By nature, selling a home takes time. Since purchasing a home is a significant financial decision, transferring that expensive property to a new owner is a process. Multiple requirements can stall the selling process if you want to sell your home through a traditional MLS process.
In a seller’s market, houses can list and sell quickly if their home is in good condition. However, even after you have an offer, it could take several weeks to process the sale and complete the steps to finalize the deal. Some of the biggest time-eaters when selling a home, the traditional way, include:
If your buyer needs a loan to purchase your home (and most do), they’ll need to undergo the loan approval. While savvy buyers will approach the purchase with a preapproval in hand, complications could stall the loan or result in the lender denying the preapproved loan. There’s not much the buyer can do to speed this process up.
An appraisal is closely related to the above. When a buyer makes an offer on a home and asks for a loan, the lender will seek an appraisal. Lenders don’t like financing loans on properties worth less than the loan the borrower is seeking. An appraiser will need to look at the house and provide the lender with a property value assessment. Depending on the market, it could take several days or weeks to schedule an appointment.
Most buyers want a home inspection to ensure that the property they buy is safe. Inspections can help buyers save money and highlight potential future problems. Buyers may also ask for contingencies (including requested repairs) after the inspection. If your home has a lot of issues, you could lengthen the sales process.
Your home may not be able to sell to a buyer if an inspection turns up too many problems. Lenders can deny a loan on a home if there are safety issues or even unapproved additions or structures on the property (like an unpermitted bathroom).
In addition to the sales process, things like time of the year and the housing market can affect how long it takes for your home to sell.
How can I sell my house quickly?
If you need to sell your home quickly, one of the simplest options is to sell the house for cash. Skipping the lending process can significantly reduce the time it takes for your home to sell. There are several benefits to cash offers, including:
- No inspection requirements
- No appraisal requirements
- No underwriting
If you want to sell your home on the regular market, you can ask for cash offers only. In a hot market, you may be able to sell your house quickly without going through the long financing process.
In some cases, like selling your home to brick, you can also avoid making expensive, time-consuming repairs.
Who needs to sell their home quickly?
There are many reasons homeowners want to sell their houses fast. Homeowners facing a short sale, bankruptcy, or other financial issues, might choose a fast sale to avoid financial ruin. Other homeowners may be facing divorce or must decide what to do with inherited property. Selling a home for cash can reduce the emotional burden of navigating the sale of these properties.
Other common reasons people want to sell their home quickly include:
- Liquidating investment properties
- Getting rid of a property with difficult tenants
- The house needs a lot of repairs
- A new job requires a quick move
- The house is damaged in a fire or flood
Ready to sell your house quickly? Reach out to brick for a cash offer on your house fast. Have any questions? We’re happy to help.