Sometimes life surprises you, and you need to know how to sell your house in 5 days. It’s all about strategy, leveraging the market to your advantage and beating out the competition of other houses for sale in your area.
You also have to be realistic when you estimate the selling price your home for a quick sale. Read on to gain some valuable insider insights into the real estate business so you can sell your house as fast as possible with no repairs needed.
Why Would You Need to Sell Your House Quickly?
There are numerous reasons people seek out ways to sell a house quickly. Maybe you had just recently been laid off. You’ll need to downsize and sell your home fast while on the job hunt in order to make sure your finances don’t take a big hit or are forced to dip into your savings just to keep up with a mortgage you can no longer afford.
Possibly your elderly parent has passed away suddenly and left you their home as an inheritance, but you’re unable to take on the expense of repairs needed and additional mortgage payments.
You just got a job in the new governor’s administration, and you have to move to your state capital asap… but you’ve got a house across the state you just can’t keep paying for.
Maybe the divorce has been unexpectedly finalized early and you’re both just ready to move on– and for a fresh start immediately.
Or, maybe you’ve been watching too many reality tv shows about flipping houses and your first foray into the fix-n-flip investment industry is becoming costlier than you thought. You’re drowning in unexpected repair debt… and you’re ready to abandon ship!
Wildcards can come out of nowhere, but if you make the right moves to sell your home fast, you can come out on top or at the very least, break even.
What are Your Options When You Need to Sell Your House as Fast as Possible?
Most people are aware that the traditional way of selling a home is a long and arduous process that could span over months, or heaven forbid, years if issues arise. And some people are fine with that if they want to try to get top-dollar in exchange for a very large chunk of time.
But, how can you sell your house fast when you really need to? And is it even possible to sell your house in 5 days?
Let’s look at your top options for selling your home as fast as possible:
- For Sale by Owner
- Real Estate Agents
- Sell to Investors
Option One: For Sale by Owner
If sheer determination and extraordinary motivation were all it took to sell a house, you could probably sell your house fast on your own in 5 days… but things are a little more complicated. Also known as FSBO, going the For Sale by Owner route may seem desirable to those who like to have complete control over things and are motivated to get the ball rolling.
However, what most don’t realize until they’re already knee-deep into it is that it’s not as easy as they initially thought. When we say FSBO means taking complete control, we mean complete control over every aspect: calculating an accurate pricing strategy, marketing the property to potential buyers, gathering necessary paperwork, vetting motivated buyers, scheduling showings, etc… It can engulf your life and take up all your time.
Maybe you’re considering this route because you already have a pre-approved buyer. For example, your parents want to buy you out and use your house as a rental property. Or maybe someone has approached you with an offer to purchase because your neighborhood is highly desirable.
Even with a buyer on your doorstep, though, selling by owner is not for someone who is short on time. Chances are good that you will have prepare your home for an appraisal since most lenders require it. Your purchasers should get your home inspected prior to closing, and you may have to negotiate new terms as a result.
You’ll need to find and vet a closing agent to handle the legal end of your deal. Then, of course, you have to wait for the wheels of the closing process to turn.
To reiterate, a for sale by owner strategy represents a major drain on your time and your resources. If you are searching for the best answer to how to sell your house in 5 days, this option is most likely not for you unless you’re prepared to drop everything and gain years of real estate knowledge in an unrealistic amount of time.
Option Two: Sell with a Real Estate Agent
A major plus with hiring reputable real estate agents is that they know the housing market in your town. They also have the training to navigate legal issues, paperwork, property marketing, and scheduling showings.
Knowledgeable real estate agents are in high demand, and have busy schedules themselves. They handle the scheduling of showings- but it’s based off of their availability to show… and if they’re backlogged, your property could take a backseat.
They have the know-how to help you price your home right for the market, but they probably cannot tell you how to sell your house in 5 days. The problem is that it takes time to sell your house the traditional way- even though you have a pro navigating all the hard and legal stuff.
Even if your home is ready to go in your opinion, it is all but impossible for a realtor to know how to sell your house in 5 days because traditional buyers are usually searching for their “dream homes” and can be very picky– especially about outdated kitchens and bathrooms. They can tell you exactly what you need to do to your home to make it as attractive as possible to buyers… but if you’re unable to pay for repairs and upgrades, you may not be able to sell your home for as much as you’d like.
