How to Sell Your House in 7 Days
Selling fast and selling for the price you want doesn't usually go together.
In most cases, being patient pays a lot more as it would enable you to do some home improvements that would boost your home's value and net you more money in the long run.
But then again, there are certain life events that could compel you to sell real fast--like within a week. Is that possible?
Absolutely.
Nevertheless, even if you're in a rush to sell fast, it doesn't mean you have to take the first offer that comes along. There are plenty of strategies to get good offers for your house without messing up your timeline.
But first, let us explore the reasons why you'd want to sell fast so you'd know which route to take in your home selling process.
Reasons Why You'd Want to Sell Your House Fast
Code Violations and Unpermitted Work
A pre listing inspection may have turned up some past unpermitted work. It may not even be your fault; the house came with all those improvements when you bought it years ago! Who knew that proper permits weren't pulled when the previous owner extended their deck?
Regardless, the responsibility of correcting these past mistakes falls on your shoulders. Problem is, you can spare neither the time nor the money for it, as this involves filing the proper paperwork, redoing the work, and having the house inspected again. So you instead decide to opt for a quick sale to avoid all that hassle.
Unwanted Property
It's also possible that you inherited your parent's home, but you live out of state so there's no one to look after the property. It would make more sense for you to cash in their investment and sell the home quickly rather than deal with home repairs and future upkeep.
Impending Foreclosure
If you are severely behind on your mortgage payments and your lender has already initiated foreclosure proceedings against you, it is imperative that you sell your house quickly. You don't want a foreclosure on your credit report as it would stay there for 7 years, severely restricting you from being able to get financing.
Divorce
Some life decisions just don't work out, and unfortunately, sometimes marriage is one of them. The dissolution of a marriage brings with it a lot of complications, and one of them is the question of what happens to the house you formerly shared with your spouse.
In case one spouse can't afford the buyout, it would make sense to just sell your house and split the proceeds. And since this is a very emotional time, you may not want to talk to your ex more than you need to, so it'll be in both your best interest to sell quickly.
Job Relocation
So you finally get your dream job. The catch? It's in another state! You'll have to make the big move. Who knew being a homeowner could complicate things?
Nevertheless, the compensation and the opportunity to propel your career to greater heights is enough to compel you to drop everything and jump. In this case, it is absolutely essential to sell your house fast.
Bad Tenants
Are you one of those disillusioned landlords who initially thought they'd be retiring on the proceeds from their rental properties, only to get bitten by reality in the form of bad tenants always missing payments and trashing your property?
Now, you're facing a long and drawn-out eviction process and you just can't take it anymore! The sooner the problem property is off your hands, the better.
Numerous Necessary Repairs
Years of neglect and failure to conduct regular maintenance has finally caught up with you. You'd love to keep your home, but you don't have the money for the numerous and costly repairs that it needs. Now, the only option left to you is to sell your house, leave the repairs to potential buyers, and use the proceeds to start over.
However, time is ticking. You hope to sell your home quickly, because the longer it languishes in disrepair, the worse the damage gets, making you wonder if you'd ever get a fair offer for it.
Downsizing
If you're a retiree and all your children have fled the nest to spread their wings somewhere, it would be financially sensible to move to a smaller house. Downsizing means lower utility bills, lower property taxes, and requires less work to maintain.
Things You Can Do to Make Your Home Sell Faster
Get a Home Value Estimate
Before putting your house on the open market, one of the first things you must do is to get an estimate of your property value. There are four ways to go about this:
- Use an online home valuation tool wherein you'd feed your property details in an online form to get the estimated market value - usually free;
- Get a professional appraiser - costs between $300-$400;
- Consult a real estate agent, or if you're working with one in selling your home, they include a comparative market analysis (CMA) in their services - free;
- Do the market research or CMA yourself, which includes pulling "comps", or looking at recent sale prices of comparable homes in your neighborhood - free (just tap into your sweat equity).
It is recommended to do at least two of the above in order to establish a solid baseline for your asking price, with which you can compare the possible offers for your home. In doing so, you avoid pricing out potential home buyers or unwittingly accepting lowball offers.
