How to Sell Your House in 5 Days
When people move from one place to another due to job relocation or other personal reasons, they put their old property for sale to gain enough funds. However, if they want to sell fast, taking the traditional route may not be the best choice.
To sell your house in as fast as five days, get an offer from a cash buyer. These buyers can speed off a home sale since they don't need the approval of a mortgage lender and they don't require repairs before closing. They have enough money to pay you in cash and they'll handle all the dirty work for you.
Want to learn more about how to sell your house in 5 days? Keep on reading!
Sell Your House to Cash Buyers
Cash buyers are exactly what their name suggests— they can buy your house for cash, therefore, eliminating the mortgage lender from the picture. When you decide to sell your house off-market these investors, they'll give you a cash offer based on the state of your property. If you accept, they'll close at your house in as fast as five days.
Cash buyers have been dominating the real estate market recently because they offer hassle-free home sales. They do not require the homeowner to make repairs so even if the house has water damage, fire damage, a failing septic system, and other issues, they'll still give an offer.
Reasons to Sell to a Cash Buyer
Getting a cash offer is the go-to of many homeowners due to various reasons. Most of these are connected to selling fast and avoiding all the hassle of a traditional sale.
1. Career Relocation
Individuals who are moving to another city due to a job offer are better off selling their old house to a cash buyer. This is so they have enough money to fund the move and they won't deal with two mortgages later on.
2. Divorce
A couple divorcing wants nothing but to speed up a home sale so they can move on with their lives. Selling to a cash buyer is very much suggested in this case because everything can be dealt with online and the cash buyer will mostly take care of the paperwork.
3. House Foreclosure
If the house is about to be foreclosed and the homeowner hasn't raised enough funds to pay what is due, getting a cash offer is a wise thing to do. The cash proceeds can be used to pay off the mortgage loan and the homeowner would avoid having a bad credit record.
4. Property Inheritance
Maintaining an inherited property is no joke. The heir would have to pay for property taxes, house maintenance, monthly mortgage, utilities, and other bills that can incur a huge amount. Selling fast to a cash buyer would lift the burden from the heirs and would provide them with cash as an inheritance.
5. Liens
A lien on the property can eventually lead to foreclosure. To settle the lien fast, many homeowners rely on cash sales. However, it is important to note that liens delay the processing of the new title so it may be difficult to close in five days.
6. House Condemnation
If a house is condemned, a homeowner only has a few months to save it from being demolished, labeled uninhabitable, or being claimed by the government. This situation calls for a fast sale and cash buyers can do that. They want to close in five days as much as the homeowner because it is a business for them.
7. Hoarder House Dangers
A hoarder house can pose structural hazards and health risks to the homeowner. It is much better to sell your home as-is to a cash buyer and let them handle the decluttering of the owner's accumulated personal belongings. This can be done in as fast as five days.
Pros of Selling As-Is to a Cash Buyer
- Quick Sale: A cash buyer can close in five days because there is no mortgage lender involved. Usually, waiting for mortgage approval delays traditional home sales. This isn't a problem when selling to a cash buyer so they can promise a quick sale.
- No House Repairs Required: Cash buyers purchase houses as-is which also speeds up the sale timeline. Instead of repairing a failed septic system which can take more than a week or renovating the house which can span from one to several months, the cash buyer would take care of all the repairs sparing you from additional work.
- Odd House Layouts: Odd house layouts do not turn off cash buyers. Unlike many retail buyers who are looking for their dream home with a specific layout in mind, cash buyers give offers no matter how strange looking a house is.
- No Open Houses: Open houses are done to land more offers. If you are uncomfortable opening your house to strangers, selling to a cash buyer is the best route. There is no need for an open house when you sell your home to a cash buyer because you're selling your house directly.
- More Certainty: A cash sale is less likely to fall through because there are no mortgage lenders involved. Cash buyers don't back out of a sale once they've put in an offer and they have the cash to pay you so the sale is less risky.
- No Commission Fees: Commission fees are inevitable when you sell your property with the help of a real estate agent. But since you don't need a listing agent when you sell your house fast to a cash buyer, you also don't have to pay for the 5% to 6% commission fee.
