Published September 23, 2020
Where to Start With Selling a House and How to Make It Easier
You’ve decided it’s time to part ways with your property, but you have absolutely no clue where to start.
Truth be told, you’re a bit overwhelmed by the thought of beginning the tedious process—plus memories you have tied to the house are flooding your mind.
We are here to help. Here’s where to begin with selling a home and how a cash buyer can help make the undertaking easier.
What Are the Steps to Selling a House?
Once you’ve made the decision to sell your home, it’s time to get to work. Here are some general how-to steps.
Find Out How Much Your House Is Worth
You can find out your home’s value online by using a free estimator tool. Many real estate websites like Zillow and Redfin offer these types of calculators. However, if your house is not in great shape, the estimate probably won’t be accurate.
If you’re working with a real estate agent, they will do a comparative market analysis (CMA). This data will let you see how your home stacks up with recently sold properties in your area to figure out its fair market value and price it accordingly.
Time the Sale of Your Home
Just as market analysis will help determine your asking price, it also factors into your decision on when to sell your home. You can use housing market data to decide the best and worst months to put a “For Sale” sign in your front yard. Your timing will likely depend on where you live.
If you use a cash buyer, anytime is a good time to sell, but especially if it's a seller's market and the cash buyer is into renovating.
Do an Inventory Analysis
You should find out how many homes in your area are for sale so you’ll know how much competition you’re going to face. Are there more sellers or more buyers? In a buyer’s market, the value of your home could go down. In a seller’s market, prices will likely rise.
Figure Out Your Timeline
It takes a lot of time and effort to sell a home. You need to decide how much you’re willing to commit to putting your house on the market and then waiting for a buyer. How fast your house sells depends on your situation, your home, and your market. On average, you can expect the process to take around two or three months.
What Are the Mistakes to Avoid When Selling a House?
There are a lot of moving pieces (and people) when it comes to selling your home. Here are some mistakes to avoid during the process.
Selling a house can evoke all kinds of feelings. Maybe you grew up there. Maybe it was your first home as an adult. Maybe you raised a family in the house. Whatever the case may be, it can be hard to detach yourself from the property. But if you’re going to sell, you have to think like a businessperson, not a homeowner, and view the transaction as financial, not emotional.
Hiding Major Issues
Honesty is the best policy. If there are big problems with your property, they will be revealed in the buyer’s inspection, so there’s no advantage in trying to conceal them. You’ll have to fix the issue, adjust the price to reflect future repair costs, or watch the whole deal fall through. Any buyer who was expecting a turnkey home will be taken aback by a hidden problem.
Not Getting Ready for the Sale
Besides all of the research that must be done ahead of time to list your home, there’s physical labor that has to take place before you can show your house. You need to declutter and clean, as well as make minor repairs. The goal is to allow potential buyers to envision themselves living in the home. They can’t do that with pictures of your family on display and a broken microwave door.
Not Having Proper Insurance
People will be on your property looking at your home during private showings and open houses. You want to make sure you are covered properly if someone has an accident and tries to sue you. You should take steps to prevent obvious hazards in the first place (like an open pool or loose dog).
What Are the Benefits of Working with a Cash Buyer?
If that sounds like a lot of work you didn’t sign up for, you should consider reaching out to a cash buyer instead of listing your home. Here are some of the benefits.
All the work involved in listing your home disappears when you work with a cash buyer. There are no stagings, showings, appraisals, or inspections. There’s no homework to do on the state of the market.
You don’t have to buy extra furniture to stage the home if you’ve already moved out. You don’t have to invest any money in repairs. You do not have to pay commission fees or closing costs to a cash buyer.
Since there’s no financing needed with a cash buyer, there’s no FHA, HUD, or VA loan guidelines to follow. Cash buyers typically buy a home in any condition, which means there’s no effort required to fix it up.
Fast, Guaranteed Closing
Closing with a cash buyer can be done in as little as a week—and there’s little chance the deal will fall through. Having this extra cash in hand can help you get caught up on debt, add to a savings fund, or create a substantial downpayment for your next home.
What Are the Steps to Sell a Home to a Cash Buyer?
Working with a cash buyer is fairly straightforward. Here’s how the deal is made.
Get an Offer From a Cash Buyer
It’s a good idea to research cash-buyer prospects and ask for references. When you get an offer, keep the house’s condition in mind and ask for proof of funds. The initial deposit should be about 3-5% of the purchase price.
Prepare and Sign a Contract
A contract with a cash buyer should include the purchase price, amount of deposit, and closing date. You can sign and accept or have a lawyer look it over before you commit.
Although working with a cash buyer is usually a simple process, there can be roadblocks. If there are any liens on the property, they will have to be dealt with. If there is an HOA, there might be some restrictions.
Close and Move On
Closing with a cash buyer is much faster than dealing with someone who’s dependent on lender financing. You will still sign traditional documents for the most part. A flexible schedule may be possible if you need time to move.
Where to Start With Selling Your Home
Now you know where to start with selling a home and why it makes sense to work with a cash buyer.
A cash buyer is fast and flexible. They make selling your home easier than listing it on the market and waiting for a buyer to come around.
We want to ease the burden of getting rid of your property. Contact New Again Houses today to discuss selling your home!