It can be scary to try and sell your house quickly. You might have to sign things that you don’t fully understand or commit to things that you would prefer not to if you had other options. What if you can’t sell? Here are answers to some of those questions.
An Exclusive Listing Agreement
This is a common tactic among real estate agents. It basically means that you are agreeing to use the services of that agent only in order to market and sell your property. They may or may not be successful. There is a level of risk that you undergo when signing an exclusive agreement. It comes in the form of not being able to break the agreement unless you can prove negligence or poor work ethic on the agent’s part. Do not feel obligated to sign something long-term. The house may not sell in this amount of time and that may be no fault of the agent. If you feel your agent has done everything in their power to sell your house but the market is very slow in your area, you can always sign on for another 6 months. This will mean more waiting, the possibility of a house that won’t sell, and being forced to wait before you can move on. Once the time period of the agreement is over, you can sign for another term or you can find another agent.
What if the House Doesn’t Sell?
This is what keeps most home sellers up at night. There is usually a lot riding on the sale of your home and if you are not able to complete the sale you may well stand to lose a lot. You may have already bought another home and are paying two mortgages that you really can’t afford. This is not an ideal situation to get yourself into. If it doesn’t sell you do have a couple of different options.
1. You can rent the home. This is probably not a great idea if you do not have the money to make repairs, pay the insurance, and taxes if the tenant moves out and you are not able to rent it out.
2. Keep it on the market even though you have moved on. You will still be responsible for all the necessary payments and maintenance until it sells. Remember that you may have a pipe burst and you don’t know about it for weeks or you may have a limb fall through a window and you aren’t there to fix it right away.
3. Find an investor who buys houses and is able to pay cash for houses and close quickly. You will be able to move on and not have to worry about what is behind you. This is a great choice if you have had your house on the market for awhile with no success. Do not sign with an agent for any length of time when you have the ability to sell the house quickly.
How It All Works
The basics have been outlined but in all reality, it is rare, in this market, to have a house on the market sell quickly for the asking price. With the competition as stiff as it is, you will always have better houses for the same price or sometimes even a lower price. House buyers have the advantage. You are taking a risk by continuously keeping the house on the market. You have to face the facts that the house may not sell and it is not the end of the world. You can sell to a local investor and be done with it all, though. Why wait on agent after agent to achieve what the other couldn’t before them? Sometimes the agent will do all they can and still not experience success through no fault of their own. Why not sell to someone who buys houses and pays cash for houses? You cannot be dependent on others to give you the chance to move on with a new stage in life.