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How to Sell Your House in 7 Days
In the United States alone, 13 percent of homeowners move each year. That's about 40 million in the past five years. Among these numbers, many homeowners need to sell their houses on a faster timeline. But is it possible to sell a house in 7 days?
Selling a house in seven days is possible if you sell to a cash home buyer. You would be able to skip all the processes that prolong the house sale, such as repairing the property, listing on the market, and waiting for mortgage approval. You also won't need to host open houses, showings, or stage the home since cash home buyers purchase as-is.
Whatever your reason is for wanting to learn how to sell your house in 7 days, you'll be able to get to closing day fast if you know where to begin. Luckily, this blog has everything you need to get started.
Sell Your House to Cash Buyers
As established, selling to a cash buyer is one of your two options when selling a house in seven days. This is an off-market sale since you won't need to list your property, wait for retail buyers to put in their offers, or deal with the home search process.
Cash buyers are individuals or companies that can buy your property without relying on a mortgage or loan. In other words, they have cash on hand, and if there aren't any legal issues with the property, they can close immediately. These buyers have been dominating the market in recent years and there are a lot of reasons why.
Reasons to Sell to a Cash Buyer
There are several reasons why many homeowners opt to get cash offers. Most of which are connected to situations where they need to sell quickly.
1. Career Relocation
There are companies who ask their employees to move to a different city in a limited time. To avoid keeping the house and paying for two mortgages once they move, these employees sell to a cash buyer.
It is tough to handle a home's sale while going through a divorce. There may be a lot of disagreements between the couple and this may delay the sale. Couples who don't want to continue communication during a traditional home sale often find it advantageous to sell to a cash buyer.
3. House Foreclosure
Selling to a quick sale company when a house is facing foreclosure is also the route many take to avoid having their property sold in an auction. By getting a cash offer, they can at least pay for the mortgage they owe.
4. Property Inheritance
A parent's home passed onto the heirs may become a burden since it may require a monthly mortgage, property taxes, maintenance, etc. These properties are easily sold through a cash buyer even when the property is out of state.
Houses with active liens usually stay on the traditional real estate market longer. Since cash buyers give offers and close fast, homeowners would be able to settle their lien immediately and avoid possible foreclosure of their property. However, liens delay the title process and make it hard for anyone to close on the house in 7 days.
6. House Condemnation
Typically, when a house is condemned, the owner only has a few months to sell it before it is claimed by the government, deemed uninhabitable, or demolished. Cash buyers move fast, especially when the house sale is under time pressure. A cash buyer who wants to flip a condemned house wants the sale to close in 7 days just as much as the owner.
7. Hoarder House Dangers
Owners of hoarder houses may find the job of decluttering and turning a house into a blank canvas to be time consuming.
Fortunately, most cash home buyers can purchase hoarder houses that are left unchanged in 7 days. They take care of getting rid of all the trash and any accumulated personal belongings of the owner.
Pros of Selling to a Cash Buyer
- Quicker Sale: Removing the lender or creditor from the equation can speed up the house sale to 7 days. Moreover, you won't deal with real estate agents who can complicate things elongating the sales process.
- No House Repairs Required: One of the main reasons why a home's sale can be done in 7 days with a cash buyer is that they won't require you to make repairs even if your property is condemned or it is filled with hoarded items. Sellers may even end up with more money selling as-is compared to paying for extensive repairs.
- Odd House Layouts: Odd house layouts and some other weird features can definitely turn off retail buyers. Luckily, cash buyers are less particular with these. They give out cash offers even if your house is strange.
- No Open Houses: Open houses prolong traditional home sales and create hassles for sellers. But with cash buyers, you won't have to open your house to a lot of strangers just to land a sale. You may have to show it once to the cash buyer to confirm the condition.
- More Certainty: Reliable cash buyers don't often back out of the sale once they put in a cash offer. Further, the sale won't fall through due to financing since the buyer pays cash. With most cash home buyers you can even set the closing date.