Call for a Pre Listing Inspection
Arranging a home inspection is crucial before you sell your house. It provides you much-needed information about your property's condition and gives you control over repairs. Knowing about the status of your house also gives you ammunition to defend your asking price.
Furthermore, prospective buyers would naturally have plenty of questions regarding the status of your property, and you'd only be able to answer these questions if you have up-to-date information from the inspection report.
On a positive note, an inspection report that doesn't indicate any problems is essentially a clean bill of health for your home--an effective marketing tool which you can use. Home buyers, especially first timers, would be keen on getting a move-in ready property that doesn't have issues. It is also easier to get a nice offer price for a home in great condition.
A Little Cleaning and Decluttering Can’t Hurt
Trash and awful smells could instantly turn away any potential buyer setting foot in your property. Clutter could make your home feel smaller and make it hard for buyers to envision what it's like to live in the house they're supposedly buying.
Unless you're in a hot market where you could get a good price just selling your home as is, your home could immensely benefit from a little TLC.
Turn it into a literal blank canvas for the new owners--so get rid of that peeling wallpaper and that ratty old carpet. Tidying up your home by packing personal items into boxes could also make it easier to stage, resulting in better photos to accompany your listing and enticing buyers to check out your property.
Boost Your Curb Appeal
Cliché as it may sound, first impressions last. If your house looks like a mess outside, no one would dare enter. Create a wonderful first impression by doing some simple improvements to your home's exterior.
Do some basic yard work by placing a couple of flower pots on your porch for instance. Give that overgrown lawn a trim. Or if you're feeling particularly bold, create an impact by painting your front door black, slate blue, or olive green. You can get better cash offers that way too.
Pay Attention to Real Estate Trends
According to the United States Census Bureau, people working from home tripled in the last three years. Driven largely by the COVID-19 pandemic and the recent boom in online economic activity, it has transformed the way people lived and worked, with home offices becoming more and more necessary.
If your house has a spare room, you can market it as a possible home office for the new owner. You can stage it as such in your showings to help your buyers imagine the possibilities.
Conduct Online Showings
A whopping 97% of buyers started their search for the perfect home on the internet. This means there's a wide open market there waiting to be tapped.
Whoever said showings can only be done offline?
You can absolutely do a virtual open house using a tool like Zoom, or Facebook's Live feature. Drum up interest by posting about it on your social media and then wait for offers to come in after the event.
Consider Getting a Real Estate Photographer
Trying to sell your house in 7 days or less is a real challenge.
If you can, shell out some money (around $300) to get a real estate photographer for some professional photos. Pictures speak a thousand words and people looking to purchase homes would certainly pay more attention to well-done photos accompanying a captivating listing description.
Of course, you can always go the DIY route if you'd like to skip the expense. Open the windows to let lots of natural lighting in, change broken light bulbs, and stage your home so buyers could appreciate it. Go with a theme, or add a splash of color in every room to make your photos memorable!
Pro tip: Get staging ideas from Pinterest or from lifestyle magazines. You can also copy the way they stage a home.
Be Generous With the Information You Provide to Your Potential Buyers
While photos could certainly help buyers appreciate your property, you can take it a step further by providing them an updated floor plan. If you had previous works done on the property, such as a kitchen upgrade, bathroom remodels, mold remediation, foundation repairs, and the like, you must be able to tell the buyer when it was performed and who did it.
In addition to the above, fill in the required seller disclosures such as the presence of lead paint or asbestos, or, if you had it remediated, turn over the documents to your buyer. It would also be helpful to turn over the inspection report so that should there be any issues, the buyer would know how to address it.
If you're looking to sell as is, disclose all known issues such as a leaky roof or basement flooding, for instance.
Being upfront and transparent towards your buyer builds trust and also shields you from getting into legal hot water down the line.
To sell fast, employ bold marketing strategies
Don't be afraid to get creative!
To encourage people to close fast, you can have a limited-time offer promotion. For instance, if your budget allows, you can tell buyers that the kitchen upgrade is on you--or, if you're feeling a little extra, you can throw in a car!
Remember, when your house is sitting unsold on the market, it actually costs you money. You're still on the hook for your mortgage payments, utility bills, property taxes, and HOA fees, so it is in your best interest to get it off your hands as soon as possible.
