Most people associate selling a home with the process of listing it with a realtor, showing it to prospective buyers, and going through the long wait to close the sale. That's not the only way to sell a property, though. In fact, depending on your circumstances it might not even be the best way. There are many reasons why you should consider selling your house privately instead.
When You Should Consider a Private Sale
When you need cash quickly.
According to Realtor.com, it takes an average of about 65 days to sell a home. Sometimes you can't afford to wait more than two months to get cash in your bank account. Back taxes and medical bills are common reasons people choose to cash out of their home. Selling your home privately can reduce the time from months to weeks or even days. That way you can get the money you need out of your property much faster, paying off bills or spending the cash on something you really want or need.
When your home needs repairs.
Homes in pristine condition are more likely to sell quickly on the housing market. If your home needs some major repairs, though, it could be on the market for months or even years. Some sellers don't have the capital to invest in their home and get it fixed up. They may not have the time to do the work or want to bother with the effort, either. Private cash buyers aren't concerned about repair work, so it's not an issue when purchasing your home. You can end up saving yourself money, depending on the state of the property, and avoid doing any of the work yourself (or spending your hard-earned cash on having someone else do the work).
When you need to get rid of the property fast.
Maybe you've inherited the property. Maybe you are going through a divorce. Whatever the reason, sometimes you need to walk away from a property quickly. The agonizing wait of the traditional housing market can prolong your financial obligations to the property. This can continue to complicate your life for months. It can also end up depleting your bank account. Selling your home privately, though, speeds up the process and helps you eliminate those financial obligations quickly.
Ready to Sell Your House Privately?
If you choose to sell your home privately for cash, the best thing to do is find an experienced buyer. Numerous reputable companies specialize in purchasing homes for cash. While you shouldn't expect to get full market value for the home, an experienced cash buyer will be able to evaluate the property and give you a fair price based on the location and existing structure. This can put cash in your bank account and end your ties to the property within a matter of days. Your real estate agent may be able to refer you to someone, or a quick internet search for cash buyers in your area may get you some results. Be sure to do your research on these companies and have a lawyer review the paperwork if you have any questions.