When deciding to sell your house, you have two main options.
You can either use a realtor or avail the services of house buying companies has to offer.
Each has its pros and cons which we shall discuss in this article.
These and your needs will help you make an informed decision on which option to go for.
Realtors
Realtors are usually the best source for selling your home. It is proven that these specialists will get at least 10 to 20 percent more for your home than you would if you sold it on your own.
It’s also proven that they will sell it 50 percent faster using the services of real estate agents.
Since most of these agents are up to date with the housing market, they’ll be able to guide you on what needs to be addressed to get the most out of your sale.
They may also have connections to buyers through past clients and colleagues. A real estate agents network is a powerful tool to selling your home faster.
However, using Realtors has its disadvantages as well. The average cost of a real estate agent is 6 to 7 percent of the total sales price of your property.
Also, you will be dealing with financed home buyers meaning you are likely to pay seller commissions that range from $3000 to $5000.
It also means you will have to wait 1 to 2 months for the sale to close and let’s not forget the cost of the mandatory home inspections.
If there are parts of the house that need repair, you will be responsible for the expense. If the buyer uses his or her own private inspector, expect some huge demands before they decide to progress with the purchase.
All this can be very costly and time-consuming, a luxury you may not have when facing foreclosure or need to relocate as soon as possible.
House Buying Companies
These firms usually have a bad reputation are often thought to be scam artists. However, in reality, they can be of great help especially when you need to sell a home quickly. Since these home buyers are investors, do not expect them to offer a full price for your home.
But before you kick them out of your home, take a moment and think about the pros of availing a home buying company. More often than not, these investors have the cash to buy the home instantly.
The sale will not only be a cash one, but you won’t have to worry about paying any commissions. They also cover the closing costs which will eventually save you some money. Since your home is a for sale by owner, no broker will be involved.
The lack of a broker means no fees and no inspections. Real estate investors operate on an AS-IS basis, they will not bring a private or city inspector, and that means you won’t have to cover any repair expenses.
So, even if you will not get full price for what your home is worth, you’ll still save thousands of dollars in repairs and fees. It makes the deal sweeter knowing that the house buying companies can close the deal in as little as seven days.
The best part about selling to a real estate investor is that you can live your unnecessary items in the house, meaning that you will save even more cash on moving expenses.
These are the pros and cons of selling via a realtor and house buying companies. Ensure you consider your situation and needs before settling for either.
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