Even if you live in a red-hot housing market, you cannot count on selling your home quickly. Sometimes buyers enter the process and then aren’t approved for a loan… and you have to start all over again.
Nationally, homes were on the market an average of 65-93 days in 2018. And once you accept a purchase offer, the closing process typically takes a minimum of 30 days with a real estate agent combined with traditional buyers with lenders.
Unless you are really lucky and your realtor has a pre-approved, motivated buyer waiting in the wings to pounce and doesn’t care about outdated aesthetics, you most likely would need to sell your home faster than you could with a realtor’s help.
Option Three: Sell Your House in 5 Days to an Investor
Investors make a profit from buying and selling real estate, and the quicker they can buy and sell, the better. They have the financial means to purchase homes quickly, often with cash, for a fast closing.
From companies that purchase property sight-unseen to those who will buy property in any condition, investors are looking for low-priced homes in desirable neighborhoods.
If your house has an outdated kitchen in dire need of an upgrade or needs big-ticket repairs such as a new roof or electrical system, you may want to sell it for a lower price now, fast, and for cash in order to let the investor or future homeowner take on the repair bills.
Some important questions to ask before you sell your home to an investor include:
- Are they reputable and an actual company with an online presence?
- Will they provide a written offer that matches their verbal offer?
- Will they be covering all closing costs and fees?
- What is the timeline for the sale process?
- Where will the closing take place? Can I designate a proxy if I’m not in the area?
- Will a qualified escrow agent or closing attorney be involved?
You should consider the following before you agree to an investor’s offer:
- You could get more money for your home by working with real estate agents, but you’re sacrificing your valuable time and relying on their schedule.
- You could get scammed by unscrupulous frauds, so verify who you are working with and use common sense.
Take 60 seconds to tell us about your home to get your cash offer today!
How to Research Real Estate Investors
This step may cause you to heave a great sigh, but it is critical if you want to sell your home fast. You need to work with a verifiable investment company if you want to avoid costly delays. Once you have launched your search for an investor, you will probably get targeted with multiple related emails and ads from others.
Be aware of common scams:
- Wire fraud: You get an email with instructions to wire your escrow funds, but it turns out to be fake.
- Predatory loan flipping: An unscrupulous lender convinces you to refinance your loan repeatedly, with the lender pocketing the escrow fees.
- Offers of foreclosure protection: You need to sell your home fast due to a looming foreclosure, and you receive false offers of financial bailout.
You can avoid being scammed during an investor transaction by always verifying any online request for cash or personal financial information. There’s really no reason any investor should be asking YOU for cash. Huge red flag. Speak directly over the phone to your legitimate investor before you do anything else or make a decision.
When you contact prospective investors, have your list of questions ready, like the previous examples in this blog, that will help you determine whether they are investors you can trust… or fly-by-night amateurs that merely have a marker-scribbled sign in the median of the road nearby.
If you really need figure out how to sell your home in 5 days, an investor is most likely going to be the only way to go. With an investor:
- You get convenience and speed of a virtually instant influx of cash.
- You don’t have to wait on anyone being pre-approved for a loan.
- You get to name your closing date.
3 Steps to Sell Your House in 5 Days With Honey Home Buyers
Now let’s go over the steps you should expect to take if you want to sell your house in 5 days to an investor, using the Honey Home Buyers process as a prime example:
Step 1: Send Your Property Info to Our ‘Hive’Fill out our simple, 60 second form that asks just a few questions about your home. Our team then springs into action.
Step 2: We Make You a ‘Sweet’ Cash OfferYour dedicated property expert will review your information, and in less than a few hours, we present your fair cash offer. You choose whether to accept or reject our offer– no obligations.
Step 3: You’re Paid Cash For Your House!We close on your timeframe and then you get paid cash in hand- no closing costs, fees, or commissions taken out. It couldn’t be easier!
1- Make Contact and Fill out Our Form
Once you have chosen to sell as fast as possible by going the investor route, making contact typically means filling out our quick and easy online form. This gives us some initial information, but also means that we are going to be reaching out near immediately. Be prepared to answer a phone call from a number you don’t recognize, which is something we all don’t normally do in this day and age. One of our experts is going to ask you a few more questions in order to get know you a little better, see if we’d be a good fit, and give you an initial estimated range that we may be able to offer.
