How Many Reasons Are There To Sell A House Part 1.

sell a house

What Kind Of Seller Are You?

Why Sell A House?

There are probably 100’s of reasons that different people want to sell their house.   Time to up size, time to down size, a new job in a new area, the neighborhood is changing and so on.  These are all reasons that are made because the seller wants to sell.  There are other reasons such as foreclosure, a property is inherited, divorce, unable to maintain the property or the grounds, and so on.   These are typically reasons that influence a seller to need to sell rather than want to sell.  I’m going to talk about why sellers need to sell in this article.

Getting Started Selling a House

Often times when people in the real estate business talk about properties that people need to sell, they talk in terms of “Distressed Properties”.   A distressed property is a property that needs repairs or clean up that the owner can not or does not want to do.  These repairs can be minor or major.  Sometimes it is the seller that is distressed.   Examples of a distressed seller is a seller who is in foreclosure because they can’t make their payments, people getting a divorce, inheriting a property one does not want, the city is issuing a property owner ticket for non repaired properties and so on.   So what does a seller do if they need to sell a distressed property?

That Depends.  How much time does the seller have to sell the house?   Typically the more time a seller has, the more money they should receive for their property.   Does the house need repairs that the seller can not get done?  Has there been a Notice of Default recorded against the property indicating a looming foreclosure or sale date?   Does the seller need money right away, or can they wait?

How these questions are answered will determine if it is better to sell quickly for cash to an investor or list the property on the Multiple Listing Service (MLS).  The first question a seller should be asking themselves is “how much time do I/we have to sell the house?”  Then ask yourself what repairs need to be done?  Unless the repairs are major, repairs should not hinder your decision to sell fast or slow.  That advice is based on the market we have going on the date this blog was written April 2016.  As you can see, market conditions are very important in making decisions about repairs. Often, good Real Estate agents can counsel and help a seller with repairs. Answers to these questions make a great starting point in a seller’s decision making process.

How To Get Started Selling Your House

With all these reasons to sell, how does one choose someone to help them?  What would you look for?  Look for people Licensed in all aspects of the transaction such as the Real Estate Agent, loan officer, appraiser, tax specialists and attorneys.  Research and find good unlicensed people such as home inspectors and some repair people.   Look for people that have been in business for several years.  What do you NOT want to look for?   Someone that does not answer their phone or return calls quickly.   Communication is essential for a good selling experience.  And not just between the Professional and the client.  It is very important that the Professional communicate well with other professionals involved in the transaction.  And lastly, in most ways, the Broker that a Real Estate Agent places his license with has little to no affect on the transaction.  This is a very important concept.  For example, a real estate agent is the person facilitating the transaction not the broker.   Part of a broker’s responsibility is to make sure the laws and rules are followed along with adhering to marketing laws and regulations.   And finally does the Real Estate Professional you are working with have access to buyers that will pay cash, close fast no matter what the condition of the house is?  Sellers should have all options.  Here is a link to my web site that talks about selling quick for cash. GaryBuysHouses.com  So weather you want to take the steps necessary to maximize what you can get for your house or you need to sell for cash quickly, do your research to find the right people.

How Many Reasons Are There To Sell A House Part 2 will be about non distressed sellers.  Here is a list of the top 15 reasons non distressed people sell their home to get you started.

I know this blog may leave people with a lot of questions.  Please go to my Facebook page and post a question or call or email.  My phone number and email address are on my Facebook Page.

 

 

 

Trackbacks

  1. […] Part 1 of How Many Reasons Are There To Sell A House mostly talked about reasons a home owner needed to sell their house such as foreclosure or divorce.  This time I am going to talk about many of the reasons people want to sell their house such as wanting a nicer or bigger house. Market conditions play a bigger role in your decision making process when one wants to sell rather than needs to sell especially if you want to purchase another home. This is all because of the supply and demand of houses. […]

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