- No Real Estate Fees: Real estate fees also slow down the process of selling homes because it leaves more to negotiate. You can skip this when you sell to a cash buyer because they cover all closing costs.
Cons of Selling to a Cash Buyer
- Lower Selling Price: Cash offers are often lower than the market home value. However, if you want to sell fast (i.e. in seven days), a lower sales price to not have to wait months and deal with repairs, fees, etc. may be worth considering.
- Potential Scams: Although it doesn't happen often, some home sellers are scammed by fraudulent cash buyers. This can be avoided, however, if the home seller verifies the cash buyer's credentials before doing any transactions.
How to Choose the Best Cash Buyer
While selling the house in seven days is possible with the help of a cash buyer, homeowners must still proceed with caution, especially if their buyer's claims are too good to be true.
Before we share the general selling process when dealing with a company that buys houses for cash, here are a few tips to choose a reputable cash buyer.
- Research and verify their credentials. Conduct thorough research on the cash buying companies in your area. Don't depend on their websites alone. Search the web for any additional credentials such as reviews and proof that they are indeed legitimate.
- Receive multiple cash offers. Some cash buyers are known for lowballing sellers. Generally, cash offers are lower than traditional sale offers, but they should still be reasonable. Compare multiple cash offers before signing a contract.
- Ensure that their process is simple. No cash buyer would tell you that their process is difficult, but there are instances when it actually is. For this reason, you need to ask them to specify how they really buy houses to avoid any negative surprises once the real estate transaction begins.
- Check reviews and testimonials from previous clients. One great way of verifying if the cash buyer is legitimate and experienced in buying houses in seven days is to look for testimonials of their past clients. Usually, these are posted on the cash buyer's website, but you can also check Google and other sources for detailed reviews.
- Assess how they answer inquiries. Were they able to answer all your queries about the sale? Do they seem confident and sure when they respond? Fraudulent cash buyers will skimp on the details. If you feel that they're not knowledgeable about what they're doing, trust your gut.
- Check if they charge extra fees. There are some cash buying companies that promise faster sales but charge hidden fees, especially when they buy a home as-is. Be upfront in asking about this. If you can get in contact with a previous client, you can ask if they were charged fees.
- Look for flexibility in terms of time frame. While many cash-buying companies can buy your house in 7 days, they should also be able to accommodate sellers when 7 days is too fast due to relocation schedules.
- Ensure they cover closing costs. Many cash buyers cover closing costs so you get your cash in full. Add the price of closing costs to the cash offer. Typically a cash offer plus paid closing costs will be greater than a higher cash offer without paid closing costs.
6 Steps in Selling a House to a Cash Buyer in 7 Days
Selling your home quickly to a cash buyer is your best bet if you want to sell in seven days. This is because their sale process is straightforward. Here's typically how a cash sale goes, so you know what to expect.
Note: This doesn't apply to all cash-buying companies. Confirm with the cash buyer on their specific process.
1. Get a Home Market Value Estimate
Before getting a quick cash offer, you should first get an estimate of your home's value by comparing it to recently sold homes or comparable homes (comps).
This is to ensure that when you sell your house and request cash offers from more buyers, you will know what a reasonably priced offer is.
You can seek the help of real estate professionals in estimating the value of your home, but there are also online tools that can help you do this for a minimal fee.
2. Request a Cash Offer
Once you know the estimated market value or the price of your home, ask several cash buyers for an offer.
Most cash buyers provide an offer without any commitment. You are still free to ask for offers from other companies and compare them to the estimated value of your home.
Generally, you can find cash buyers in your area by searching online. You would have to fill out a form on their website or give them a call to ask for a cash offer.
Cash offers are usually given in as fast as a couple hours. But in asking for quick cash offers, ask the cash buyer for proof of funds, especially if you're selling a large property.
3. Home Walkthrough
The cash buyer may want to visit your property to check the necessary repairs and improvements that the house needs, especially its foundation, roofing, etc. This helps formulate a more accurate cash offer for the home.
These are all of the repairs you don't have to make when selling a house as-is to a cash buyer. This rapidly speeds up the selling process allowing sellers to sell in seven days.
