Thinking about cashing in on that equity in your house that everyone’s talking about?? Hang on! Don’t call your Realtor just yet. Listing your home on the traditional real estate market is not a perfect fit for every property or seller – you might be surprised. Standards for listing a home have evolved; staging properties is a must and high-quality digital imagery now highlight every detail of your home. If your home does not look new, the MLS may not be a perfect fit and you might end up losing potential money. Typically, homes requiring some work stay on the MLS longer and garner insultingly low offers from wholesalers and other buyers, as the majority of buyers here are looking for a property they can immediately occupy, decorate and start enjoying – or are looking for a property they can get cheap to make a profit.
Even if your home is in good shape, you might be surprised to see how the fees can add up when you’re factoring in commissions, closing fees and the day-to-day maintenance, repair bills and mortgage payments while you wait for your home to be sold on market. Monetary issues and personal troubles can also put a damper on keeping homes in tip-top condition. In many cases, owners are not financially able to wait out the listing, marketing, showing, and negotiating the home’s sale.
Continue reading as we delve into three unconventional ways to sell your house in Sarasota.
Often forgotten, the first in our list of our unconventional ways to sell your house in Sarasota – rent to own. If you happen to find yourself in a position to offer a rent-to-own opportunity, this can be a great way to make some extra cash. Using this method, you can see a significant increase in the profit on the sale of your home; however, this method can take several years to receive this benefit. By providing this opportunity to your buyers, you can sell at an above-market price and charge higher monthly rent – as long as you don’t need the full sales price right away this can be a great option! Typically, these contracts include an additional payment made each month – given towards the down payment on the house. For a buyer, this can be a great option as it allows them to pay for the home over time, not needing a large down payment right away. However, it should be noted that if your buyers discover problems with the property and no longer want to purchase you will have to fix it or disclose it to any future buyers. Additionally, you are selling your home based on a guess of what the future value may be. If the market continues to increase you may be leaving money on the table, but if the market sees a downturn you may have made a great move by locking in a high price even during a decline.
For Sale by Owner
Next up on our list of unconventional ways to sell your house in Sarasota is to tackle the whole process yourself – prepping, valuing, marketing and listing the property yourself, via a for sale by owner (FSBO) listing. Homeowners often take on this additional work themselves to save the commission fee paid to realtors and net some additional cash. Regrettably, only about 11 percent of those homeowners who follow this method are successful in the end. If considering this route, you must remember that the primary job of a real estate agent is to market your home and leverage their networks to bring qualified buyers. In order to compete with the other homes listed on the MLS there is a significant amount of prep work, high-quality digital photography, and online exposure required to see these same results. Studies show that FSBO listings receive less offers, less bidding wars and on average a lower sale price than those listed through realtors. Additionally, these sellers typically value their home using less than conventional means – meaning the listing may be priced incorrectly, which can hurt in either direction. Overpriced homes sit because the tech-savvy buyers of today are fully aware of how much house they can buy for the amount you’re asking. Underpriced homes sit because these buyers are left to wonder what is wrong that is unseen in the listing. Most importantly, it is essential that you fully understand the laws regarding disclosure and the consequences of neglecting this aspect of home sales. This can be a tempting method to choose, especially in today’s hot market, but be sure to weigh the pros and cons of this method before listing your home!
Direct Sale to a Private Company
One of the most unfamiliar of these unconventional ways to sell your house in Sarasota is the direct sale of a home. For a home that doesn’t fit the mold of a conventional listing – perhaps it needs some work or the owner is in a hurry to get paid – a direct sale is a time and money-saving solution. In this method of selling your home the process is much more conventient- waiting for buyers, cleanings, showings, and marketing expenses all go out the window. You can bypass the long, drawn-out listing process and keep all the money you would have spent prepping in your pocket. In addition, you can forget all about the hassles and expenses of repairs when you work with a direct buyer; the home will be selling in as-is condition, with no bank inspections or appraisals to slow down the process. As a result, direct buyers take the risk off your shoulders should any problems be discovered after the sale. Added to these benefits is the flexibility of setting the closing date around your schedule; we can close in as little as seven days or hold off until you’re ready. If you’re considering an unconventional way to sell your house in Sarasota, why not talk to an expert at Maio Strand Property Group first. Our direct buyers at Maio Strand Property Group will detail each process step by step, taking the time to listen to any of your concerns, so you can decide what is best for you. Contact Maio Strand Property Group today at (631) 335-4055.