4 Ways to Sell Your Property
Unsure of the best way to sell your property?
Below, we will outline the 4 main methods used to sell in today's market. Don't fall for the common mistake of listening to a single source (such as a real estate agent) on this important decision, as this can often be a biased opinion and cost you BIG in the end.
1. Cash Sale - The quickest route to sale, this option provides numerous benefits to the seller including; no realtors, closing in as little as two weeks, leaving behind anything you don't want, and a more personal/informal selling experience. A cash sale is the ideal choice when the home needs many repairs and the owner does not want to deal with the projects OR time to sell is limited by a hardship situation (probate, divorce, tax delinquency, foreclosure, etc.).
2. Seller Financed - In a seller (owner) finance scenario, the homeowner is taking the place of the bank. Upon sale, the buyer assumes ownership of the property while the seller receives periodic "mortgage" payments according to the terms defined and agreed to by the parties.
3. Traditional Listing - A traditional listing typically involves a partnership between the property owner and a real estate agent. A home owner also has the ability to list a property for sale on his/her own without the assistance of an agent. However, this path requires time to enter listings, take phone calls, negotiate, and will not reach as large of an audience. In addition, you will need legal council when reviewing contract offers submitted by other agents and/or buyers.
4. Short Sale - A short sale option is executed when the mortgage amount on a home exceeds the actual value of the property. In this scenario, a cash sale, seller financed sale, or traditional listing will not be possible. You will need to partner with an agent or attorney who has experience with the legal proceedings of a short sale. The agent/attorney will be negotiating with your lender on your behalf.
A short sale is a very beneficial tool that can eliminate the burdens of a foreclosure. The process is cumbersome and tricky to navigate, so having a strong team is imperative.
We hope that these short definitions have helped open your eyes to what options are available and the best course of action for your specific needs. Having built a great team over the years capable of handling any of the above mentioned routes, we would be glad to work with you or answer any questions you may have on the journey to sale.