you will have to interview several of them.

Another benefit of selling your house to wholesalers is that you don't have to go through the entire process of listing it on real estate websites or trying to sell it by yourself.

When you sell your house for cash to wholesalers, you save yourself all the headaches associated with trying to sell it yourself.

Selling your house for cash to wholesalers also saves you the effort you would have spent trying to fix it. As much as wholesalers may not offer you a lot of money if your house is in a bad state, they are ready to buy it as it is.

If you need quick cash, or you are relocating to another city or state urgently, then selling your house to wholesalers may be a viable option.

However, ensure you watch out for scammers. While most house flippers or wholesales are completely legitimate, the market is also filled with scammers.

So, make sure you conduct thorough due diligence and careful research before you sign off your house to a flipping company. As much as you may be in quick need of cash, it doesn't mean you should jump in on every offer that comes your way.

Consider a Short Sale

If your house is distressed, then it means that the debt it owes is more than its value. In short, it doesn't have equity. Also, if you are going through bankruptcy, divorce or other similar financial challenges, the situation will become even more challenging.

Furthermore, if you've lost your job and you don't have the income to pay the mortgage, then your home may be foreclosed by the bank. And this means that you may lose it entirely.

So, if you are in such a situation, you can still sell your house fast for cash, through a short sale. Instead of waiting for the bank to foreclose your home, you should instead request them to do a short sale.

But for a short sale to be signed off by the bank, the debt your house owes should be more than its value. Also, all lien holders must agree to the sale. For instance, if you have 2 mortgages on your home, then both parties must agree on the short sale.

So, how do you do a short sale? Well, you simply need to contact your bank or mortgage lender and inform them about the situation you are in. From there, the bank will proceed with the short sale.

Reduce the Price

As noted above, the location of your house will determine how fast it can move. Unfortunately, you can't change its location, meaning you will have to face the market as it is.

So, if the market conditions are unfavorable where your house is located, then it may take longer to sell it. Fortunately, there is a solution to this problem. And that's lowering the price of the house.

Dramatically lowering the price of your house and making it cheaper than similar properties can significantly speed up things and help you to find a buyer fast.

However, it's important to note that dropping the price by a few hundred dollars may not make a difference. Therefore, the price drop has to be significant. For instance, if your property is listed at $300,000, dropping its price by $50,000 will go a long way in speeding up the sale compared to reducing the price by a mere $5,000.

Also, the price drop should be comparative to similar properties in the neighborhood. For instance, if you've dropped your price by $50,000 but your house is still more expensive than similar properties in the area, then it won't make any difference.

After all, most buyers want an affordable home. And, it doesn't mean how many upgrades you've made to your house. If it's more expensive than similar houses, then you will find it extremely hard to find a buyer.

So, if your house is located in a slow-moving neighborhood, dramatically reducing its price may provide you with a faster means of selling it for cash.

Auction Your Home

Some people assume that auctions are only meant for desperate sellers or an opportunity for lenders to offload foreclosed houses. Well, this is not always the situation.

Auctioning your home is arguably one of the fastest ways to sell a house for cash. Hence, it's a smart move for those who want to sell fast and use the cash for something urgent.

To sell your home via auction, you will first have to contact an auctioneer and provide its details. From there, the auctioneer will give you the exact date when the auction will take place.

On average, it will take approximately 50 days to sell a house through an auction. So, if you need the money earlier, then auctioning it may not be the best option for you.

It's also important to note that selling your house through an auction also carries some risks. And the obvious one is that you don't have control over the final sales price. Once you set the minimum bid, the rest is not up to you.

So, if your house generates more money than even its actual market value, then you will just have to settle for the minimum bid you had already set. In most auctions, the minimum bid is usually 15% below the property's market value.

Transfer Your Mortgage

Transferring your mortgage to someone else, either a friend or family member also provides a fast means of selling a house for cash. However, this also means that you will be transferring your home's mortgage to someone else.

Therefore, you will first have to read and understand the mortgage documents to check whether this option is available. But if your mortgage is assumable and the new transferee qualifies for that mortgage then you are in luck.

From there, you simply need to complete and file the necessary paperwork and wait for the process to go through.

As you can see, your options are almost endless if you want to sell your house fast for cash. You simply need to choose a method that works best with your situation. And with careful planning, research and proper due diligence, you can sell your house fast without sacrificing too much of your profit.

Need to sell your house fast?

Sometimes life happens, and you need to get out of your house and mortgage payment quickly. Our partners have helped many families going through foreclosure, divorce, and more.

GET AN OFFER NOW

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What is the Fastest Way to Sell a House for Cash?

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