Selling your investment property doesn’t have to be expensive or time-consuming. Learn more about your selling options in our latest post!
Listing a Oklahoma City house isn’t always the best way to sell it. From repairs to agent commissions to the cost of waiting, selling with an agent can get expensive quickly. Below, we will outline some of your selling options so you can get the best price possible in the least amount of time.
Sell Your House On Your Own
By selling on your own, you will avoid the agent’s commission. However, you will still need to pay for marketing and closing costs on your own. You will likely find you are spending several hours per week screening calls, answering calls and scheduling property showings when selling your investment property. You will need to pay for repairs, listings and the continued maintenance of the house for as long as you own it. According to statistics, selling on your own will take more time than if you chose to list with an agent, meaning your monthly costs of ownership will add up fast. Selling the house will save you the agent’s commission, but that’s about it. Everything else from the marketing to the contracts to the negotiations is on you.
Selling your home without the support of an agent might save you money, but it allows you to do a little more research. In order to successfully sell your home, you must set the right price, ready your home for the market, advertise it, and pick a suitable buyer. Knowing what you can do yourself, and what’s better to outsource, will keep you from making costly mistakes.
To prevent all agent commissions and fees, you may opt for a “For Sale By Owner” listing, or you may want to sell directly to a professional homebuyer. You would be able to retain the 6% fee in your wallet by ignoring the middleman.
Sell To A Professional
There are many benefits to working with a professional home buyer such as Local House Buyers . You will be able to sell quickly, allowing you to move on and end your responsibility for the home. You will not need to continue paying for the maintenance of the property. You can say goodbye to the taxes, utility bills, homeowners insurance, and other costs of ownership. You will not need to spend a dime on repair costs or having the house professionally cleaned. The convenience factor will allow you to sell quickly, being able to use the proceeds from the sale on another investment. Many investors choose to sell their properties to other investors as they both know exactly what the property’s value is. There is no-nonsense, just a straightforward and mutually beneficial sale.
One benefit to consider selling to a cash buyer is that you can save money by avoiding a realtor. Part of the selling contract in normal transactions typically includes the seller paying for the fee of the agents on both sides of the deal. Although you may still want an agent to represent you, many of these buyers who do not have a loan choose to do so without an agent, and that’s one less thing for you to worry about. It could mean more money in your pocket, and depending on the selling price of your home, it could be a large sum more that you could use for the purchase of your new home or any of the other closing costs involved.
Another advantage of this kind of transaction is that it usually happens quicker than if you were selling a loan to someone else. There are a couple of explanations for this. The first is that you don’t have to wait for the buyer to have the loan accepted. Since there is no lender, there are also usually fewer restrictions as far as closing is concerned. You are less likely to have delays for this reason. The lack of a loan also means that the deal is less likely to fall through. Many buyers may have to withdraw from the deal if it turns out that they can not get approved for the amount of the loan they originally thought they would have.
The main advantage is that most people that don’t get a loan for the purchase are people who want to rehabilitate or actually resell the home without putting in any extra effort. Because of these cash buyers, you won’t necessarily need to make any big improvements to the house to sell it. This might be another way for you not only to save time but also money.
If You Do List…
Don’t Bother Upgrading
If you decide to list it, you can save money by only fixing up what is absolutely necessary. If the house needs upgrades or looks outdated, leave it up to the new owners. You can offer a credit for the upgrade or other incentives to encourage people to give your property a chance. In fact, many buyers will appreciate having the opportunity to fix things up according to their taste. Imagine, if you spent a ton of money on a kitchen, and finding out that something you picked out is actually what drove a buyer away. Everyone has different tastes, and allowing the prospective buyers to incorporate theirs can actually help you with a sale.
Usually, when you sell the property as it is, that means that the buyer will purchase the property exactly as it is, defects, and all. The seller does not participate in any pre-sale home renovation, and demands for maintenance will be refused. The prospective buyer will obtain the house with all its flaws and issues intact.
This may also be a way to stop paying high closing fees. You will close in as little as 10 days with a home-buyer like Local House Buyers. It is very beneficial if time is of the essence and you have to leave quickly.
Investor or cash buyer purchases homes so that they can renovate and resell the house for profit. Such types of buyers may not need to see the house or be concerned with upgrades, because they are already preparing to make improvements. Because of this, a cash buyer can present a hassle-free way to quickly sell your home.
If you sell to a cash buyer, you sell off the market and do not list your house on the MLS.
Price It Right
If you decide to list your Oklahoma City property, make sure it is priced right. Many people will overprice their homes because they do not know the actual value. Agents will even hype up the price in order to get you to sell. If it isn’t priced right, it will sit on the market, gradually losing its appeal to potential buyers. Many buyers will think that if a house sits on the market for too long, there is likely a reason why. Learn the real value of your home before trying to sell it. This way you can gauge your expectations, and avoid being disappointed if you receive offers you perceive to be low. Our team can help you determine the real value of the property and make you an offer for it right away.
To make a successful opportunity to sell your house, you must start with the correct pricing of the house. It’s the price of the property that’s the biggest attractor to any buyer, so it also makes a lot of difference. The higher the price tag you’ve got, the more customers you’re looking to purchase your house, rather than you selling your property.
If your property is priced wrongly, it will cost you dearly. If your property is overpriced or underpriced, the net result that you will get will not be optimized, at least for the effort you make to sell the house.
If your house is underpriced, you won’t be able to get a good return on your property; likewise, if it’s overpriced, you won’t be able to get good buyers. Especially in this competitive market, many more homes are likely to be listed in online portals or newspapers, and buyers do not appear to pay attention to any property that seems overpriced to them!
There are several instances cited by real estate experts that when you are attempting to sell property at a price higher than that prevailing on the market, it is almost difficult to get a buyer. Potential buyers will lose interest once they notice that the price of the property is too high!
For every day that you are listed as the owner, you will incur costs. Utilities, taxes, insurance, a mortgage, and maintenance costs add up quickly. Depending on the property, holding costs can add up to thousands of dollars. As any real estate investor will tell you, the faster you are able to close, the more money you will be able to keep in your pocket. Holding costs can quickly make your projected profits fade away into nothing. Listing your home on the MLS and successfully selling can take months. However, when you sell your house directly to Local House Buyers , we will likely be able to close in only a matter of days, potentially saving you thousands of dollars along the way.
The best solution when you decide to sell a house quickly includes finding a real estate investor purchasing a home with cash. The ‘Local House Buyers’ would not only save your time by making an offer for your home within 24 hours but will also help you save money. Saves the expense of hiring a realtor, advertising the property, and even fixing the house, when cash home buyers make a cash offer for the home in its present condition.
Interested in selling your investment property in Oklahoma City? We can help! Contact our team today! 405-395-2085
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