When it comes time to sell your home, you have more than a few options. On the one hand, you can sell it traditionally and go through the arduous (and sometimes, costly) process of preparing your home for the market and selling to potential homeowners. However, depending on your house, the market, and your neighborhood, this could take months.
Alternatively, you could give up on trying to sell the home and try to rent it out. However, most people can afford to hang onto a mortgage and hoping they’ll always have renters paying the bills for them.
But have you considered selling to home investors? Home investors will buy your home for cash, regardless of the condition, it’s in. This can be a great option for people who don’t have the time or money to fix up their home before selling it.
However, don’t just take our word for it. Ask yourself the following questions when deciding whether or not you want to sell to home investors.
1. How Long Are You Willing to Wait?
Selling a home traditionally takes over two months, but that’s after it’s originally placed on the market. That doesn’t include prep time, which can take weeks to months by itself.
If for whatever reason, you’re looking to sell your home quickly and move on with your life, you should consider selling your home to home investors who can usually give you a quote within 24 hours. From this point (assuming you accept their offer), you could have your home sold in as little as seven days.
2. Are You Facing Foreclosure?
Another reason it might be worth your time to consider selling to home investors is if you’re facing foreclosure on the home. Unfortunately, life doesn’t always go the way we plan. Sometimes, that means falling behind on our mortgage payments, and banks aren’t exactly understanding.
Typically, after four missed payments or 120 days without paying, lenders will send you a notice that the home is under foreclosure. After a foreclosure notice, the homeowner has two to three months to figure out what to do. Generally speaking, it would be incredibly risky trying to sell the home traditionally.
3. How Much Work Does the House Need?
Additionally, consider how much work the house needs to be put up for sale in the housing market. While you can try to sell it as-is, hoping to get a house flipper or young couple willing to renovate, the odds aren’t in your favor.
Moreover, the buyer’s lender may not approve the loan if there are any “red flag” issues with the house, which are determined by the lender and loan type. For example, negative drainage, roofs that need repairing, chipping paint, and water damage have all been known to stop a house sale dead in its tracks.
4. What Resources Are You Willing to Invest?
If the house needs updating or repairs but is still sellable to the average buyer, you need to consider another question. How much are you willing to invest to get the home sold?
For example, what updates will you make to appease potential buyers? Will you pay for a realtor? What about professional home stagers and house cleaners?
Selling your home to home investors is a great alternative to investing tons of time, effort, and money to make your house more appealing to potential buyers.
5. Are You Facing Any Major Issues?
Finally, when deciding how to sell your home, consider where you’re at in your life. There are certain circumstances where selling your home to home investors may be the simplest and most commonsensical solution. For example, you may be thinking “I need to sell my house fast” because:
- You’re facing foreclosure (noted above)
- You’re going through a divorce
- You’re being relocated for work
- You’ve inherited the home and don’t know what to do with it
- The purchase of your new home rides on this one selling
- You don’t have the financing to prep the home for sale
Should You Sell Your Home to Home Investors?
While we can’t make the decision for you, we think we’ve given you a pretty good idea of whether or not you should sell your home to home investors. If you’re in a bind or simply looking to sell your home as quickly as possible, home investors are the way to go.
And if you’re looking for more home advice, be sure not to miss out on the rest of our articles in our blog. We also have new listings if you’re looking for great new properties in Florida.