Close a Deal Faster with Special Offers or Terms

by c21commonweath_ldowling 25. September 2019 10:04

Keeping your home on the market can cost you money. As long as you still own it, you’re responsible for maintenance, property taxes, and utilities. Depending on your situation, a house that doesn't sell quickly can be a weight around your neck. You may find yourself forced to pay two house payments or even unable to accept a new job, start a family, or take the trip you’ve been dreaming of for your whole life.

Are you stuck in a home that seems like it will be on the market forever? There are a few things you can do to encourage buyers to close a deal and sell your home faster.

Pay the Closing Costs

Offering to pay the closing costs is a common strategy for sellers who want to speed things along. Selling a home involves several costs and fees, including things like real estate agent and lender fees and charges for title insurance and home appraisals. When you total everything up, it may run from 2-5% of your home’s value. Many buyers have difficulty saving for a 3% down payment, let alone any additional costs. Offering to pay closing costs can encourage an otherwise reluctant buyer to pull the trigger.

Pay for Necessary Repairs

Did the home inspection uncover a leaking roof, bad wiring, or termite damage? You typically have two options: reduce your price to cover the cost or pay for the repairs yourself. The second option is better from the buyer’s perspective—he or she can be confident they’re moving into a home, not a money pit 

Consider Seller Financing

If you live in an especially depressed market, buyers may have trouble getting a loan. In extreme cases like this, some sellers work the purchase out directly with the buyer. No bank or other lender needs to be involved in this arrangement—the buyer and seller handle it all on their own. You have a right to determine the interest rate, payment schedule, and any penalties that may apply if the buyer defaults. While this allows you, the seller, to offer whatever terms you like to get your home off the market more quickly, it also means you’ll take on all the risks of a lender yourself. Depending on your financial position, this may or may not work for you.

No matter what the terms are, it’s a good idea to have an attorney review the contract before you sign.

Do you need to sell your home off of the market quickly? While it may cost you in the short term, making special offers can help you seal the deal and move on.

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