There are times when it is imperative to liquidate real estate quickly. It might be a job relocation, moving an aging parent into a care home or dealing with a financial hardship or family death.
In situations such as these, liquidating to access capital might be necessary. Don’t fall prey to those who think you are desperate. Learn how to sell your house for fast cash in Chicago.
How to Sell Your House for Fast Cash in Chicago
Spruce Up the House (If Possible)
If you are able to and have the time, it is in your best to go through the home and prepare it for sale. An attractive home yields higher offers in every case. When potential buyers see wear or potential problems, the offer to buy goes down in relation to the potential repairs.
Declutter the home from excess furniture, décor and collections. Make kitchens and bathrooms shine like new and clean all windows. Removing drapes makes rooms look bigger and brings in natural light. Paint walls a nice neutral color.
Take the same approach outside by pruning trees and bushes. Weed the lawn and remove any clutter from patios and porches.
You may not have the time or money to do any repairs but these cosmetic details don’t take long or cost a lot and help in the sale presentation.
The Realtor Option
Most people view realtor transactions as long, drawn-out processes. A typical realtor sales process starts with the evaluation of the home to set pricing, detail work and then listing it on the market. Once on the market, open houses and showings happen until an offer is accepted.
This isn’t conducive to a quick cash sale. That being said, many local realtors have cash buyer relationships. Use the realtor to help get a realistic expectation of the actual sale value. Understand that many cash buyers might want to get a deal on the purchase. Then see if the realtor has any investors looking for opportunities.
Taking this approach help you maximize your sale price while getting access to reputable investors. After all, a realtor doesn’t want to bring a scam to the table; its bad for long-term business.
Real Estate Investors
Most major cities have real estate investor clubs and companies. Do a little research to find these clubs. You may even see an ad in the paper or a sign on a telephone pole from people who buy houses for cash.
Make a few calls and talk to several investors. Investors are always looking for new real estate transactions but make sure you don’t come across as needing a quick sale. This may be the situation, but investors are looking for properties they can flip for a profit meaning they will offer you less than market value.
The more urgent your need, chances are the lower the initial offers will be. The good news is real estate investors often have their own contractors they work with and will value any repairs needed quickly. They move quickly and don’t want to spend a ton of time in escrow. So once you accept an offer, you will be able to move through closing very quickly and get your cash out of the house.
Know that it is your right to have a realtor represent you even in a cash offer situation. Many investors will try to avoid using realtors but the reality is the realtor is paid by the proceeds of the sale. This means you get less money in the end, after paying the realtor their commission. Investors feel this drives prices up unnecessarily.
However, investors are often much savvier than the typical home seller. A realtor’s job is to protect your interests. It may be worth the fee paid from proceeds.