When it comes to selling a home, you can never predict how long the process may take. But if you’re in a bind, whether it be for financial reasons or neccessary relocation for a job, you may need to sell as quickly as possible. Here are five options to consider if you need to sell your home fast.
Reduce Your Asking Price
Since you can’t change the location of your home, price is the next best choice. Depending on the market, your neighborhood or city can be suffering from a drop in home sales. Making a significant change to your price can help speed up the selling process.
Consider a Short Sale
If you’re struggling with mortgage debt, specifically if it’s more than the value of your for-sale home, a short sale may be the answer for you. If there is a lien, or more than one, on your home, the lenders will need to agree to the sale first. Once they agree, contact that bank and discuss your short sale options. Hopefully you can come to an agreement, rather than dealing with a foreclosure or eviction.
Sell to a Wholesaler
Though going this route doesn’t guarantee you will get the full value of your home, it’s one of the quickest ways to get out from under your mortgage. They will put the house under contract and flip it to a cash buyer. No banks and no underwriting involved. This can happen much faster than going the traditional listing route, but you will likely end up with less money. Talk to your agent to see if their brokerage offers this option or if there’s a company they would recommend. .
Transfer Your Mortgage
If your mortgage is assumable by someone else, transferring your mortgage is another option. In a situation where you can’t make your mortgage payments, however, it may not work as fast as you’d like. Be sure that the other party who you are transferring to will qualify for the mortgage and keep in contact with your lender for updates and a presumed timeline.
Find the Top Real Estate Agent Around
Do you research, talk to friends or family who have recently sold their home and even take the time to interview different real estate agents in the area. Because real estate is a constantly growing industry, you can find agents anywhere and everywhere. However, if you’re looking to sell your home quickly, you want to be sure you work with a top agent who is well versed in the local community and understands your desired timeline and needs,. They’ll be able to offer helpful advice and action based on their experience, especially with quick turnarounds.
This article is intended for informational purposes only and should not be construed as professional advice.