Sell my house fast in Westfield – what are my options?
I need to sell my house fast – what should I do?
Most people only sell a house a few times in their whole lives and if suddenly the are faced with a situation where they need to sell quickly it can be overwhelming. There are solutions that can work for every situation. In many cases, listing your Westfield house with a Realtor can be ‘fast enough’ and can yield the highest return to you. In other cases, depending on the age and condition of the home, a better solution may be to sell to an investor or to an iBuyer. Chili Pepper homes can help you navigate these options so that you can find the one that will work best for you.
Listing your Westfield house with a Realtor
It is widely agreed that on average you will net the highest total return by listing your home with a Realtor. It is critical that the Realtor knows Westfield and will effectively market your house, setting the optimal list price, providing professional photography and other special touches to make the house sell quickly. At Chili Pepper Homes we agree with this philosophy and after we have rehabbed the houses we purchase, we list the fixed up houses with Karen Ruffner of Partners Realty.
Getting under contract
The average days on market for a real estate listing in NJ in 2019 is 65 days, but this is an area that can be reduced by using aggressive pricing and strong marketing. As an investor, there are carrying costs to holding a property and thus any increase in the amount of time that it takes to get to closing will reduce profitability.
Getting to closing
Once your Westfield house is under contract, there are still so many things that can add delays. Does the buyer need financing? It generally takes 30-45 days to secure financing with conventional load. Did the inspection find any issues that need to be fixed before closing. Waiting for repairs can delay the entire process.
Bottom line
The real question comes down to how fast do you need to sell your house? If you can't wait 3-4 months, it might be better to look at alternative means of selling your house.
Selling your Westfield house to an investor
This may be the best option for houses that are older and that haven't been recently remodelled. This is especially true when big ticket items such as the furnace, Air Conditioner, Roof or other items are old and in need of replacement. An investor will know how to properly evaluate how much all of the repairs and remodelling will cost and can deduct these amounts, carrying costs, and profit from the expected ARV (After Repair Value) of the home to decide the right price to offer for the Westfield house. Many investors will buy properties for cash and thus avoid the delays associated with obtaining the mortgage. Typically and investor is buying the house 'as is' and thus eliminates the risk of the closing being delayed so that fixes can be made for issues found in the inspection. Many investors can close in just a few weeks from the date of the offer.
Selling your Westfield house to an iBuyer
There are a new class of algorithm based home buyers that are willing to make an offer on any house instantly. These buyers are just a special class of 'investors'. They also will not be holding the property but will instead flip it and put it back on the market. Since there are significant transaction costs in real estate, Adding an extra layer between yourself and the final buyer will reduce your profits but may greatly improve on the time it takes to sell and eliminates many of the hassles associated with listing your home. Most iBuyer firms are looking for homes that are in good condition and will only need minor repairs. Many of these companies charge a fee of 6-7% of the sale prices to cover the transacton costs and fees. This can be an attractive option for those that need to move quickly and that live in homes that are in good condition. Currently, most of the big players in the iBuyer space do not operate in Westfield but I’m sure they will be getting here soon.
Working with Chili Pepper Homes to sell your Westfield house fast
At Chili Pepper Homes, we specialize in the investor scenario for homes that need significant repair or remodelling to maximize value, but we are good at evaluating each house to determine the best strategy you can use to maximize your profit while getting your house sold fast. We will lay out the various options for you in detail so that you can pick the best approach. Give us a call at 732-200-2280 for submit a contact for at Chili Pepper Homes!
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