Set Your Asking Price Slightly Below the Market Value to Attract Buyers
If getting money for your house in 7 days is your utmost priority, you'd surely be alright with receiving a little less money for it. Price it slightly below your comps so you have an edge, but still leave yourself some breathing room for negotiations.
Evaluate the Offers You Receive and Focus on Those With Faster Closing Dates
By now, you can expect lots of good offers to roll in if you have religiously followed the preceding tips. Selling your house in 7 days is a very real possibility now.
It's now time to evaluate each offer and choose the best. It's not necessarily the highest bid--remember, selling your house in 7 days or less takes precedence above all. If you have an offer from a cash buyer, that'll probably get you to closing day the fastest.
Ways to Sell Your House Fast
Sell With a Top Real Estate Agent
Benefit #1: You Get Fair Market Value for Your House
A top real estate agent has built up quite an arsenal of sales skills over the years. They know all about effective marketing strategies and how to price the home correctly to get quick offers. They also have excellent negotiation skills to fast track your home sale.
Benefit #2: You Don’t Have to Deal With the Hassles of a Fast Sale
Realtors know all the secrets to sell fast. By working with them, you benefit from their experience and insights which can only be gained by spending years in the industry. They'll be in charge of the whole process from listing to negotiating.
The end result? The entire process is hassle free for you. All you have to do is accept the offer, sign on the dotted line, and voila, the money from the sale would be in your bank account.
Drawback #1: You’ll Have to Shell Out Money Upfront
To be able to get top dollar for your home, your real estate agent may recommend fixes or upgrades as part of the home prep. Of course these proposed upgrades would have to come out of your pocket.
Drawback #2: You’ll Receive Less From the Sale Because of Commissions and Fees
All those benefits don't come for free.
The seller bears the responsibility of paying the commissions of all real estate agents involved in the sale (up to 6% of the selling price), in addition to the costs associated with closing the sale (approximately 3% of the sale price).
All told, expect to get around 90% of the proceeds, which may or may not be subject to capital gains taxes (up to 20%), depending on how long you've owned the home and its appreciation in value.
Sell the House Yourself Through FSBO
You can take the reins in your home sale by going the For Sale by Owner (FSBO) route. It is hardly an unpopular route to take; in fact, FSBO homes comprised 10% of total home sales in 2021.
Benefit #1: You Save on Commissions
The primary motivation in going FSBO is the prospect of additional profit since you won't be hiring real estate agents and therefore, the commission you're supposed to pay them goes into your pocket instead.
This commission can run up to 6%, so with a median home price of $428,000, that's a cool $25,000 in additional cash for you.
Benefit #2: You Have Full Control Over the Entire Process
You decide everything that has to do with your home sale: how much you'd sell it for, what improvements to make, when to do the showings, and ultimately, who you'd sell it to. If you like to maintain control, then this path is for you.
Furthermore, as the owner, there's no one else who has a better knowledge of your house than you, so who better answer your potential buyers' questions?
Drawback #1: You Have to Do Everything Yourself
Since you are a homeowner and selling homes is not your profession by any means, trying to sell your house on your own comes with a steep learning curve, such as:
- You'll have to set a competitive listing price to get the most eyes on your property, a task that requires intensive research on the prices of recently sold properties in your area;
- You'll have to navigate seller disclosures which can be fraught with landmines - Are you required to disclose the presence of mold, asbestos, or lead paints? What does it mean if you live in a caveat emptor state?
- You'll have to figure out an effective marketing and selling strategy to be able to reach the most buyers and get plenty of good offers on your home;
- You'll have to play not only the gracious and charismatic host in your showings, but also the knowledgeable salesperson who knows the ins and outs of your property, ready to answer questions that your potential buyers might have;
- You'll have to be ready to hold your own in the negotiating table, especially regarding seller concessions such as repair credits.
Furthermore, selling your house solo only nets you 87% of the selling price on average, versus agent-assisted sales--but don't lose heart, ultimately, it'll all boil down to your negotiation skills.
Drawback #2: You’ll Still Have to Pay All the Costs Associated With the Sale
Selling the house by yourself doesn't mean you're off the hook with paying realtor fees. If you happen to sell to a buyer who has an agent, you'll have to give up some of the proceeds (around 3% of the final sale price) for their commission.
