Life happens – everyday life crises strike. Divorce. Parents unexpectedly pass. A family member gets sick and needs medical care in another city. A once-in-a-lifetime promotion arises, except it is halfway across the country.
How can you determine when it is best to sell your house yourself or when it is a better bet to sell it quickly?
Though life happens, bills do, too. Even when situations such as a divorce or taking over a family member’s residence can mean lots of details and added responsibility, the day-to-day bills must also be considered.
Ask yourself these three questions to determine if a quick sale is right for you.
- Do you have time to wait to sell later? While it may look like common sense to know that if you can’t wait, a short sale is the logical next step, people in emotional situations such as divorce, loss of a loved one, relocating a parent to a senior residence seldom think logically. Consider your situation and honestly appraise if waiting is going to benefit you. If you wait, are you guaranteed a higher sale price? How much will commissions cost? What will it cost to ready the house for market? Make a list of expenses, list the current value or amount owed on the mortgage and do a side-by-side estimate of what the ‘cost’ of waiting will be.
- Do you have the time and resources to handle selling a house? Selling a house is a time-consuming option. Updates, repairs, staging, readying the house for market, meeting with real estate agents to determine a marketing plan, being away from the property when needed, and being available for calls from the agent all cost time and resources. Do you have the time, the emotional band-width to handle the regular sale of a house that can take anywhere from a day to 6 or more months? Answer honestly whether this is a journey you want to go on with the house under consideration.
- Will going the full sale route guarantee you a profit? After you have listed the amount owed on the mortgage, the real estate commission (currently as much as 6% per $100,000), the cost of repairs, the cost of staging, the cost of readying the house for market and you have determined that you will make a profit, consider next how much it will cost to ‘carry’ the property for 30, 60, even 180 days. Carrying costs include the cost of the monthly mortgage, the cost of electricity and even the time associated with being ‘available’ for the sale ins and outs. After you add all of that and subtract it from the profit…consider if a quick sale might be a better option.
Our level-headed pros can help you look at your unique situation and help you determine what would work best for you. We are here to help. Our goal is not just to buy another distressed property; we want to help you find a solution that works best for you and your family.
Yes, life happens, but when it does, there are people who can help. Give us a call today.