1. Find out what your house is worth: To do this, you’ll need to contact a reputable local real estate professional to give you a no cost no obligation valuation on your property.
Once you know what the house might sell for in the current market… will provide you the basis for how long you may, or may not be able to (or willing to) sell your house. Determining factors of value are; does the house need work? Is it tired. In other words, has it been “well lived-in” for many years, and need a lot of updates?
2. Decide just how fast you need to sell your house before you start packing the boxes and relocate. This is a biggie. I’ve seen professionals accept a promotion and are told they need to relocate right way…So, personal items that came come right away take priority, with the house taking a backseat till it all sets in…hey, we need to sell it!
Be sure you decide how fast you need to sell your house… and how long you can stay afloat making two mortgage and insurance payments and all the carrying costs associated with the move, it all adds up quick!
3. Find a solid real estate expert. Get the ball rolling early so you don’t waste any time. Every month you wait, or every month that it takes to sell your house, costs you money. If you don’t want to use a real estate agent to sell your property, consider using a reputable local house buyer.
4. Calculate the value of selling your house fast vs. “waiting it out” for a dream price. We all want to sell our houses for as much as we can get. But one thing many people forget to do is come up with the $ amount of how much it costs you to hold onto their house.
The costs involved including the mortgage (which if you’re still within the first 10 years of the mortgage, the majority of your payment interest are not hardly going to principal at all), insurance, taxes, maintenance, etc.
Lets say you want to sell your house for $200,000, and your mortgage payment is $1,200/mo., taxes $200/mo., $100/mo. for insurance, and $100/mo for maintenance (lawn care, miscellaneous repairs while you’re gone, etc.)
Those expenses add up to $1,600/mo. in fixed building expenses. If it takes you 7 months to sell your house through a real estate agent for that $200,000 less 5% in negotiation for wear and tear … it will cost you $11,200 in DIRECT “holding costs,” plus you’ll have to pay $12,000 in real estate agent fees (assuming 3% for the buyers agent and 3% for the sellers agent)…plus the 5% in negotiations- Totaling $33,200 in LOST money.
That doesn’t even account for the value of your time, your stress in thinking about that property sitting on the market, and the opportunity cost of what you could have been doing with that extra money? Along with your time and the extra stress during those 7 months, etc. So, the real cost to you was likely closer to $35-$40,000
What if you were to sell your house next week and avoid all of that?
Even if you sold your property for a discount below the retail price you’re still ahead of the game by selling the house NOW at a discount to a home buyer like our company, vs. 7 months later at full price (and paying holding costs and real estate agent fees). Does all this make sense?
5. Take action! Whatever you decide, decide and take action.
If you want to go the real estate agent route, great! We can help you find a reputable local agent and proceed with them.
If you’d rather not have to wait and avoid paying all those holding costs and still have to wait it out to sell… then a viable option may be to sell your house to us now!
On the other hand, if you have a lot of time on your side and a really great property, you might want to test the market by offering it out at an above asking price. There’s a small chance someone might just fall in love with it, and be willing to overpay. As you know, people do crazy things for love.
In reality, most properties are fairly average. They tend to be like the other houses in the neighborhood, in the same way that people who live near each other tend to have a lot in common. So unless your property is truly exceptional, as in magazine-quality “extra-special,” you won’t capture the most money in the market by pricing at the highest point.
You can also win by marketing your property for rent and for sale, all at the same time. See what happens first. You’ll have to maintain control of the process, which can confuse even the most seasoned real estate professionals.
In certain situations, we have also partnered with property owners to help secure a lease option agreement where highly qualified purchasers rent the property for an agreed time before buying. This is a great alternative for homeowners who have little to no equity in their home.
In other cases, we may help by conducting a short sale with the bank, our attorney handles the process from start to finish.
We love helping people solve complicated real estate problems. We offer creative solutions and can help bridge the gap to get you where you need to be.
You probably have questions, and may not be ready to talk to anyone yet. That’s okay. We understand.
In the meantime, you can email me at our Contact Us page with any questions and I’ll get back to you right away… or feel free to call me directly at (508) 859-1900 if you’re ready to discuss your situation today.