Best Alternative Ways to Sell a House

Selling a house can seem like a complicated process—there’s legal paperwork, agents, showings, home inspections, and closing costs that can amount to a colossal headache. Perhaps you’ve already listed your home and you’re wondering why it’s not selling faster. Or, maybe you’re going to sell soon, but you aren’t sure the best way to go about it. 

The real estate market has evolved and the traditional home sale through a real estate agent is only one of the options available to you. Read on to review alternative ways to sell a house and find the best method to help you sell your home.

Why Selling a House Can Be Hard

1. Cluttered

A common mistake from homeowners is forgetting to clear their personal belongings or to create an open, clean space. When potential buyers look at pictures of your home online or visit your home in person, there shouldn’t be many signs of you living there at all. Removing your personality from a space (i.e. family photos, statement furniture pieces, etc.) is key to having potential buyers envision a life in your house. 

2. Unreasonable Asking Price

Another common mistake sellers run into is the belief that they have to price their home high in order to receive a high offer. Instead, look at similar homes in your neighborhood and see what they’re priced at. Your home should fall within a reasonable range, and if it’s a competitive price, it could spark a bidding war that raises the final price by quite a bit.

3. No Curb Appeal 

If your home qualifies as a “fixer upper,” that is, it’s dated and in need of repairs, it can be difficult for buyers to see past first impressions. Consider lowering your price if you don’t want to put the money in to enhance your home’s appearance, or consider selling to a property investor (described in detail below).

 4. Not an Ideal Location

Crime, pollution, and remote locations are all deterrents for potential home buyers. It’s not appealing to have to drive long distances for amenities like a grocery store or school.

Selling With a Realtor

It makes the most sense to sell your home with a realtor when your home doesn’t need a lot of repairs and it’s in ready-to-sell condition. If you decide to sell with a realtor, make sure the agent has personal experience, as some realtors actually have very little. Below are some potential ways a deal may transpire with a realtor. 

1. Short Sale

Despite its name, a short sale is typically a long, slow, and difficult process. It’s mostly desirable when the only other option is foreclosure. If your agent prepares your seller’s estimated net (the sales price minus the transaction and closing costs) and it’s in the negatives, you’re essentially losing money to sell your home. It’s still possible to close the deal if the bank accepts less than the total amount owed, though this will damage your credit. 

2. Owner Financing

If you own your home (a.k.a. you don’t have a mortgage), you can act as a lender for the potential buyer. In most owner financing cases, the home seller receives a larger down payment as well as a higher than market interest rate. This option is attractive for buyers who don’t qualify for a traditional mortgage, for reasons other than their credit. 

3. Loan Assumption

Since mortgage rates are currently at record lows, loan assumptions aren’t as common. However, when mortgage rates eventually rise, buyers might want to take on your current loan if it has a low fixed rate. They can take out another smaller loan to cover the rest of closing costs if necessary. 

Selling Without a Realtor

1. For Sale by Owner 

Though it’s a self-explanatory and common phrase, less than 10% of deals are for sale by owner. Independent, can-do attitude homeowners might find this avenue attractive as it’s cheaper than working with a real estate agent (no commission fees), and there’s a multitude of websites available such as Zillow and Craigslist that make posting about your home easy. However, there is more work required—accurately pricing the house, marketing, showings, etc.—plus, you will have to navigate the legal paperwork and all its complexities without assistance.

2. Instant Buyer 

iBuyers are real estate companies that use technology to estimate your home’s value and make a direct offer. It’s one of the more straightforward alternative ways to sell a house, but it’s possible for their final offer to differ from their initial estimate.

3. Auction

If you sell your home via an auction, it’s similar to the for sale by owner process, except there’s a professional guiding you. No negotiations required and no contingencies, an auction also requires the buyer to pay all the commissions and your house sells as is. However, bidders (a.k.a. potential buyers) have to meet a certain criteria so the buyer pool is restricted and most potential buyers hold the false assumption that auctions are only for distressed, dated homes.

4. Sell to a Real Estate Investor

Another fast and simple way to sell your home is by selling to a real estate investor. Similar to an auction that allows sellers access to quick cash, deals with real estate investors are ideal for those with homes that aren’t in market-ready condition. Investors tend to be cash buyers; however, it can be tricky to determine who is a reputable investor and whether or not it’s a competitive offer. 

With 800CashToday, you’re connected with a local house buyer who buys houses for cash and knows your neighborhood well. Fill out our simple form or call today and see what cash offer you’ll receive—no obligations necessary. We’ve streamlined the home selling process to serve both parties with seller benefits, like a $10,000 cash advance, free credit repair, and free local moving. We buy houses as is and you choose the move-out date, so you can sell your house as quickly as you like—no repairs necessary!

Whatever your question or concern, our team looks forward to speaking with you in exploring your options at 1-800-CASH-TODAY.