Well, selling your Sell my house Sacramento fast is possible; even in this real estate market. There are many reason you would want to sell your house quickly. Selling fast may you avoid foreclosure, settler a divorce, or get out of a money pit. If you need to sell your house fast, for whatever reason, this article will help you.
First, we will discuss reason that cause home sells to take several weeks or even months to close. Second, we discuss some of the common problems that cause sales to fall through. And third, we will present a solution for quickly selling your house.
Why does it take so long to sell a house?
- The house must be ready to sell. Major and minor repairs must be made. Outdated fixtures must be updated. This can take weeks or months if you are a procrastinator.
- A buyer must be found. This usually involves several showing over several weeks, months, or years. Not only must the house be the correct size and in the right price range, it must also have that ‘special something’ that lets a homeowner know this is ‘their house’ when compared to all the other on the market.
- Financing must be obtained. For this, the buyer must be evaluated to ensure that they meet the lending requirements or the given financial institution. During loan underwriting, the buyer is frequently asked to produce extra documentation. Collecting and assembling this documentation takes time.
- A title search must be performed to ensure the title is clear. This is usually one of the last steps before the closing and it frequently takes several weeks.
- Any stipulations (additional requirements) required by the lender must be performed. This could be an increased down payment, additional documentation, the purchase of private mortgage insurance, or many other requirements.
As you can see, there are many steps involved in selling your home. During this time, the house must remain available for viewing on a moment’s notice.
Why do sales fall through?
Just because you have accepted an offer on your home it does not mean you have sold it. The time from contract to closing is often the most stressful period of a real estate transaction. While it may seem that you are just waiting for the closing date, there are actually lots of things going on. Any of these could cause the deal to fall through. Here are just a few.
- The buyer cannot obtain financing.
- The buyer has qualified for a loan, but the lending requirements change before closing and the buyer no longer qualifies.
- The appraisal comes in lower than expected. This frequently kills the loan, or requires the purchase of private mortgage insurance at a cost that may kill the deal.
- The house fails a home inspection. In most cases, this allows the buyer to cancel the contract and have their earnest money returned. In the best case, there is another costly repair that the seller must perform.
- The buyer backs out. Perhaps they have found a home the like better. Sometimes, they can find a contract loophole to get out of completing the sale. Other times they just lose their earnest money and walk away, leaving the seller with a small profit but starting the selling process over again (often with many missed opportunities).