If you’ve bought a new home but you haven’t sold your first, you might be feeling the pressure to speed up your home sale. Managing a second mortgage can be tough, especially if you have other matters on your mind, like growing your family or starting a new job. By following a few tips, you can get your home off the market and money in your pocket faster.
Use These 11 Tips to Speed Up Your Home Sale
1. Inspect the Property Early
Before you put your house on the market, schedule a pre-listing home inspection. Sellers are required to make any disclosures about the property, such as mold, attic leaks, furnace problems, structural damage, and other issues, all of which will be shown by a home inspection. With a home inspection completed, you can speed up your home sale by removing the need for buyers to order their own inspections.
2. Set Strict Contingency Dates
Deposits, inspections, mortgage approval, homeowners insurance, title transfer and other steps in the buying process must all be completed by a contingency date stated in the purchase agreement. Make sure that these dates are clearly stated and well understood at the start of the buying process.
3. Stay current
A home sale requires both the buyers and sellers to deliver documents and maintain communication. While you can’t control your buyers’ timeline, you can make sure that your responsibilities are completed on time. Stay in contact with your buyers or your buyers’ agent to make sure documents are delivered and received.
4. Price Home Accordingly
Nothing will slow down a home sale faster than an exaggerated price. If you’ve had a lot of visitors but no offers, the offers you have received are very low, or your home price is much higher than others in the area, it may be time to lower your home’s list price.
5. Know Your Negotiating Limit
Buyers and sellers generally negotiate on price a number of times before agreeing. If inspections show problems or there are other issues during the buying process, the buyer may ask you to pay closing costs or make other concessions. Make sure you know how much you’re willing to give before these issues come up and you can speed up your home sale.
6. Stage Your Home
The right home staging can make the difference between a visit and an offer. It is best to choose neutral colors and arrangements that will appeal to the maximum number of buyers, while still creating a welcoming atmosphere. The main keys to the right home staging are cleanliness, modernity, space, and warmth.
7. Work With a Real Estate Expert
A home sale requires a number of steps that average homeowners aren’t aware of or don’t know how to conduct. From price negotiations to inspections, mortgage documents, deposits, title transfers, insurance, and more, an experienced real estate agent is deeply familiar with this process and they can help speed up a home sale.
8. Work With an Experienced Lender
An inexperienced mortgage broker can drastically slow down the home sale. If financial documents aren’t filed properly, the buyer’s mortgage can be denied or delayed. While you can’t control which lender your buyer chooses, you can accept offers from buyers working with experienced lenders.
9. Organize documents
Prepare all your documents before you sell your home; this will not only speed up your home sale, but it will also make the whole process easier. With all of your documents in order, you or your real estate agent won’t have to spend days or weeks hunting down a title, disclosure or tax record while the clock is ticking.
10. Advertise Accordingly
A “for sale” sign in your yard will only bring in so many buyers. Most buyers start their search online and it’s difficult to list your home on the web without the help of a realtor. If you’re not getting many visitors, ask yourself if you are reaching the right prospective buyers.
11. Be Direct
Some sellers don’t mind giving buyers time extensions. If you’re not in this group, make it clear. Don’t be afraid to tell your realtor and, once you accept an offer, your buyer that you want to close the deal as soon as possible. Your realtor can help you speed up your home sale and put pressure on buyers to meet contingency dates.
Overall, although the home sale process isn't completely in your hands, you can still play your part to make it go as seamlessly as possible. Using these 11 tips you can be proactive about each step of the home selling process to ensure that you take care of the necessary steps in a timely manor. What are some other things you've done to help speed up the home sale process? Let us know in the comments!