The last twelve months have brought difficult times to many people across the country and indeed, the world. During March and April of 2020, the housing market slumped in many places due to the impact of Covid and enforced lockdowns.
Due to lockdowns and non-essential businesses closing there has been a rise in unemployment and of course, this means there is less interest in buying property. This then affects sellers, especially ones who are desperate to offload a property.
There are many reasons why someone would need to sell their home quickly but it can take months for a sale to go through and this is not ideal if the seller is in dire need of money. So, the question is how do you sell a home quickly, and especially when times are tough?
What causes a person to need to sell their home quickly?
Firstly, it should be understood why someone needs to sell their home fast. Anyone looking to move home from A to B and sell one property while purchasing another will want it to happen quickly and smoothly. However, this is a normal type of sell-buy situation. Someone wanting to sell very quickly is likely to be in a very different scenario.
Here are some of the circumstances that might require an expedited sale:
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Inheritance - unable to pay the tax on the new home
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Unemployment - can no longer pay the mortgage or home loan
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Sickness - rising medical bills
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Emigrating - received a job offer overseas
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Debt - unable to service loans and credit cards
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Divorce/separation - need to relocate
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Criminal or legal proceedings - fines, or jail sentence necessitating in a sale
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Failing business - need a cash injection quickly
As you can see none of these reasons involves a peaceful move to a bigger property to start a family or to move in with a partner. They are all involving someone needing to offload a home very quickly. So, what are the options?
Estate Agents are the first port-of-call
Typically if someone wants to sell a home they will visit their local estate agent. It is important to find an accredited estate agent, and one that can show a proven track record of selling similar properties.
Will they sell your home quickly though? This is the question you need to ask and the answer is unclear. A good property in a desirable area with an attractive price might go extremely quickly but it could also conceivably take weeks or months to find a buyer. It could also take another 6 to 8 weeks for completion meaning no funds are being put into your bank account until then. All of which is no use to someone needing a quick sale.
Raffle off your home
This is somewhat of a controversial area and Which? magazine has called for legislation to be introduced after a number of house raffles have gone very wrong. There is also a question of legality in different regions and countries as it could represent an illegal lottery.
A house raffle involves people buying a ticket, usually for a substantial amount compared to normal raffles, but sometimes as low as £ 2 with the winner being promised a home. One of the problems lies in the seller not handing over the property. There may be a clause on the raffle that if a reserve price isn’t met the raffle is void which may seem ok but some organisers have kept both the property and the house.
A raffle can also take a substantial amount of time to organise and to make enough sales to cover the desired cash figure for the home.
Sell your home to rent it back
There is a way to sell a house but keep the home. Certain companies invest in property and pay cash quickly for a house and then let the seller continue to rent. Using a quick home sales company can work for many people needing money fast.
One advantage of using this method to sell is that you are almost guaranteed to sell your house and get cash quickly. The disadvantages are that the price will be lower than the market price and you need to check the long-term conditions.
This method is also unsuitable for anyone not wishing to remain in the same building, so anyone emigrating should avoid this option.
Sell to a property investment company
Covid has affected house sales over the last year and with new restrictions regularly being applied it is unclear if the property market can stay open. One area however that isn’t being affected so much is property investment by individuals or organisations. A property investment company looks to the long term and much less for short-term profits meaning that Covid and other factors will affect them less.
If you needed to sell your home quickly then a property investment or ‘we buy houses’ type of company is the most guaranteed way of getting cash in your pocket quickly.
The pros of selling to a property investment company are as follows:
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A guaranteed sale
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Usually, no fees to pay
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No repairs to make to the home
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A cash offer within 24 hours
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Cash in your pocket in as little as a week
There are of course negatives just as there are in any situation and you may not get the full market value as the company themselves are looking to make a profit later down the line. However, when talking about how to make a quick sale in a difficult time this is the only guaranteed way to do it.
How do you find an investment property company?
One of the quickest ways to find an investment firm is to search the internet. Many investors are waiting to purchase your house and simply search for ‘we buy houses in Orange County’ or your local area and you will find one.
Are there other guaranteed ways to sell a home quickly?
The only guaranteed way to sell a home is to either lower the price so much that it can’t be ignored or to sell to an investment firm.
If you feel that you can wait a little longer to sell then you can try a couple of other methods:
Classifieds
Using Craigslist and other classifieds is a way to sell your home yourself but you will have to consider all the paperwork and inspections that need to be organised.
Auctions
Selling at an auction may appeal if you are looking for a quick sale. The downside is once again there is no guarantee of a sale and if there is no reserve price you may sell your house for a much lower amount than you are happy with.
Summary
For whatever reason you need to sell, whether it be that you are a disgruntled landlord, going through a divorce, or just need the money quickly, the only way to be guaranteed to receive cash quickly is to use an investment firm.
Search the internet, do some research and ask questions about the companies that you shortlist. Once you are happy you can sell your home knowing that you don’t need to carry out any repairs, pay any fees, and won’t have to worry about the sale falling through 4 weeks down the line.
