For many people, the thought of selling a house can seem like a lot of work accompanied by a long list of expenses. It might seem even more overwhelming if the property is in disarray or if the house needs repairs. However, it doesn’t have to be that way! In our most recent post, we will explore the ways you can sell your house in Los Angeles without any hassle whatsoever!
When selling a house in Los Angeles, most people immediately think about hiring an agent and listing the property on the MLS. This is a great solution for many people, however, you should know there are other options available to you. There are many ways to sell a Los Angeles house! Consider your options to discover which selling method is right for you and your situation!
Sell Directly to A Professional Home Buyer
Contrary to popular belief, you can sell your house without using an agent, ultimately saving a ton of time, stress and money, depending on the situation. There are companies such as Jennifer Buys Houses that will buy your Los Angeles house using a straight-forward and simple process. With a direct sale like this, you won’t have to worry about the realtor’s commission (6% is a lot of money), repairs, clean-up or waiting for a buyer to come along. You will immediately know the amount you are receiving as well as the closing date so you aren’t left in the dark, wondering if/when your house will sell.
While selling directly to a buyer is becoming increasingly popular, be forewarned, not all buyers are the same. Make sure you do your due diligence on both the local market and the buyer with whom you are working. A direct sale may not offer full retail price, but for some people, the amount saved on repairs and wasted time more than makes up for the difference in price. And, in the end, both prices sometimes come out the same.
List Your Home With An Experienced Agent
Of course, listing your Los Angeles house is always an option. When going this route, you should take the time to learn about everything that is involved and what will be expected of you. No two agents work exactly the same and there are no guarantees when listing your house on the MLS. Your property can be listed for any price, but there is no guarantee you will receive it. Watch out for agents who try to “wow” you with a high listing price. If it’s priced too high, it will likely sit on the market, possibly for months at a time. Your agent may not care because you will be committed to them for six months or longer and they will eventually get their commission. You will inevitably have to lower the price, while your property becomes stale and not as popular in terms of other homes available on the MLS. If you decide to list your house, make sure your agent prices your home to sell and not setting a high price just to convince you to sign the six month listing agreement.
Offer Seller Financing
This can work for some people who don’t need the cash from the home immediately. You can elect to carry a note setting up a “rent-to-own” structure. Your tenant will “rent” the property at a higher than average price, with some of the money going towards a down payment on the home. The “renters” will then have the option to buy the property outright at the end of a certain period of time, typically between two and three years.
Consider Your Other Options
If selling simply isn’t what you want to do, but you definitely need to move, there are other options. You can rent the house out as either a short-term or long-term rental. The trouble with this can be finding great tenants and retaining them for as long as possible. Renters can be quite nomadic, and tenant turnover can cost you dearly. Think loss of rent while the property is empty, repairs and paint to get it rent-ready again. If you haven’t done this in the past, consider hiring a property manager to help you keep everything in order. While a good property management company will cost 4 to 6% of the monthly income, it can be well worth your sanity.