Selling your home, traditionally, can be a lengthy process. Sometimes you just don’t have time to put your home on the MLS, wait for interested buyers, and then hope the potential buyer doesn’t back out or lose their financing.
- Tight deadline for a move to a new city
- Cash-out of investment properties
- The home needs some repairs the owner can’t afford
- Avoid foreclosure
- Quick access to liquid funds
- They inherited a house they don’t want or need
Why do traditional home sales take so long?
Several reasons that listing your home on the MLS will take longer than selling your home in a less conventional way include:
Preparing the home: If you want to get the best price (or any offer at all), you will have to clean your home and yard. Many agents recommend that sellers remove as many personal items from their homes as possible and stage the space to attract potential buyers.
Open houses: If you list your home on the MLS, you will have potential buyers (and looky-loos) touring your home. While you can set times that work for you, it’s not always convenient, and you’ll need to always have your home prepped for visitors.
Inspections: Once a buyer makes an offer, they’ll have the home inspected. This process allows the buyer to know any potential problems up front. If an inspection comes back with significant issues, your buyer could walk away or ask for concessions (like a lower price or requiring you to make repairs before closing).
If you opt to make repairs, this can add additional time to the sales process.
In addition to an inspection, an appraiser will come to your property and determine the value of your home. While this isn’t super time-consuming, waiting for the appointment can add days to your wait. Additionally, if an appraisal comes back below your buyer’s offer, the buyer’s loan may be denied (especially with FHA loans).
Funding issues are among the most common problems in closing a home sale. Sometimes a buyer makes an offer before they’ve gotten funding. Other times, their financing falls through for one reason or another. Suppose your home appraises for less or has severe damages. In that case, a lender may outright refuse to loan money to the buyer.
Tips for selling your home faster
If you need to sell your home faster than the average 45–60-day turnaround, there are a few things you can do to speed up the process.
Price your home wisely: If you insist on listing your home on the MLS, but you need to sell quickly, consider listing your home below the property value. An enticing price is likely to attract more potential buyers so you can offload the property quickly. Avoid overpricing your home, as this will deter potential buyers.
Offer concessions upfront: Buyers are looking for a good deal. Consider offering concessions up front. Standard accommodations you could offer include paying all the closing costs, taking care of significant damage before closing, or offering to include new appliances or furniture that aren’t typically included when selling a home. (For example, you could offer to leave the newer riding mower if you’re selling a property with a lot of land).
Time your sale right: If you want to sell your home quickly, try to sell in May. Buyers with families are more likely to look for a home they can move into once school ends. The weather is nice, and buyers are just more likely to shop around after the gloomy winter abates. (Alternatively, you could list in November or January to avoid more competition).
Sell your home to a cash buyer: The most straightforward way to sell your house the fastest way possible is to work with a cash buyer, like Brick. We purchase homes without an appraisal, walk-throughs, or closing costs. We buy houses in any condition, so you don’t have to worry about making repairs or offering concessions.
Selling to a cash buyer allows you to avoid waiting for financing and enticing strangers to stroll through your property.
Ready to sell your home quickly? Call us today and let us help you move forward without the hassle.