Alternatives to Listing Your Home
Have you been thinking you want to sell your home in the Salt Lake City area? If you have, we want to share some possible alternatives to listing your home on the MLS with an agent. Many people don’t know there are several options available to them rather than listing your house. Check out our latest post to learn more about what is available for you!
Selling your house can be a big pain when you get right down to it. The process of listing a house with an agent isn’t always as simple as is seems. There are repairs to make, cleaning to maintain, open houses, showings, bills and other hurdles to clear all while you are trying to move!
There are other options rather than listing your house that can work much more efficiently in some situations. Consider some of these alternatives to listing your home when you are ready to sell your Salt Lake City house!
Rent To Own
Deciding to sell your house using a rent to own structure is a great way to get the property in front of many more potential buyers. It is also a way to guarantee you will get full or ABOVE retail value for the home. Most of the time you will get more than retail value by doing seller financing. There are MANY people out there looking to buy a home, but they fail to qualify for a traditional mortgage because of a minor blemish on their credit from years ago, they have another mortgage on a different property or they are self employed. But, many of these buyers have vary large down payments.
These are great people, who will be likely to pay a higher than average rent in exchange for the chance at home ownership. To get started, the buyer will pay you an agreed upon lump-sum payment up-front. This acts as a deposit should they fail to hold up their end of the deal. The buyer will also pay you a higher than average rent, with a portion of the rent going toward their down-payment.
At the end of a year or two, the buyer must purchase the home outright. There are many ways you can set this up but talk with an attorney to make sure you are taking care of the paper work property. An actual seller finance may be better than a rent to own. Just figure out the best way for you to draw up the contract.
Hold As a Rental Property
Have you ever thought of yourself as being a landlord? A lot of the time it can be a lot of work. While other times, and with careful screening, you can find great, tenants that you will hardly hear from. Many people who want to keep a house or who aren’t able to sell a house the traditional way, will try to rent their home out.
If you think it will be too much work, you can always hire a property management company to help you with routine maintenance and rent collection. Many people find owning a rental property is an excellent way to secure extra income.
Selling to A Direct Private Buyer
When you choose to sell your house by finding your own buyer, you will likely save many out of pocket costs you have when listing. You won’t need to pay a listing agent, make house repairs or clean up if you sell directly to a Professional House Buying Company or a private buyer. If you want to sell directly to a retail buyer as a for sale by owner (FSBO), you will probably have to make some repairs and manage the transaction. With a direct sale to an investor, the process typically runs much more quickly. Direct buyers are often paying in cash, so they are able to close, and close fast, without relying on bank funding.
When you sell your house directly to a private buyer, make sure to read the fine print and that the terms are agreeable to you. When selling on your own, you will not have a professional to help guide you. Not all home buyers are the same! Always close at a title company and work with licensed people.
Many people are turning to auction services to sell their [marlet_city] homes. Choose a site or person who will generate buzz about your property using excellent marketing. The goal here is to draw attention to your home and encourage buyers to outbid one another. This can drive the price up.
An auction is great for people who want to want to sell and have a definitive date. By selling quickly, you can potentially save thousands as opposed to listing your home. You will have to give a percent to the auction house.
Factor in your mortgage payment, homeowners insurance, property taxes, repairs and general depreciation, and you’ll see that holding on to a home that is not making any income, is only costing you money.