First, we need to define how fast is fast. In this article, we discuss how to sell your house in 5 days, give or take a day or two. There are lots of articles out there on how to sell your house fast in the traditional real estate market, but that timeline is measured in weeks, not days. So, this article is for the homeowners who are saying, “I need to sell my house ASAP!”
How to Sell Your House in 5 Days
When it comes to speedy real estate transactions, cash is king. And if you’re on a tight timeline, you’ll likely need to sell your house as-is. The combination of speed and as-is condition is the perfect formula for a cash buyer.
Sell House for Cash
Cash buyers usually come in one of two forms: an investor with lots of capital or a savvy penny-pincher who is buying their first home. Either way, they have the strongest buying power because they don’t rely on a lender to fund the purchase of the home. To sell your house fast, you don’t want to deal with the 30-45 day standard escrow. And remember, the escrow is in addition to the time it took to get a purchase offer.
The average number of Days on Market (DOM) in Florida is 90 days. That is based on recent market analysis that shows 55 days to get an offer plus the average 35 days to close escrow. Our definition of fast is not 3 months—is yours?
Sell My House As-Is
There are Major Pros for Selling a House As-Is, one of which is speed. Repairs and renovations take time—time you might not have. After all, every day you spend working on the house is one day closer to the next mortgage payment. Traditional home buyers, however, prefer houses that are updated and tur-key. So, you’re left with two options if you want to sell on the traditional market:
- Spend time and money on renovations so you can appeal to traditional buyers
-or-
- List the house as is, and expect it to sit on the market longer
Cash buyers, on the other hand, see opportunity when they see homes in need of repair. They are happy to invest their time, money, and manpower into improving the house for their purposes. Sometimes, it’s best to sweep the home’s problems under the rug by giving the broom to the next guy.
But Aren’t Cash Offers Usually Lower Offers?
Yes, cash offers usually are lower than traditional offers, but it doesn’t mean the value is less! Offer price does not equal profit because there are lots of costs you have to consider when selling a home in the traditional market.
Let’s look at the costs involved with selling a home on the traditional market.:
- Renovation and repair costs
- Inspection fees
- 3% avg. Closing costs
- Standard 6% real estate agent commissions
- avg 3 months’ mortgage from listing to closing
To keep it simple, consider a house that sold for $100,000. That is $9,000 for closing costs and real estate agent commissions alone! And probably nearly $2,000 in mortgage payments. Not to mention any repairs or inspection fees that are required. A cash offer that is $15,000 less sure doesn’t look bad now, does it?! It looks even more attractive when you compare selling your house in 5 days instead of 90 days.
Sell My House Now!
If you are looking to sell your house fast, as in days not months, contact Tropic Coast Homes today! We will give you a cash offer for your house as-is and a closing date that redefines the meaning of fast.