How to Sell a House Quickly During Emergencies and More
There are times in life when you need to sell a home quickly. The downside is that many factors work against you, causing it to take months to complete the transaction.
Emergency Situations That Can Force You to Sell a Home Quickly
Possible emergencies include:
- Death in the family: Unfortunately, a mortgage does not disappear due to a death. It’s a lot of work to clean out the house and do repairs, and selling a home quickly might be a practical option.
- Aging parents: They might need to move away and they can no longer maintain their home.
- Job loss: You can no longer afford to pay for your home. You may also need to move away and relocate to another job.
- Divorce: Both yourself and your partner may wish to part ways and move out immediately.
- Property damage such as a natural disaster: These are disasters that cause extensive damage such as tornadoes.
- House fires that extensively damage the home, making it too expensive to rebuild even with insurance money.
- Water damage: A pipe bursting and it compromises the structure by flooding. “Water is such a big killer for a house, no matter how it gets in. It can lead to a wide variety of issues and be a big project,” said David O’Neil, Director of Acquisition at Homestead Road
If you need to sell a home quickly, don’t let the list scare you. It’s possible to get your home sold fast — you just need to be smart about it.
How Fast Can I Sell My House in MN?
How fast you sell your home depends on several aspects. It also depends on how you are approaching the process, such as working with a real estate agent.
Selling Your Home with a Real Estate Agent
You don’t want to put a home on the market that needs little repairs. They worry that there are bigger issues looming that they can’t see.
For example, some “invisible” issues can include energy loss through drafty windows or mold damage hiding behind wallpaper.
If you’re selling it on the market, give yourself 30 days to clean out your home, make repairs, and repaint. You also need to interview at least 3 real estate agents because it allows you to:
- Get a real feel for the price of your home
- Experience the process of each real estate agent
- Remember, don’t sign with the first person who comes through the door
- Don’t feel obligated to hire friends and family. This is an expensive process and you need someone experienced.
Next, photos will need to be taken for your home and the property is put on the market for buyers. The quality of your photos is very important. They can make a big difference in attracting buyers to your home.
In fact, good quality photos can help your home sell 32% faster.
Best Time of Year to Sell a Home
Keep in mind that the market doesn’t necessarily correspond to the weather. It more so ties into when people have the money to make a purchase.
For example, people have less money in December and January because of the holidays. Summer is a good time to move because kids are out of school, and first-time homebuyers are hunting around in the spring.
Things that Can Slow Down the Selling Process
- Poor quality photos
- Working with an inexperienced real estate agent
- Minor and major repairs
- Your home is outdated. Most buyers are looking for clean, bright, and move-in ready homes.
- Have the right market of people available who want to take on projects
- Hiccups in the loan or title process
How Long Does It Take to Close on a House?
When you get the contract, there is usually at least 45-60 days to close — this is on top of the 30 days needed to make repairs and hire a real estate agent.
The closing contract used to take around 30 days but there are more and new rules. This has made the buying process even longer.
“Expect 3 months at a bare minimum to sell your home,” says O’Neil on working with real estate agents. “But it can take 5 or 6 months.”
The good news is that you have some control over how long the house is on the market. You can speed up the process by:
- Lowering the price of your home. However, pricing it too low will make buyers think that something is wrong with your house.
- Choosing a real estate agent with excellent marketing skills.
If you’re worried about selling your home quickly in Minnesota, cash buyers and home investors can be a wise choice for you.
Working with a Cash Buyer Such as Homestead Road
Cash buyers are companies that can purchase your home as-is. They have funds immediately available to buy your house.
However, not all homes and circumstances are an ideal fit for cash buyers.
For example, homes that work well for Homestead Road are those that need repairs. The market should have some mobility within the neighborhood.
The best news is that we can close up the process in about 10 days — even if your home is less than perfect.
However, we don’t live in a perfect world. Even when you’re working with Homestead Road, there are a few circumstances that can slow the process:
- If there is a divorce, it can take a little longer especially if there are title issues
- Selling the home of an aging parent who is dealing with memory loss.
- When you need to get the power of attorney to sell the home. Try getting the power of attorney situation straightened before selling a home.
Otherwise, you can count on approximately 10 days with Homestead Road. It’s mostly a waiting period of waiting for the title and loan processing.
How to Sell a Home Quickly
Homestead Road works to buy your Minnesota house quickly. Even in a situation such as a divorce, we are here to make the process as smooth and fast as possible.
Preview line: Are you wondering how to sell a home quickly? We’ll show you one of the fastest options available, even if your home needs repairs.