So you’ve listed your home and it’s been sitting on the MLS. Many real estate professionals will tell you that the longer a home sits on the market, the harder it becomes to sell. Below, we will discuss 3 different things you can do if the MLS listing isn’t working for your Los Angeles property.
Wait It Out
Whether you handle the sale on your own (FSBO) or list your home in Los Angeles with a real estate agent, there are no guarantees the house is going to sell. Few people have the luxury of time or the financial means to afford the holding costs it takes for a listing for an indefinite period.
You may decide to sell your property in Los Angeles as a rent-to-own, remember at the end of the agreement, if the renters do not want to buy the property anymore, they aren’t obligated. Buyers usually pay an upfront non-refundable consideration fee or option fee for the “option” to purchase the property in the future. Your rent-to-own agreement should specify the final purchase date and how that price will be determined, ie the middle price of 3 different appraisals.
You remain responsible for all property taxes, HOA fees, and insurance and possibly maintaining the property. Typically, the current owner handles major repairs. Renters are normally responsible for lawn maintenance, pool cleaning, etc. Be clear on who would be responsible for which items such as large appliances, structural repairs, and routine maintenance in the lease.
Sell Your House Directly
Direct buyers in Los Angeles, California typically close much faster, usually paying full in cash and closing escrow in a matter of days, not months. Traditional home purchases usually require qualifications from banks, mortgage underwriting time, property inspection time and the buyer may not end up qualifying! There are also normally no commissions paid to a buyer’s or seller’s agent which means big savings. Direct buyers also may not charge transaction fees; if they do, they are extremely low in comparison to the commission or closing costs you would have to pay otherwise. They can also work with out-of-state owners.
One of the biggest complaints that buyers have about working with direct buyers in Los Angeles is that the offers are usually below market value. And this is typically true, but for a valid reason. The buyer is taking on a huge risk by purchasing your house as-is, for your home most likely needs more repairs than you realize.
Direct buyers in California will usually purchase homes in “as-is condition”. As a seller, there’s no need to worry about repairs before closing or any other additional unexpected expenses. There are some companies that do not require inspections which makes it a truly “as-is” transaction.
Selling to a professional home buyer is a straight forward process. Laying out every step of the process and usually shortened, clear contracts that are simple as-is purchase agreements. You’ll have lessened exposure to legal risks. Under most traditional real estate contracts, there is a potential for the buyer to sue you if they feel they didn’t get all of the information, or if they feel the facts were misconstrued. Direct buyers already know the state of the property, and they take on that risk.
Skip the nightmares that showings and open houses can bring. Forget about leaving your home spotless, running into buyer’s agents or their clients. No more buyers arguing over furniture either! Direct buyers are investing, and won’t be moving in. Most home buyers will allow a move-out timeframe after closing. This is extremely helpful with such quick closing timeframes.
If an MLS listing hasn’t worked for your home in Los Angeles, as direct buyers, Jennifer Buys Houses offers quick transactions that will put cash in your pocket fast. We make the process easy and much less stressful overall.