Whether you’re relocating, going through a separation, or facing tough financial times, you might find yourself asking: ‘How can I sell my house fast?’
Before pursuing a quick sale, it’s wise to weigh the pros and cons, identify potential home buyer candidates to target, plan the optimal timing of purchasing your next home, assemble a skilled team, and follow best practices for selling your home in a rapid fashion.
Read on as we unlock the secrets to a successful fast home sale and break down each of these vital considerations.Check your home buying options. Start here
In this article (Skip to...)
- Reasons to sell your house fast
- Pros of selling quickly
- Cons of selling quickly
- Non-traditional loan buyers
- Buying and selling at the same time
- Additional tips to sell your home
Reasons to sell your home fast
If you feel an urgency to part with your current digs swiftly, you are not alone. Many homeowners face scenarios that compel them to list and sell their properties in a faster-than-normal timeline.
“Perhaps you are facing a job relocation. In that case, selling your house fast allows you to focus on settling into your new location without the burden of managing a property from afar,” says Michael Winkler, co-founder and chief strategist at Sell Home Today.Check your home buying options. Start here
Another situation that can call for unloading your home faster than normal includes a divorce or separation from your life partner. Especially during challenging times, when you seek a swift resolution to uncomfortable feelings, disagreements, and financial disputes, it’s often smart to accelerate a home sale.
“You may also want to sell a house fast if current local housing market conditions favor sellers. In a seller’s market, where demand is high and inventory is low, home selling quickly allows you to capitalize on favorable conditions and likely earn a higher sales price,” says Joshua Haley, founder of Moving Astute.
Or, if you are facing foreclosure or haven’t paid your property taxes and the residence will soon be sold against your will at auction, a speedy sale may help matters, yielding needed cash.
Additionally, if you are a beneficiary of the estate of a loved one who recently passed away, and you need to sell the property rapidly to satisfy other heirs, liens, and outstanding bills, a quicker sale can make a big difference.
Pros of selling your home quickly
However, don’t be too hasty in your determination to sell a house fast. First, weigh the pluses and minuses of this important decision.Check your home buying options. Start here
“Selling quickly can minimize carrying costs. The longer a house stays on the market, the more you will spend on utilities, maintenance, and mortgage payments,” adds Haley. “Plus, in a hot real estate market, where demand exceeds supply, selling fast allows you to take advantage of favorable housing market conditions and potentially secure a higher sales price.”
Braden Chandler, the owner of L&L Property Solutions, notes that two of the biggest advantages of selling your house fast are convenience and speed.
“You won’t need to worry about the stress and uncertainties of a drawn-out closing process that can typically take 45 to 60 days if you can sell fast,” he says.
Perhaps the most significant benefit is the ability to get accelerated access to the cash from the sale, which can provide financial peace of mind and help with looming bills and other financial obligations.
Cons of selling your home quickly
While the prospect of selling a house quickly may appear enticing, it’s important to recognize that there are notable disadvantages that come with the territory.
“You may be diminishing your negotiating leverage against the home buyer by rushing the sale,” cautions Kirill Kokarev, a real estate broker.Check your home buying options. Start here
By fast-forwarding the process, you could also limit your pool of prospective purchasers. If you let the selling process proceed in a normal timeline, your property could attract more home buyer candidates.
The greatest disadvantage of selling a house fast is that you may end up selling at a below-market price, particularly if you are desperate to sell quickly and the buyer knows it.
And fast-tracking matters can also make you vulnerable to scams, opportunists, and con artists, assuming you don’t do the proper due diligence as a seller and have the contract and closing reviewed by an experienced real estate agent and attorney.
Consider non-traditional loan home buyers
Just because you need to unload your abode in hurry-up mode doesn’t necessarily mean you should count out traditional home buyers.
“Traditional buyers who require financing can still be motivated and responsive within your tightened window. You can attract traditional purchasers by properly pricing your home, effectively marketing its features, and making it appealing through home staging and repairs,” suggests Winkler.Check your home buying options. Start here
But be prepared to think beyond the traditional buyer. In addition, try to appeal strongly to:
- Cash buyers – individuals or investors who can purchase outright with cash. “These cash buyers often seek investment opportunities or want to bypass the mortgage approval process,” Winkler continues. “The advantage of attracting cash buyers is the potential for a quicker and smoother transaction. To appeal to a cash buyer, price your home competitively and highlight its investment potential.”
