The key to selling your property fast is finding the correct buyer.
What are the signs of a correct buyer?
1. They need to be a cash buyer. They need to have the funds ready to close. A cash buyer can use 100% of their own funds or have a hard money lender for part of the funds. The hard money lender must have no conditions for the loan (other than the percentage of the investor money for the purchase price – like 40% investor and 60% hard money loan).
2. The offer must be an “as is” offer with a very short time frame for inspections. Inspections are important to determine the true conditions of the property. Here is a professional insight: let the buyer know you will continue marketing the property for backup offers during the inspection period.
3. Let the buyer know up front about any liens. You can do this by opening escrow or title before the property goes on the market and have them run a preliminary report. This will find out if there are any title issues like liens or ownership problems. By letting the buyer know up front about any issues, will save everyone time and help you get to the correct price for the deal.
4. Understanding how a cash investor calculates the buying price is key to knowing which offer to accept. When you understand the ARV price and the cost of rehab, carrying cost, marketing cost and the other issues, the offer price has a context. This is one reason to have a professional on your side who understands how these numbers work. Most realtors don’t even know the terms, let alone how they work in the real world.
The line between a property seller who wants to sell fast and a desperate property seller is very thin. Knowing how to accept the best buyer is more important many times than the best offer. The number one problem for people who want to sell their property fast is having the first offer not conclude with a closed sale. The goal is not to change from a fast sale to a desperate seller.
Contact Coffee Real Estate for professional help in selling your property fast. We can help even if we are not the right buyer. Ask for the real estate selling guide for more insights on how to sell your property fast and for more money.
How not to sell you home fast?
And the problem it creates.
The first thing to understand is the retail home buyer can not move fast. They need time for inspections, appraisals, and time for the lender to act. There is nothing fast about this process.
Next, the standard real estate investor can not move fast. They want home inspections and a ton of market data to validate if this property is a sound investment. I have seen investor transactions take more time then a first time buyer sale because of the detail of information the investor wants before they will close the deal.
Why start with these two groups of real estate buyers that can not move fast when you want to sell your property fast? Because they can not move fast and you will not achieve your goal of a fast sale. And a more important insight is the reason they can not move fast is all the conditions and information needed to close the sale. If they do not like the conditions and information, they end the transaction. It is very simple to do. You get a signed document saying I no longer want to buy and the deal is done. No sale.
How devastating is it if you want to sell fast and the first buyer drops out just before closing? The goal of a fast sale of your property is gone. You have no chance to sell fast. Now you may be selling desperate. And selling a home desperate is a recipe for disaster.
