Selling Your Home Fast: Pros and Cons
Should you sell your home fast? It sounds good to move on quickly, starting your new life in a new location. Take a look at the pros and cons of selling your home fast before you move in.
Pros of Selling Your Home Fast
There are some key advantages to selling your home fast, including these.
◆ It’s Fast
That’s the goal, and that’s the most important advantage here. If you list a home for sale on the market, you could be waiting for weeks to get an offer and even longer in some markets. That’s time spent waiting and continuing to pay for the current home.
◆ Selling Fast to an Investor Means No Repairs
Let’s say you get a buyer quickly. There’s an inspection, and there’s a lengthy list of repairs. That’s money out of your pocket that you have to pay to close the deal. It’s costly to wait too long for a buyer when you know there are likely to be a few repairs that need to be done. When you sell to an investor, there’s no cost at all for repairs because they don’t make you complete them.
◆ Get Out of a Financial Problem Fast
Some people selling their home know they are ruining their credit and limiting their ability to save for a new home. You don’t want to face foreclosure or bankruptcy. If you sell fast, you are likely getting out from under your biggest debt faster than any other process.
◆ Don’t Wait for Buyer Financing
Even if you get through the offer and inspection, the entire deal depends on the buyer’s finance company. At the last minute, they can say no, limiting your ability to sell and forcing you to start over. That’s time you don’t have.
◆ You Want to Move On
When you consider the pros and cons of selling your house fast, remember this one. If you’re tired and overwhelmed by owning this home, it’s worth your peace of mind to sell fast.
Cons for Selling Your Home Fast
Doing your due diligence means considering the bad of selling fast, too. Here are a few.
◆ You May Not Get the Biggest Price
It’s possible that listing your home for sale traditionally could bring a bigger price tag. Just make sure you consider the costs of paying an agent and other related concerns. A real estate investor is likely going to sell that property again, which means they need to make a profit.
◆ You Have to Be Upfront
You’re still liable for the home. If you don’t communicate what’s really wrong with the property and they find out later, you could be facing a lawsuit for the damages. Of course, you can avoid all of this by just being honest about any terrible problems with the home – cracked foundations, damaged sewer lines, and so on.
◆ Once You Decide You’re in a Binding Contract
This is true for any type of transaction you’re involved in related to real estate. If you decide to move forward, you’ll enter a contract. You need to uphold the terms of that contract. Generally, that means just completing the transaction. If someone comes along later and has a bigger offer, you’re unable to sell to that party. For some homeowners, that worry about selling too soon is a key concern.
Take a look at all sides based on what your situation is right now. Doing so gives you clarity into what’s right for your home.
You Can Sell Your Home Fast – We Can Help You
You don’t have to worry about weighing the pros and cons of selling your house fast if you don’t want to. Request a cash offer for your home from SellHouseFast. It’s an easy way to find out how you can get out of your home quickly without all of the stress.