Sell with a realtor or...?

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When you’re a homeowner-turned-landlord getting tired of the challenges in finding (and keeping!) quality long-term tenants, a couple of options may have come to mind. One is turning your home into a short-term or vacation rental, which, in today’s climate, can definitely be profitable. Another option is selling your home.

Now, if you’re like most people, selling your home would go down the conventional way:

  • contact a realtor

  • get your home inspected and/or appraised

  • get it staged

  • list the property for tours

  • receive offers and counteroffer

  • contract with a buyer

  • wait for closing (if the buyer gets bank approval)

All of that usually happens while you’re trying to find a new home and get yourself set up to move. That’s the typical process and honestly, typical isn’t bad.

But if you’re in a bind and you want or need to sell quickly? The typical process could be more headache than you really want to deal with.

So, here are some questions that might be helpful to ask, if you’re considering selling your home:

  1. HOW QUICKLY DO YOU NEED TO SELL?

    Are you facing pre-foreclosure that would ruin your credit if your home goes to auction? Did you take a job in a new city or state and need to get rid of your current mortgage payment? Are you well into retirement and tired of the landlord/tenant hustle? Can you afford to wait the 2-3 months it may take to sell the typical way, or do you need to wrap this up in 30 days or less?

  2. WILL YOUR REALTOR BE ABLE TO SELL THE HOUSE AS-IS, OR WILL YOU NEED DO ADDITIONAL WORK TO MAKE IT MARKET-READY?

    Whether it’s a seller’s or a buyer’s market, a realtor is going to need to be able to get a good deal for you. It’s in their best interest because their commission depends on the price you get. But really…do you want to come out of pocket for work on a house that you’re not going to keep? That includes any minor repairs the house may need, and costs for staging, inspection and appraisal, etc.

  3. HOW MUCH MONEY DO YOU NEED IN-HAND?

    If you go the typical route, you’ll still need to pay for the costs of owning the home until it’s finally sold (taxes, utilities, insurance, etc.). You’ll also probably need to pay for closing costs, and then you’ll have your realtor’s commission fee as well, once you sell. That’s all coming out of your pocket or your sale price, which means you may very well actually get less in the end for the sale of your home.

Now, these aren’t the only questions that you might need to factor in. But selling your home is a big deal. Make sure you think through what matters most to you, and all the options that may be available, so you can find a deal that will work best for YOU.

Eugene Featchurs