On top of that, you'll need to pay the closing costs which include title search fees, title insurance, escrow fee, and attorney fees.
Sell to Cash Buyers
Instead of trying your luck on the open market, where the average time it takes for a home to sell is 25 days, you can sell your house off-market to cash investors such as a real estate investor, a "we buy houses" company, or a house flipper.
Benefit #1: You Can Just Sell Your House as Is
Getting your house ready for a sale takes time, something you may not have if your priority is to sell quickly. Packing a moderate-sized three bedroom house takes an average time of 3-5 days--and it's not just a couple of hours work each day, you have to dedicate full workdays for it.
If you're looking to sell in a week, you wouldn't have time to replace broken light bulbs or do some minor repainting.
Selling in as is condition won't deter cash buyers. A cash buyer knows what they are getting into the minute they turn in their cash offer.
Benefit #2: You Don’t Have to Arrange Inspections or Figure Out Repairs
A big advantage when you sell your house to cash buyers is that there is no need for you to figure out selling logistics such as inspections, repairs, upgrades, or showings.
Benefit #3: The Needed Repairs Are Already Factored in the Cash Offer
Roof in dire need of replacement? A broken septic system? Cracked foundation?
You don't have to worry about a cash buyer suddenly taking the repair costs off their initial offer. They have certainly factored in plenty of contingencies such as possible major repairs, so you get all the money that's on offer.
Benefit #4: You Got a Sure Deal
With a cash buyer, there is no risk of the buyer's financing falling through, so it's pretty much a done deal once you accept the terms of their offer. You're sure to receive cash for your house, sometimes even as soon as the ink dries on the dotted line.
Benefit #5: You Can Choose the Closing Date
A key advantage of a cash sale is that the buyer isn't waiting on anyone for their financing, thereby making them extremely flexible when it comes to closing on a home. They are totally open to working on your timeline, freeing you from the headaches and the stress of waiting on the sale to come through.
Benefit #6: You Don’t Have to Pay Commissions and, in Some Cases, Closing Costs Too
When you sell to a cash buyer, you deal with them directly, saving you from paying realtor fees after the sale. In addition, most cash buyers take care of all the costs related to the sale, so you walk away with more money in your pocket.
Drawback: You’ll Receive Less Than the Fair Market Value of Your Property
Cash buyers such as real estate investors and house flippers operate on the real estate maxim: "Money is made when you buy, not when you sell." Therefore, they are most likely to buy houses for the lowest possible price so they could get the highest returns on their investment when they sell down the line.
For cash investors, a property is a viable investment if it follows the 70 percent rule in real estate. This means the maximum amount they would offer is 70% of a property's After Repair Value (ARV), net of repairs.
Say, an as is property has an ARV of $120,000 and the repairs total an estimated $20,000. A cash buyer would bid $70,000 at most.
Nevertheless, with the speed in which you can sell to a cash buyer, you might find that you'll still come out on top.
Alternative Way: Home Trade-In Service
Also known as a buy-before-you-sell program, this allows an individual to buy a new home before they're able to sell the old one. This is basically trading houses with another entity such as another homeowner, a home building company, or a real estate agency.
In availing of this service, the buyer avoids paying two mortgages at once since they are merely leveraging the equity they have accumulated in their current home in order to purchase a new one. In effect, they become a cash buyer, and can definitely close on your house fast since they don't have to wait for a loan approval from their lender.
Closing Thoughts: How to Sell Your House in 7 Days
Looking to sell your house fast? Look no further!
Here at House Buyer Network, we'll help you get multiple cash offers with just the click of a button! Forget about inspections, repairs, and all that uncertainty that comes with listing on the open market--just fill in our form below and we can have a sure buyer lined up for you!
Within 24 hours, you'll receive a fair, no obligation cash offer, and if it's acceptable to you, go ahead and choose the closing date. We can close the sale in 7 days or less! What's more, we cover all closing costs, so you get everything that's on offer.
Want to know more about our home buying process and why it's so fast? Call us at (855) 835-2544 and we'd be happy to walk you through.
