A quick sale on a house is a great way to get cash in your hand quickly. However, there are some things to consider before you go ahead and sell your home fast, like knowing how long it will take and what to do when your offer is rejected.
Short Sales versus Foreclosures
In order to qualify for a short sale, a homeowner must have fallen behind on their mortgage payments and the home is worth less than what they still owe on it. This is a much better alternative than going through the process of foreclosure, which is expensive and could damage their credit score.
It can be tricky to negotiate with a lender when your offer is a short sale, especially if the lender wants more than you’re willing to pay. For this reason, you should work with an experienced agent who understands the intricacies of negotiating short sales and knows how to handle difficult situations.
Before you make an offer, you’ll want to inspect the property. This can be a great way to discover any problems that may have been overlooked. Also, it can help you decide whether or not to go through with the deal. Read more https://www.readyhousebuyer.com/
If your home inspection reveals costly issues, you can ask for a lower price before making an offer. This will give you more leverage in the negotiation process, but you’ll need to be patient and wait for the bank to approve your offer.
Once the lender accepts your offer, it can take up to 90 days on average for them to process and approve your short sale. This can vary a lot depending on your location, so it’s a good idea to talk to an agent to find out exactly how long it will take for the short sale to process.
The Best Real Estate Agents for a Quick Sale on Your Home
When you’re looking to buy a short sale, it’s important to pick a reputable real estate agent who is familiar with the local market and has a good track record of negotiating deals successfully. Moreover, you should hire an agent who is knowledgeable about the short sale process and who can explain how it works.
It’s also a good idea to look for a real estate agent who can provide you with information about the seller’s finances, including their ability to pay their mortgage and their current income level. This will allow you to make an educated decision about your purchase and avoid being stuck with a bad house.
You should also choose an agent who is a seasoned negotiator, and who can tell you if your offer will be accepted or not. This will allow you to make the right offer for your situation and avoid having your offer turned down by the seller’s lender.
Do Not Fall for a “Quick-Sale Property Company”
Many people are turned off by quick-sale property companies that claim to have access to a large database of property investors who will buy houses at close to market value. While these companies are legitimate, they should be treated with scepticism and not trusted to sell your house for you at the best price.