Cons of Selling Your Property to a Cash Buyer
- Lower Final Sale Price: Cash offers are usually lower than the market value of a property. But if you want to sell your house fast, the lower cash offer may be worth considering than dealing with necessary repairs, commission fees, and other expenses related to traditional home sales.
- Potential Scams: Not all cash buyers you found on the web are legitimate. Some of them are expert scammers who are quick to disappear when the property title is transferred to their name. This doesn't occur all the time but is still a possibility when you sell your house fast.
How to Choose the Best Cash Buyer
Many cash buyers purchase houses in as fast as five days; however, there are also some who make empty promises. If a cash buyer's claims sound too good to be true, it probably is.
That said, here are some tips to find the most reputable cash buyers in your area.
- Research and verify their credentials. The cash buyer's website is just one aspect that you should look into to verify their credentials. You should also ask other home sellers about their reputation. Google reviews can also provide you with great information about how they deal with home sellers.
- Get multiple offers. Instead of settling on the first all-cash offer you'll receive, get multiple cash offers. This will help you identify who among the cash buyers is an expert at lowballing homeowners. Remember that even though cash offers are lower than the home's market value, they should still be reasonable.
- Ensure that their process is simple. If you review the websites of various cash buyers, you'll probably see that all of them are claiming they have a simple buying process. To avoid any negative surprises later on, ask the cash for their exact process because some are actually difficult.
- Check reviews and testimonials from previous clients. If you can look for testimonials of the cash buyer's previous clients, it can give you more insights into how the cash buyer works. Some home sellers even talk personally to their cash buyer's previous clients to verify their legitimacy.
- Assess how they answer inquiries. A fraudulent cash buyer won't be able to answer all your questions directly. They would give very vague answers or evade your question. Be wary of this.
- Check if they charge extra fees. Although the majority of cash buyers do not charge real estate fees, you should still be upfront in asking them if there are any hidden fees. If they do charge hidden fees, the amount should only be minimal. If it is too expensive, consider it a red flag.
- Look for flexibility in terms of time frame. Reputable cash buyers offer a flexible sale timeline because the payment for the property is just sitting in their bank. If they cannot offer a flexible timeline, chances are, they're a fraud— they don't really have the money to pay you.
Steps in Selling a House to a Cash Buyer in 5 Days
Selling your house to a cash buyer in five days is possible because of their straightforward process. They don't require staging the property, listing in the MLS, marketing, and other steps required in a traditional sale.
Note: The steps below don't apply to ALL cash-buying companies. Confirm with the cash buyer or real estate investor on their specific process.
1. Get a Home Market Value Estimate
Many home sellers jump to getting an all-cash offer without finding out the market value of their home. You should avoid this to prevent cash buyers from lowballing you.
Do a comparative market analysis (CMA) to identify your home value. CMA compares the asking price of homes sold recently in your area that are similar to yours.
You can use online tools to do the CMA for you, but if you want a more accurate market value, go seek the help of a real estate professional.
2. Request a Cash Offer
When you're already aware of your home's market value, start asking for cash offers.
Again, do not settle with the first all-cash offer you'll get. Ask several cash-buying companies how much they are willing to buy your home for so you have options.
Many cash buyers give out no-commitment cash offers so you are free to talk to other cash buyers and compare. If they do not allow you to talk to other companies, walk away from them as they may be a fraud.
3. Home Walkthrough
To formulate a more accurate offer, the cash buyer may request to visit the property. They'll look into the repairs and improvements needed especially if your house has major damages such as fire damage, failing septic system, foundation issues, etc.
Note that the visit doesn't mean you'll be asked to make repairs. They would still handle all of it after the sale. Their inspection is solely made to ensure that the offer is fair not only for you but also for them because it is their business.
4. Set Your Preferred Day to Move-Out
If you want to sell within five days, your move-out date should be within that time span. Don't worry, though, because you can communicate when you plan to move during those days.
The cash buyer won't make a decision for you so if you want to leave the property on the 4th or 5th day, you may do so.
