Are you looking for a way to sell your fixer-upper house for top dollar?
Perhaps you’re also wondering, “How do I sell my house fast?”?
Worse, you’ve heard lots of people telling you, “We buy houses” but none has helped you so far.
Well, you don’t have to despair. We’ve got you.
You’ve just landed at the right place.
What’s more, we understand that it can be a daunting task to choose the best option through which you can sell your house. And more importantly, we can’t forget the insecurity you have about frauds in the house buying industry.
As such, we have created actionable tips to help you with various ways that you can be able to sell your fixer-upper house at higher prices safely.
So, without further ado, let’s get moving.
- Hire a Real Estate Agent
This is the traditional way of selling your house. It involves signing a contract with a licensed real estate agent. The agent will handle the marketing of your home. Besides, the agent will advise you throughout the house selling process.
What’s more, he/she will tell you how you should spruce up your house so that you may get high paying buyers. Additionally, the agent will make your house’s photos and information available to your potential buyers. More importantly, real estate agents will take approximately a 6% commission from your house’s sales price.
Pros of Hiring a Real estate agent
A real estate agent will enable you to reach more potential buyers. This strategy has an advantage over selling your house through a cash buyer. And consequently, you might gain higher net proceeds from your fixer-upper house.
Besides, a real estate agent will help you make an informed decision about the selling of your house. Consequently, he/she will advise you on how to price your home. What’s more, the agent will provide you with possible options and opportunities concerning the selling of your house.
Cons of Hiring a Real Estate Agent
Despite paying the agent as high as a 6 % commission, the agent might not be able to get the right buyers. Such a situation may especially happen if your house needs a lot of repair work. What’s more, you have to pay the agent the commission even if he isn’t the one who finds the buyer of your house.
You must pay the agent closing costs. The closing costs are 1 to 2% of the sale price of your house. And additionally, while waiting for a buyer of your house, you have to pay the agent holding costs. And these holding costs are typically for two months or more.
You also need to sign a listing agreement with the agent. The agreement gives the agent the exclusive right to sell your house within six months. Additionally, in most cases, the agent deals with many buyers offering different prices for your house. As a result, the process of selling your house might have lots of unpredictable outcomes.
- Find a Cash Buyer
Most cash house buyers will buy your house As-Is. Therefore, you don’t have to repair or renovate your house when you sell your house to cash buyers. Why this? Most of them buy the fixer-upper houses intending to resell them after repairing and renovating the houses.
Pros of Selling Your House to Cash Buyers
With cash buyers, you don’t pay any commission. What’s more, they pay you within days. As such, you can sell your house real-fast when you sell to cash house buyers. More importantly, you can request a cash advance before closing the sale.
Moreover, with cash buyers, you will experience fewer sales falls through. If you are selling your house privately, you may find buyers who may accept your offer, but later they get cold feet; they lose interest in your house. But with accredited house cash buyers, you are almost 100% guaranteed that they will fulfill their “We buy houses” claims.
Cons of Selling Your House to Cash Buyers
Unlike working with real estate agents, with cash buyers, you have to do lots of tasks on your own. You have to shop around for multiple offers. Next, you compare offers from different cash buyers. Then you vet the cash buyers. What’s more, cash buyers offer lower net proceeds as compared to selling your house through a real estate agent.
- Determine Your Best Option
We’ve seen the cons and pros of the two options available to you. The challenge now is choosing the option that will best suit you. However, to determine this, you need to determine the amount of time and money that you are willing to invest in your house before you sell it.
As such, if you’ve less time or money, selling your house to an investor is your best option. Why this? An investor can repair or renovate and resell your house quicker than you can at your current situation.
However, if you have adequate money and can wait for some more time before selling your house, consider doing some minor repairs to your house. Afterward, you can explore the two options and opt for the opportunity that will yield more profit since the renovations will allow you to demand higher prices.
Read on to see two factors to consider as you choose the best house selling option.
Amount of Repair Work Your House Needs
If your house needs significant repairs or a complete renovation, then it may mostly attract investors or cash house buyers. Other families may not want to buy the house since it may not be fit for habitation. So, instead of trying to sell it to individuals, sell your house to cash buyers.
Most importantly, what may happen if your house is in a condition where it is not likely to sell in the market? Well, your agent may be forced to find cash buyers or developers and sell your house to. As such, if you know that your home is in that state, sell the house to the cash buyers directly without involving the agent—it’s more economical.
The Estimated Net Proceedings of Each Scenario
In this section, first, we need to calculate the net proceeds of our two options. Then we will be able to use the results from the calculations to determine which among our options has higher net profits. But generally, the real estate agent option involves more costs than the cash buyers option.
However, the traditional sale (the real estate agent option) might give you higher returns than the cash buyer option. But sometimes the net proceeds of the two options may be closer than you think. So, use the net proceeds estimates from your calculations and see which option suits you better.
Over to You
For a recap, we’ve seen that you have two options for selling your fixer-upper house. One option is to hire a real estate agent. And the other option is to sell your house to cash buyers. Besides, we’ve looked at the cons and pros of each option.
What’s more, we’ve also seen how you can choose an option that best suits you. To determine the best option, you need to estimate the amount of repairing your house needs. And also, you have to evaluate the net proceeds of each selling option.
Now it’s up to you to apply the advice from this article and attend your “sell my house fast” request.