How Do I Sell My House Fast?
If you want to sell your house fast, there are 3 simple steps that you need to take to make sure that it happens. Remember, I said simple. So don’t overthink any of these, but do follow each of these steps.
All Cash Offer
First, make sure you get an all cash offer. This will ensure that there are no delays. Ever since the housing crash, getting a loan has been very hard, tedious and takes longer than 30 days, usually quite a bit longer. With an all cash offer there is no reason for any delays. This makes for a very clean escrow. And if anyone tells you their loan is a “slam dunk”, it won’t be. There are no guarantees on what an underwriter will require from the borrower during the loan process.
Secondly, there should be no contingencies in the purchase agreement. While the standard CAR form is 8 pages long, a simple purchase agreement can be as short as one page, but typically it’s two pages long. It should be a very simple, clean and easy to understand agreement, even if you aren’t a lawyer.
Typical real estate sales involve a few different contingencies, but the most important ones are the loan, inspection and appraisal contingencies. There is no reason to have an appraisal if it’s an all cash offer. In today’s times, a prospective buyer should be able to determine the value of a property. A serious buyer should be willing to do their homework in advance, especially if you are looking to sell the house fast.
Third, the purchase should be “AS-IS“. AS-IS means that you, the seller, are not responsible for any repairs now or in the future. You will not be making any repairs to the property prior to close of escrow or crediting the buyer any money to make feature repairs. It is understood that the property is being sold in all it’s glory.
Congratulations! You Just Had A Fast House Sale!
If you have a good buyer and all 3 of these are implemented, you should have a smooth escrow and a fast house sale. Always communicate your intentions in writing, but more importantly, always communicate. When I buy a house for cash, with no contingencies and AS-IS, I always check-in with the seller once a week to make sure we are on the same page. A fast house sale also requires using a great escrow company that understands how to streamline an escrow and typically means having a communicative buyer and seller.