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Quick Sale Homes Options to Watch Out For

Quick Sale Homes Options to Watch Out For
by John Carlucci - August 4, 2022

Sometimes, people have the time and financial resources to list their homes and wait for the right buyer. Other times, it is imperative that they move with far greater speed. When you do not have the luxury of waiting four months, six months or even longer for a sale to complete, then… What do you do? Do you have to struggle until then? Do you have to continue wasting money on a home you can no longer afford or no longer want? Do you have to put your plans on hold or face the looming prospect of repossession?

No. 

You do have options. And, admittedly, some are better than others in terms of the benefits and speed you can realise. Let’s look at the ones that may not be as advantageous so you know what to watch out for as you go through this process. 

Watch Out for These Quick Sale Homes Options 

When a conventional sale is not a viable option given your circumstances, you may be tempted by:

Short Sales 

This one tricks a lot of people: short refers to price, not timeline. How does it work? If you request that your mortgage lender allow you to sell your house for less than you owe, and they agree, you can proceed. 

There are a few problems here. One, your lender does not have to agree to a short sale. They may if:

  • You are “underwater” in your mortgage (i.e. you owe more than the home is worth)
  • You are in arrears on your mortgage payments 
  • You are facing repossession

And two – and the bigger issue when you’re facing a time crunch – is that short sales quite often take longer than traditional sales. Believing a “short sale'' is a quick sale can get you into some financial hot water.

Auctions

While often a last resort for those facing repossession, the fact is that any homeowner can sell their property at auction. On the plus side, you will know the exact date your home will (likely) sell. But be aware that you may not sell as fast as you’d like – or you need. It can take 30 days or as many as 45-60 to complete a sale. Other considerations to keep in mind:

  • You have little control over the sales price. While it’s possible you could have a bidding war on your hands, it is equally likely that you will have to accept the minimum offer. 
  • You typically need to have quite a bit of equity in the home in order to realise any benefit from an auction. 

For Sale By Owner (FSBO)

An FSBO situation may work to complete a quick transaction. There are some if’s involved here though. It can be beneficial if you already have a buyer lined up. Most people going the FSBO route sell to a friend, relative or neighbour.

If you do not have a buyer in mind, then it can take just as long as a traditional sale – or longer. Also, people who sell on their own typically see a significant decrease in price and they do not have a knowledgeable expert (i.e. an estate agent) to smooth the way forward and help you navigate the myriad legalities.

What Can You Do?

A quick sale homes method that might be the solution for which you have been (desperately) searching is going through a reputable cash property buyer. This is an investor or group of investors that has the financial standing and on-hand capital required to complete quick purchases. 

You can sell your house in as-is condition, relieving yourself of the burden of making repairs, renovations and upgrades that buyers typically expect. Better still, you can execute a sale within 21 - 28 days. This slashes your timeline down from months or longer to just a few weeks.

A good cash buyer will offer about 75% - 85% of total market value – but remember, you will clear away many expenses, including repairs, estate agent fees, solicitors’ fees, conveyance fees and more.

There is no guesswork, no delays. Just a quick process that ends with cash directly deposited into your bank account. 

When you have to sell fast, make sure you sell smart.

Author

  • John has worked alongside Real Estate Giants across USA and Canada for decades. Since he started Prudentialcal, he has been actively rendering service as business adviser to many companies in the real estate industry. He formed Prudentialcal in hopes of providing the most reliable stories and information there is in the vast industry of real estate

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