A traditional home sale isn’t right for everyone. If you don’t have much time to sell, you’re not sure you can afford the repairs your home needs, you’re at risk of foreclosure, or you’re going through a big change your life, such as a divorce or relocation, you might be looking for creative solutions that would help you sell your home quickly and hassle-free. Let’s look at why a traditional home sale might not be your best option and a few choices that might be better for you.
You’re Out of Time
If you’re at risk of or facing foreclosure on your home, you can’t wait for a traditional home sale to run its course — which could take months. If you’re behind on mortgage payments, selling your home now can help you get ahead of your debt before it becomes a bigger problem. Selling as-is for cash or working with your lender to secure a short sale will save you from the damage to your credit if you were to go through the foreclosure, meaning you’ll be set up in a good place to move on in a new home or other living situation.
You Need to Make Repairs
Whether your home needs a lot of cosmetic fixes you don’t want to deal with or big renovations like replacing a leaking roof, addressing foundation problems, or getting rid of mold or termites, repairs are expensive and time-consuming. If you’re not sure if you can afford repairs to your home, or just don’t want to deal with fixing it yourself, you may want to look for a way to sell the home.
A traditional home sale might require you to address these issues, or at least the big ones, before you can attract a buyer. However, if you sell your home as-is, you won’t be required to make any repairs or changes to the property.
You Need Extra Cash
If you need extra cash for other things in your life, you may want to sell your home. Selling a home traditionally might mean hiring a realtor, paying for home inspection costs, repairs and updates, as well as any advertising needed to attract a buyer. You then have to wait until a buyer is found and the closing process can begin, all while maintaining the property, settling utilities, and making payments on a mortgage, if you have one.
If you opt out of a traditional home sale and choose an as-is or cash sale, you can sell your home quickly without having to make any changes to the property. You won’t need a realtor or have to worry about a long closing process. If you need extra cash, and don’t want to wait around for it, a non-traditional home sale might be better for you.
Your Situation Has Changed
A change in life situation might push you to sell your home. Whether you’re going through a divorce and liquidating assets or you have to relocate for a new job and have to sell quickly, a traditional home sale could drag out for months, be emotionally and financially taxing, and not be the answer for your needs right now. If you need to get rid of your home to move on with your life in a new place with new memories, you might want to look for a creative solution that helps you sell your home quickly and with minimal stress.
You Don’t Want the Hassle
If you don’t want to go through the trouble of selling your home traditionally, you might consider selling it another way. Maybe you’ve inherited an extra home, or you’ve had previous experience with a lengthy and stressful traditional home sale, or you know the market isn’t favorable to sellers right now and you don’t want to wait it out. You can save yourself a headache by selling your home quickly and non-traditionally with a creative solution.
An as-is or cash sale could help you sell your home if you don’t want to deal with repairs, wait for the market to turn, or worry about attracting the right buyer. Let’s take a look at some options for selling your home in a non-traditional way.
Non-Traditional Home Sale Options
If you’ve decided a traditional home sale isn’t right for you, you’ve made the first step forward. There are a few routes you can take that will offer creative solutions to selling your home as best fits your unique situation.
A short sale is common in pre-foreclosure situations. Working with your lender, you might sell your home in a short sale if you owe more than your home’s current value. If a buyer is found, the lender might agree to waive the remainder of the debt. The benefit of a short sale is that you can be free of your debt and avoid the dangerous credit drop of a foreclosure. Short sales, however, require the cooperation of your lender and can sometimes be lengthy because they require a lot of paperwork and waiting periods. If you’re behind on payments or worried about foreclosure, a short sale could provide relief.
In an as-is sale, you sell your home in its current condition, without making any repairs or updates. A buyer or real estate investor will assess your home and make you an offer, often in cash. The best part about these sales is that they are much faster than traditional home sales. While selling traditionally could take months, an as-is sale means your home can be closed on in as few as 5 days.
If you sell your home in a cash sale, this means the buyer will pay the agreed-upon amount at the time of sale. You don’t have to wait for them to secure financing, or be uneasy about whether or not they can pay. Cash sales are also often as-is, meaning that no repairs or updates to your home are necessary. The buyer is willing to accept the home in the condition it’s in, and has the funds to pay upfront. A cash sale might be for you if you need financial security as soon as possible, or need funds right away to pay off debt or address other things in your life.
A traditional home sale might not be right for you, and that’s okay. Whether you’re interested in a cash sale, a partnership to fix up and sell your home, or a different creative financial solution, Renewed Homes is here to help. Text or call us at (269) 362-0931 or reach out online to learn more.
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