When you made the decision to sell your house, your next decision was probably should I do it myself, or hire a realtor. Either way, there are certain things a seller needs to do in order to sell your house fast. Hopefully you did the basics like spruce up the yard, create some curb appeal, fix obvious repairs, and keep the interior clean and uncluttered.
If you did all that and the house did not sell, you are probably in the expired listings camp, and it may be time to start thinking outside the box.
If you did not get any offers, or sufficient showings, you first have to look at your listing price. Your realtor should have done that, but if you are trying to sell it by owner, make sure you used realistic comparable sales.
What is a comparable sale? According to licensed appraisers, a comparable should have the following: closed within the last 90 days, be within 300 square feet or the subject property, be within 1/2 mile, and be of like kind (1 story vs 2 story). So step 1 is to make sure your house is priced correctly. Keep in mind that even if you have your house priced near comparable sales, the condition and location of your house versus those comparable sales makes a big difference. If the other houses have updated kitchens, bathrooms, roof, a/c, flooring, etc. and your house doesn’t, buyers will tell you are overpriced. If your house backs up to a fire station and the others don’t, buyers will expect a discount.
If you think you are priced correctly, and you still didn’t get any offers, then you may want to consider another method of selling your house. If you really want to sell your house fast, then you need to make it easy to buy. One way to do that is with a lease purchase. If you have some flexibility, and don’t need cash from the sale immediately, a lease-purchase may solve your problem.
I know what you’re thinking. The last thing you want to do is become a landlord. You have probably heard all the horror stories about dealing with tenants. Everyone seems to know someone who has had a bad experience. Usually the problem can be pinned down to one thing, improper screening of the tenant. So what if there was a way to ensure you didn’t get a bad tenant? Is that possible? In addition, what if you could get full market value for your house, sell without a realtor commission, and not have to worry about repairs and maintenance?
If that all sounds good, you should educate yourself as to the pros and cons of doing a lease purchase. Stay tuned to learn more about how a lease purchase works in the next article.