4. Set Your Preferred Day to Move-Out
You should communicate with the cash buyer when you plan to move out. Most cash buyers won't close until the property is vacated, so if you want to sell in seven days, your move out date should fall within that week.
5. Review the Contract and Sign
If you accept the cash offer, the cash buyer will electronically deliver you a contract. They will give you time to go over the terms and clarify things you don't understand.
Some home sellers find themselves seeking the help of real estate attorneys in reviewing the contract. Once everything is clear and you agree to all the terms, sign the contract to make the deal official.
On closing day, expect to review and sign a lot of documents. You can ask a real estate attorney to finalize the sale with you if you aren't confident about doing it alone.
After all the paperwork is done, the house will officially belong to the cash buyer and you will receive your money in your bank account.
Sell Your House Through Real Estate Agents
If the open market in your area is hot, it may be possible to sell your house in 7 days with the help of a top real estate agent. You'll also be able to set a great asking price during a seller's market.
However, if the open market is average where you live, it can be challenging to sell quickly, even with the help of real estate agents. In fact, according to the National Association of Realtors (NAR), homes were listed on the market for an average of 14 days during a seller's market.
A house sale in 7 days will not be possible if your house needs repairs and renovations. Most prospective retail buyers want houses that they can readily move into even if the sales price is expensive. Thus, expect that if your house is being sold as-is, it will not sell in 7 days on the open market for market value.
7 Steps in Selling a House with a Real Estate Agent in 7 days
If you still think that you can sell your house in seven days to traditional buyers, we have listed the steps you need to take. Most of these steps are geared towards making your home irresistible on the real estate market.
1. Find a Top Real Estate Agent
The first and most important step to selling a house fast traditionally is to find a real estate agent who has great pricing skills, effective marketing strategies, and great negotiating superpowers.
2. Conduct a Pre-Listing Inspection
Getting a pre-listing inspection can prevent surprises that can delay deals. When an inspector lists all the repairs required, you can give this list to potential buyersto make them aware of the work required if they buy the house. When you sell your home as-is, this step isn't necessary.
3. Boost the Curb Appeal
Another effective way to sell your house fast is by amping up the curb appeal of your house. Choose things you can accomplish in only a couple hours such as power washing the driveway and cutting the grass.
4. Price under the Home's actual Market Value
To sweeten the deal and find potential buyers fast, you can price the house competitively. By this, we mean setting a lower sales price.
Identifying a below-market listing price is easy with the help of a real estate agent since they know how to do a market analysis and are well-versed in every pricing strategy.
They'll set an asking price that is low enough to attract prospective buyers but can still provide you with profit when you sell your home.
5. List Creatively
You real estate agent should put in effort when listing your property to attract a multitude of buyers. Aside from highlighting the low list price, the description should use words that will captivate potential buyers.
Moreover, professional photos will make for a fast sale. Your realtor should avoid uploading photos that are blurry or aren't highlighting the best features of your house.
6. Leverage Social Media
As per the research of NAR, selling your home on social media platforms, aside from the open market, is a great strategy to speed up home sales. If you want to sell your home in 7 days, drafting a post for Facebook, LinkedIn, or Instagram will reach more potential buyers.
7. Prioritize Offers with Lower Contingency
If you received multiple offers through effective marketing, choose the offer with fewer complications. It is better to settle with a potential buyer who won't need mortgage approval and can pay you directly so you can sell your home fast.
Final Thoughts: How to Sell Your House in 7 Days
Selling a house on the open market with limited time can be stressful. This is why it is suggested to go off-market and sell to a cash buyer in as-is condition.
Not only will you be able to sell your home fast, but you won't need to worry about closing and processing fees, too. Moreover, selling to a cash buyer gives you more certainty since they don't need financing approval.
If you have already decided that selling to a cash buyer is the way to go, connect with us at Sell My House Fast. Our entire process is simple and our cash offers come with no obligations.
Fill out our form below or contact us at (844) 207-0788 to learn more about selling your house in 7 days.