There are plenty of reasons why one may decide to sell his or her house. It could be because they want to relocate to another city or country or just selling it for personal reasons. However, whatever the reason for selling the house, the process can be quite overwhelming and challenging, too. That’s because there are plenty of houses on the market, giving buyers more choices.
When it comes to selling a house, there are numerous options for sellers. For instance, you can work with a real estate agent, sell it yourself, or sell it to a professional home buyer [real estate investor]. However, these three options have their pros and cons. So, let’s take a look at these three options in detail.
Option 1: Working with a real estate agent
This is the most popular way to sell a house. Real estate agents will walk with you in every step until you sell your house. Since they know the market better, they can offer you valuable insights. All you have to do is contact an agent who will then come and see the house to determine its sale value. You will then have to sign a listing agreement with the agent so that they can represent and sell your house. The agent will then list your house on the MLS, markets it, and show your house to potential buyers.
If the house sells, the agent will take care of the paperwork and negotiate with the buyer on your behalf to complete the transaction. He or she will then collect their fee. It is as simple as such.
Some of the pros of this method are that agents have direct access to the MLS, meaning they can list your house and expose it to a broad range of potential buyers. They will also handle the paperwork for you. The main downside is that it can be expensive because you have to pay the agent’s commission.
Option 2: Selling the house yourself
Selling the house yourself, also known as For Sale by Owner [FSBO], is also another popular way to sell a house. To do this, you will need to market the house yourself. You can list it on sites such as craigslist or forsalebyowner.com. You can also use social media to market the house. However, this option can be tricky, especially the part where you have to determine the value of your home. But you can ask help from a real estate agent to help you determine the value of your house.
The pros of FSBO are that you negotiate on your own behalf and avoid real estate agent fees, hence saving money. Some of this method’s downsides include lots of legwork on the part of the seller, the house may take longer to sell, and the sale price may be lower.
Option 3: Selling to a real estate investor
You can also sell house for cash to a real estate investor who buys houses. They buy the house as-is, meaning you can sell your house in whichever condition it is in. The investor will fix it and sell it or hold onto them as a rental property.
The pros of this method are that the whole process can be quick since investors buy with cash, the investor will pay for the costs after the transaction, and they also buy the house “as-is” so you won’t have to spend money repairing the house. The cons are that you will be selling the house at a discount to the market price, and you can land a scammer who is posing as an investor.