If that range sounds good to you, we’ll then schedule out someone to come do a quick walkthrough and take photos of the property, sometimes that same day, to verify that there aren’t any glaring discrepancies in the information you provided. This is called Due-Diligence, and will also include us conducting a title search to ensure that you’re legally allowed to be selling the property.
2- Receive Your Offer and Make Your Decision
The next step is we send out an initial offer agreement that you can revue and sign online. When you receive your initial written cash offer, remind yourself you are sacrificing some equity in favor of a quick sale and zero out of pocket expenses for repairs– avoiding the time and money needed to prepare your house for showings and traditional sale.
You’re also relieving yourself of most legal problems and responsibilities associated with your property. You don’t need to make countless phone calls or trips to the courthouse. An investor takes care of all the research, leg-work, and all of the documents.
So yes, the offer you get will certainly be below the current full market value of your property, however, reputable investors like us present you with a fair offer based off of what’s called the ARV, or After Repair Value of your property. Our offered are based on:
- Comparable sales in your area
- The cost of covering all closing costs and fees
- Factoring in any liens or delinquent mortgage payments
- Covering any major necessary repairs and standard cosmetic upgrades to resell at market value.
The best way to determine if an offer from a real estate investor like us is one you can live with is to crunch the numbers. In one column, list what you are saving in terms of repairs, cosmetic upgrades, landscaping, professional cleaning, commissions, fees, and time.
In another column, list your potential financial losses if you accept the deal, such as getting less equity from a below-market offer. See how the pros and cons balance out, and then make your decision.
We refuse to close on any deals that don’t make sense for the both of us!
If an investor makes you feel pressured, insulted, rushed, or just all-around uncomfortable, that could be a red flag that they are less-than-honest in their practices.
If you do decide to rethink your plans to sell your house fast, your next best option is to get in touch with real estate agents who have a good reputation in the real estate business. They may be able to save you time in the long run compared to selling by yourself because they have experience and knowledge that will help streamline your sale. However, be prepared to sell in a matter of months rather than days, or even longer if there are issues. Contact us if you’d like to be referred to one of our Real Estate Agent Partners!
3- Sign, Close, and Get Cash in Hand
Because real estate investors like Honey Home Buyers already have a trusted title company and escrow agent they work with closely and frequently, the closing process can be completed extremely fast. In most cases, you don’t even need to be present at closing– choosing to have a legal proxy attend on your behalf instead.
The documents you can expect at signing when you sell your house for cash are:
- Final Closing Instructions: This is a list of things the escrow company needs to do as well as a list of the amounts of money changing hands.
- Statement of Information: This is a document where that verifies that you are who you say you are.
- Mechanics Liens: This document says that you have no outstanding lens against your property.
- Mortgage Loan Payoff: This document states how much you owe on your mortgage, if anything at all. If you do owe, the escrow company handles the payment to your loan company.
- Certificate of Title: This document states that you have the legal right to sell the house.
- Title Deed: This document is used to transfer the ownership of the property from you to your buyer.
- HUD-1 Settlement Statement: This is a federally required document that lists out the sales price, the tax, utility bills, and anything else that you and the buyer have agreed upon previously.
However, you should be aware of some situations that could slow the whole process down, like:
- Making sure you’re responsive on reviewing and signing required agreements and documents.
- If you’re selling quickly because of a divorce where assets need to be split and agreed on and there are lawyers are involved.
- If your property is in pre-foreclosure, you may need time to tell your lender that you plan to list the property for sale with the intention of paying off the mortgage and fees.
- If during due diligence, it’s discovered you neglected to disclose any major repairs, damages, liens, or other things that would affect the initial written offer and cause the need to be renegotiated.
- If you’re already under contract with a real estate agent. Most agents have what is basically a “non-compete” agreement built into their contracts that say you would need to sell exclusively through them until a certain set time is up.
Once all is signed-off on and closed, then you get paid in full. If you attend in person to the closing, you’ll receive a cashier’s check. If you can’t show up in person, we’ll wire you the money directly to the account of your choosing. It really is that simple– and as you can see, if everything aligns right, you really can sell your house in 5 days!