How To Sell My House Fast
This a question we get quite often and our response is always the same; “What do you mean by fast?” There are some things to consider depending on whether you are talking about 7 days or 30 days. Let’s explore the differences.
In full disclosure, our record for purchasing a home is three (3) days (quick, we know) and even then, we could have likely shaved a day or so off of that time. The typical home sale involving a house listed by an agent in the Houston and/or Beaumont (including Port Neches, Groves and Nederland) areas where we operate takes about forty five (45 days). Now that we have established a spectrum in terms of house selling speed, let’s break the time frames up into the following categories:
- Lightning Fast (7 days or less)
- Fast (8-14 days)
- Somewhat Fast (15 – 30 days)
Lightning Fast – (7 days or less)
- Sell to a cash buyer
- For a lightning fast closing you are almost exclusively going to have a to sell to a buyer that is paying cash. Financing through banks is almost always the most significant bottle neck in the house selling process. Hard money and private lenders are faster but we address that topic separately. By selling to a cash buyer, you are able to avoid all the red tape and slowdowns of financing.
- Resolve any title issues
- Nothing slows down a house selling process like issues with the deed or title. Some of these are probate issues or tax liens. In the case of probate issues, an example is where the owner of the home has died and an heir is attempting to sell the property before the will has been probated. Tax liens may exist if the owner of the home owes income taxes to the IRS or property taxes to the county. Either one or both of these entities can place liens against the property which may take some time to resolve before the sale can be completed. An easy way to ensure that none of these issues arise is to contact a local title company and request a title report or title search. This should establish who is authorized the sell the property and indicate any liens on the home.
- Have all documents available
- Be sure to have any surveys, inspection reports, receipts/invoices for previous repairs and warranties available to present to any potential buyers. This will make it easy for them to make a quick decision.
- Be prepared to move
- Everyone always underestimates how long it takes to pack and move. If you have any hopes of being able to sell your home this quickly, you probably need to have already moved out or at a minimum, your belongings should be packed and you should be able to move in 48 hours of signing a contract. In some cases, you may be able to negotiate with the buyer to give you a few days to move after the sale has been completed and you have received your funds. Not all sellers will agree to this but it never hurts to ask.
- Price the house aggressively
- Aggressively is real estate speak for below market. To sell a home this quickly, you are likely going to have to incentivize the right type of buyer to view the home, present an offer and close on this type of timeline. Nothing motivates this type of buyer like a deal.
- Sell to the right buyer
- A buyer that can close this quickly is likely not a first timer. This is likely a person or company that will waive inspections, surveys and the other typical due diligence that can slow down the process. Be sure to ask questions of potential buyers about their experience buying this fast. You will want to hear clear examples and see proof of instances where they have done this before.
- Evaluate and accept offers quickly
- You will need to evaluate, compare and accept an offer within hours of putting your house on the market for sale. Yes, you read that right. You will have a make a decision that quickly. The faster the process starts the faster you will be at the closing table.
- Choose the right title company
- Not all title companies are created equally and using one that can handle a closing of this speed is essential. If you are dealing with a professional home buyer, they may suggest a title company that they’ve used before to accomplish the lightning fast closing goal. Feel free to call them up and confirm that they can facilitate this. If not, you may want to shop around. Please note that as we operate in areas surrounding Houston including Beaumont, Groves, Port Neches and Nederland, Texas, it’s traditional (and recommended) to use title companies to complete real estate transactions. If you live in another part of the country this may not apply to you.
Fast (8 – 14 days)
Some of the requirements for Lightning Fast home sales (above) are not as stringent here. There is a big difference between 7 and 14 days and you have a lot more time to do things like pack and move. Check out the key points below.- Cash or some types of financing
- As in Lightning Fast closings above, you will likely want to consider selling to a cash buyer. However, in the 8 -14 day selling range, the right type of lender or financing can also meet this timeline. Mortgage bankers, hard money or private lenders may be able to provide financing with the speed required to close in 8 -14 days. Mortgage brokers may have a bit more difficulty accomplishing this for reasons discussed separately. If the buyer is using financing be sure to get some clarity on what type. Don’t hesitate to contact the lender directly and ask if they can meet the timeline.
- Accept preferred offer quickly
- You have more time than a few hours but you definitely want to make a decision in no more than a day or two.
- Price the house competitively
- In a hot real estate market, you may not need to price the home aggressively, but it should be at a minimum priced competitively. Do not try to price it above its value with the hope of having a buyer negotiate you down to where you need to be. In a hot market, right at or just a hair below market value may get you some quick offers.
Somewhat Fast (15 -30 days)
At this speed level you’re entering the realm of the more traditional transaction but with every step well executed. All parties from the lenders, inspectors and agents (if applicable) will need to work in sync to ensure no surprises. Here are a few pointers to meet this speed requirement.- Cash or Conventional Financing
- In addition to the cash and financing options mentioned previously you should be able to achieve a closing in the required time frame with more conventional lenders that provide FHA, VA and conventional loans? These would include the larger banks, mortgage brokers and mortgage bankers. A quick courtesy call to ensure the lender can meet the timeline would be helpful as some may have internal procedures that necessitate a longer closing time.
- Have a show ready home
- The previous sale speeds would most likely be facilitated by a cash or professional home buyer that can see past any clutter or required upgrades. Now that you’re opening up to the wider larger buyer pool, it’s important to have a home that’s clean with any delayed maintenance completed and even professionally staged if possible. Your goal here is to be the best home on the block. This would go a long way to attracting the highest number of offers possible especially if you’re pricing at full market value. This brings us to the next point.
- Price the house reasonably
- Pricing at market value (or even slightly above) is par for the course here. As long as your home is “best on the block” (see previous point) and your local market is relatively healthy you should have no problem getting enough offers to negotiate a quick sale.
- Offer Incentives
- Be willing to offer incentives to facilitate a fast sale; perhaps some closing cost assistance or a slight discount for the buyer if they close within the desired timeframe.