5. Review the Contract and Sign
Once you accept the cash buyer's offer, you have to review and sign the contract they'll deliver electronically. They'll give you enough time to go over the terms and ask questions if you have any before the home gets officially sold.
If you aren't comfortable signing the contract on your own, you can have it reviewed by a real estate attorney. Cash buyers understand that a home sale is a major transaction for many so they do not object to seeking professional advice.
6. Closing
Similar to the closing process with a retail buyer, you would also have to sign some paperwork when you sell your house to a cash buyer. Ask a real estate attorney to accompany you if you need more guidance.
Once everything is settled, you'll get the money in your bank and the property's deed would be transferred to the cash buyer's name.
Sell Your House Through Real Estate Agents
It may be possible to sell your home in five days with real estate agents if the housing market is hot in your area. You can even set the best price if this is the case.
However, if it is not a seller's market, your property would sit in the LMS for an average time of 14 days especially if it's not the summer months. Your house may go unnoticed by retail buyers or you may not see a successful sale at all because of the rising mortgage rates.
There's also the fact that making repairs and renovations takes more than five days to accomplish. So even if your buyer is very much excited to purchase your home, if they ask for repairs, the sale would be delayed.
Some other factors that can prevent successful sales in the housing market are mortgage approval and title processing.
Tips for Selling a House With a Real Estate Agent in 5 days
If you have already made up your mind that selling in the local market with a real estate agent is the best way to go, here are some tips to speed up the home sale. These tips are meant to make your home irresistible to more buyers.
1. Find a Top Real Estate Agent
The first and most important thing in selling a house in 5 days in the local housing market is finding a great real estate agent— someone who has experience in fast sales.
The agent should know how to do comps of recently sold homes in your area so you sell a house at the best asking price. Moreover, the agent should also be well-versed in the best marketing strategies, listing techniques, and negotiating tactics.
2. Conduct a Pre-Listing Home Inspection
If you conduct a pre-listing inspection before you sell a house in 5 days, you can already identify the areas or parts of your house that need repairs. You can work on them before listing to prevent the buyer from making unnecessary requests that can delay the sale.
3. Boost the Curb Appeal
Boosting the curb appeal of your home is a great way to attract potential buyers which can lead to a faster sale. You don't have to make grand landscaping changes. You can just power wash the driveway, cut the grass, and repaint your front door to gain buyers' interest.
4. SET THE fINAL sALE pRICE BELOW Market Value
Setting a lower listing price can sweeten the deal. This will help you land potential buyers and sell your house in five days.
Many real estate agents are experts in setting an asking price that is low enough to broaden your buyer pool but high enough that the seller would still gain something out of the sale.
If this doesn't work, you can also prepay the home warranty for the buyer or state that the low selling price is only a limited-time offer.
5. List Creatively
Professional photos of the property, short videos, floor plan, and captivating listing descriptions are known to attract potential buyers during their home search. Ensure that these are done right by your real estate agent so you can sell your house fast.
6. Leverage Social Media
According to the National Association of Realtors, posting on social media can also boost your home sale. Target the most common social media sites like Facebook and Instagram if you want potential buyers to take interest in your property.
But if you aren't on social media, you can also ask local news outlets to advertise your home so it would get sold fast.
7. Prioritize Offers with Lower Contingency
If you've done all the tips above to sell your house in 5 days, chances are, you've got a lot of offers. Before you get excited and choose the highest offer in a bidding war, ensure that there would be no complications on the sale if you choose that offer.
Ask the buyer for their money source or their updated credit record to check if they can really buy the home quickly.
Final Thoughts: How to Sell Your House in 5 Days
Selling a house on the real estate market at a lightning speed can be very challenging. This is why it is much better to get a cash offer and sell the house as-is.
When you sell to a cash buyer, the sale can close in as fast as five days allowing you to move at a faster timeline. You also don't have to pay closing costs and wait for financing approval.
To start selling your house in five days, connect to us at House Buyer Network. We give no-obligation cash offers and our process is straightforward.
Call us at (855) 835-2544 or fill out our form below to learn more about selling your house in 5 days.
