Top problems sellers face when trying to sell their property through traditional methods
Updated: Aug 27, 2020
The process of selling your home is not always as simple as it sounds. A lot of homeowners believe you just hire an agent, they put a sign in the yard, you get a buyer and you get a check. These homeowners come to quickly realize that this process can become a long drawn out process. When selling a home, there are many different challenges that can arise throughout the transaction and even before you’ve even listed your home for sale. These challenges can consist of many different roadblocks that we will discuss in this post. Here is a list of some of the challenges that homeowners can face when trying to sell there home through the traditional route:
Maintaining the property can be costly
If you have to sell your property through a realtor, you will be required to fix it up and maintain it, which requires money. Maybe you do not have this money. The same applies to inherited property that you may want to dispose of. You may need to invest in it to sell it.
If you live out of state and are trying to maintain the property from a distance, this can be a real headache. Maintaining a property is an additional expense that adds up the longer the home remains unsold. When selling a house, it needs to be maintained like a show home for a traditional sale so that the real estate agent can give tours or hold open houses. This can be a nuisance whether you are currently living in the home or not.
Buyers Cannot Get Funding
If a buyer is interested in purchasing your home but cannot get a loan, the sale will likely fall through. The inability of the buyer to secure a loan is a significant reason why many sales fall through. This can be a problem particularly if an appraisal determines there is something about the property that leads to a denial of the loan. To use an example, homes that are too close to a gas station are not eligible for FHA loans. Buyer funding is also a problem for foreclosures, for which loans are often not awarded.
Selling traditionally means that everyone will know that you are selling your home. While this is not an issue for everyone, it can be a problem in some cases. Pictures of your home and its interior will be displayed where everyone can see them, and if you are no longer living in the home it advertises that the home is empty. In certain areas this can be a serious problem if looters consider your home a prime target. If your home is in foreclosure, you also might not want your neighbors to know about it. A cash sale to an investor will help you sell the home quickly and quietly, and no one will be the wiser.
An Unfavorable Market
An unfavorable market can affect selling a house in any number of ways. It can affect whether or not buyers get funding, as mentioned previously. It can mean there is an abundance of homes for sale and/or not enough buyers interested in buying. There may be nothing wrong with your home at all, but it may sit on the market for a significant amount of time simply because there are not enough buyers interested in the area. As with all real estate, location plays a major role in how fast it sells and for how much. Even a gorgeous, well-maintained house can have problems selling in a city or neighborhood where people do not want to live. The condition of nearby houses can also affect whether buyers are interested in your home.
There Are Problems With The Property
If there are sufficient problems with the property, or even with nearby properties, it can prove to be a major obstacle to selling your home. Inspectors can uncover major problems you didn’t even know were there, making you realize your home might not sell as easily as you thought. Cities can even declare the home unsafe for human habitation if the problem is significant enough, such as if there was water damage. This is before the home passes the buyer’s inspections, which are often the most rigorous of all and usually end in a long laundry list of items you need to address. Many sellers would prefer not to go through that hassle.
A top challenge for home sellers is passing the extensive list of inspections that a home buyer can issue. Whether its home inspections, pest inspections, or radon tests, a home buyer wants to ensure everything is perfect when they purchase a new home. There are no set guidelines on if a home passes inspection or not. The home buyers have the final say in if they are satisfied with inspection process or not. Believe me when I tell you, they will have a nice extensive list for you to take care of.
Anyone looking to sell their home in a traditional way will be on the hook for substantial additional costs, such as real estate agent commission fees. Even small things, like beautifying the house in order to show it can end up costing significant amounts of money and time you may not have. By selling the home for cash to an investor, you do not need a real estate agent, nor do you need to spend any significant amount of time and money to make the house look attractive to buyers.
Closing the Deal
So you made it through all the difficult challenges, the closing should be easy right?? Just sign a couple papers, take your check and your headache is over with... Wrong!! There are many different things that can derail a property closing. One of the main issues that can arise is the buyer getting disapproved. Now this is nothing that the seller can control but can still be a deal breaker. Some other items that can derail a deal at closing are Title issues or survey issues.
While a cash sale can result in the house being sold for a little less, it can be a lifesaver for anyone who needs to sell a property quickly for any reason. Besides, that cost can easily be offset by the seller not having to make expensive repairs and renovations. A cash sale could close in as little as seven days, as opposed to the weeks it can take to close on a home otherwise. The buyer handles everything, leaving the seller to walk away and continue on with their lives. Selling to an investor is a very solid option for anyone facing the home seller problems mentioned in this guide.
As you can see the process of selling your home is no simple feat. There are many different aspects to the sale of your home and there are many different challenges that can arise. The best way to avoid all of these challenges is by taking less money and doing a cash deal. A cash deal will save you all of these hassles and will allow you to close on a property within 7-14 days. If money is not the main reason that you intend to sell, you should consider selling with a cash buyer and relinquishing some of these challenges you may face.
If you are interested in finding out how easy it can be to sell for cash to an #investor please contact Big and Small Properties, LLC today – you can call us at (443) 484-8447 or complete our quick "Sellers" form on our website www.bigandsmallproperties.com today: #WeBuyFast4Cash!