3 Reasons Why You Should Sell House Fast and Off-Market
If you want to sell house fast, then listing it with a real estate agent is not for you.
But, of course, it is the more popular option. Why? There are plenty of reasons. First of all, it’s quite convenient. You don’t really need to do much since it’s the real estate agent who handles most of the process. Second, you get to ask for a higher price. Third, well, it’s a great way to weed out any potential scams and make sure that you complete the transaction in a legitimate manner.
There’s a lot of advantages to selling on the market, is what we’re trying to say.
Off-market transactions, however, should not be underestimated. There are also certain pros to bypassing brokers and finding a buyer to sell your property directly to.
Below are three legitimate reasons why it MIGHT be better to sell your house off-market.
1. Significantly higher profit
Selling a house on the market can be expensive.
Remember, there’s a reason why brokers and real estate agents try to sell your house for the highest price possible, and that’s because it means there’s more money to be had for them. But, by skipping over their cut of the pie, you can sell your house for a higher profit margin even though the total contract price is much lower than if you would have listed your property on the market.
By selling off-market, you can expect to save anywhere between 5% to 15% of the total sale price.
2. Expedited closing date
Not all owners are looking to make the most money possible by selling their property. Some just want to make a quick buck, while others find themselves in distressed situations and just want to get themselves out of it before it becomes worse.
Either way, when selling a house and listing it with a broker, your property goes through a long and arduous process that involves many things, including but not limited to creating an offering memorandum (OM).
This will serve as a detailed report containing all of the information regarding your property, especially in terms of finances and if there’s significant upside to investing on it. This can take anywhere between a couple of weeks to a couple of months. During that time, the number of houses on the market will only continue to grow, further shrinking any chances of your property being sold when you need the money.
Thankfully, you can skip this and sell off-market.
By dealing directly with the a potential investor or buyer, all you need to do is to provide them with all of the necessary information that they want, including but not limited to rent rolls and details about the property’s monthly expenses, among others.
Once this has been provided, the buyer can then underwrite the deal and give you an offer, which, if you accept, means that the closing data can be set in a couple of weeks or a little bit longer than a month.
3. Faster and more convenient processing
As already mentioned earlier, not all owners are after the biggest payday, some are content with just minimal stress.
Selling off-market can potentially be that choice.
By selling off-market, you can skip all of the property tours, open houses, as well as random people poking around and checking out your property. That also means that you most likely won’t need to stage it anymore and can sell it as it is for little to no additional cost.
Not to mention, since you’re dealing directly with the buyer, it will be easier to find a deal that works best for both parties involved.
Should I Sell My House Fast to a Cash Buyer?
Cash buyers aren’t the only people who you can sell your house directly to, but they are the most convenient option.
If you sell your house to a cash buyer, it’s just like you’re selling directly to the buyer. The only difference is that cash buyers work faster and won’t hesitate to give you an offer in a matter of days if not hours. Not to mention, if you accept their offer, you and the cash buyer can close the deal in a month, give or take.
Of course, in the end, it all depends on you.
If you want to sell your property off-market, always consider how it will benefit you first. If, for example, you have more to gain from a higher profit margin, less hassle, and faster closing time, then, by all means, do sell your property off-market.
If nothing else, you can always try to sell house fast to a cash buyer in case your initial plan doesn’t pan out, or you can still have it listed with the help of a broker.