- iBuyers – companies that employ technology to make quick cash offers on homes, streamlining the selling process via algorithms and market data. “The benefit of working with iBuyers is their speed and convenience, as you can receive an instant offer without the traditional listing and showing process. However, consider that an iBuyer may make an offer at a slightly lower asking price compared to your home’s market value because they need to account for the cost of repairs and their profit margins,” adds Winkler. Chandler also notes that iBuyers often tack on extra fees and may attempt to renegotiate after their initial inspection of your home.
- Auction buyers. Investigate selling your home at auction, even if you don’t face foreclosure. You can partner with an auction company to list and sell your home soon at auction, which could attract an array of buyer prospects – including eager investors – and result in a higher sales price than expected.
Strategies for buying and selling at the same time
If you seek to buy another home after selling your existing property, think carefully about next steps.
“If timing is a problem, one strategy is to work out a rent-back arrangement with the purchaser, enabling you to remain in your house for a while after the sale. Or, you might look into other short-term housing choices or locate a house to rent in the area while you search for your new home,” advises Kokarev.Check your home buying options. Start here
“Another approach is including a contingency clause in your sale contract, making the sale contingent on finding a new home,” says Winkler.
But in hotter housing markets, be forewarned: Many sellers don’t want to take a contract contingent on a buyer selling their house to complete the transaction.
If the issue is a lack of funds, consider bridge financing.
“Utilizing a bridge loan or line of credit to bridge the gap between selling your current home and buying a new one allows you to access funds for the down payment on your new home while waiting for your current home to sell,” Haley explains.
Sell my house fast with the right professionals
To better ensure a quicker sale, it’s essential to enlist the ideal team of pros who can help make this goal a reality. Per Haley, it’s smart to partner with a:
- Skilled real estate agent with expertise in your local market who can help you price your home competitively, market it effectively, and attract qualified home buyers to get top dollar
- Knowledgeable real estate attorney, who can make sure all legal aspects of the transaction are handled properly, safeguarding your interests throughout the process
- Professional home stager, who can showcase your property’s best assets, augment its appeal, and make it more visually attractive to prospective purchasers
- Experienced photographer, who can create high-quality images of your home that are crucial for attracting potential buyers
- Expert home inspector, who can conduct a pre-listing home inspection to weed out potential issues up front, positioning you to address them proactively and instilling confidence in potential home buyers.
Sell my house fast with these additional tips
Want to improve your odds of finding a buyer quickly without hurting your chances of getting a desirable sale price?Check your home buying options. Start here
Follow these steps recommended by the pros:
- Determine a competitive yet realistic asking price for your home. “An experienced real estate agent can conduct a thorough market analysis to help you set the optimal price point that will attract buyers quickly,” says Winkler.
- Spiff up the joint. Boost your home’s curb appeal by tidying up the exterior and interior, upgrading the landscaping, and making any necessary upgrades and renovations.
- Stage your home effectively for a great first impression. You can showcase your property’s best features by hiring a professional stager who can declutter, depersonalize, and arrange furniture in ways that spotlight the functionality and flow of each living space.
- Conduct a pre-inspection. If you want to weed out any possible flaws or red flags before listing your home, hire a professional inspector as a proactive measure, which can give buyers more confidence in making an offer.
- Improve your home’s image. Be sure your real estate agent partners with a professional photographer, or hire one on your own, who can capture high-quality images that bring out the best in your residence, which is a must for online listings and marketing materials.
- Capitalize on a multi-pronged marketing strategy. “This can include online listings on various platforms, social media promotion, traditional print advertisements, open houses, and private showings,” adds Winkler.
- Be flexible with showings and open houses. Make it more convenient for prospective buyers to visit and tour your home by eliminating scheduling barriers.
- Respond promptly. “Actively engage with interested home buyers and punctually respond to inquiries or offers. Timely communication can convey your seriousness and foster a sense of urgency,” recommends Haley.
The bottom line
While a speedy sale is not guaranteed, you can up your odds by following proven tactics, pricing your home appropriately, broadening your pool of buyer candidates, and thinking outside the box if necessary.
Just be careful not to skimp on the fine details and overlook legal and financial vulnerabilities in your rush to sell. This is where collaborating with trusted professionals, including a talented Realtor and savvy real estate attorney, can prove invaluable.Time to make a move? Let us find the right mortgage for you