Integrity
and transparency between Agents, Buyers and Sellers is expected regarding
Sell it Faster (SIF) transactions
Seller Hurdles
As a Seller, can you close the deal quickly?
Simply put, can you not only locate a buyer, but can you CLOSE the transaction swiftly?
To determine that, there are three major hurdles, and they are relevant to all real estate transactions.
People
Motivation. What are the personal issues that are unique to the Buyers and Sellers? Factors like moving for a job change, loss of health, family issues, divorce, all will impact the process.
Expect the unexpected.
Property
What is your home worth, and what condition is it in? The first speaks to it being sold without having to do major work. Many properties are fixer uppers, but the work can be done after the new owner takes occupancy. No problem with fast closing.
The valuation issue deals with SHORT SALES and Foreclosures.
If you owe more than the home is worth, you need to be able to resolve that dilemma with your lien holders. That means get them to agree to accept less than what you owe, or bring cash to the table.
Experienced professionals in the business will tell you neither one of those tasks is quick or easy.
Short Sales
For that reason make sure you identify if your property is a potential Short Sale.
The Sell if Fast Method is intended to market property quickly at it’s true value. The period of time it takes to get from an executed contract to Actual Closing Date (ACD) can be much longer than the typical 45 to 60 day closings in these type transactions.
A property already foreclosed and taken back by a lien holder theoretically will not have the same risks as a short sale. The People problem has gone away, but the condition will not. Burst water pipes, fixing damage done by former homeowners will need to be considered as part of the true valuation. An As-Is sale leaves the burden on the new homeowner for the time required to get the home livable or ready to remarket.
If you have a reserve price limitation, then make sure when the final round of bidding is engaged, you have identified to the Buyers whether that potential for a short sale has been removed or not.
Financing
The third major variable is financing, and this speaks to the Buyer’s liability. If this is a cash transaction, then proof of funds should be demonstrated. This means liquid cash, available for immediate use (by the expected closing date.) This could be a gift from a relative, a savings account, etc.) Another more common approach is a bona fide Pre approval letter from a reputable Mortgage Broker or Lending Institution.
Both parties have every right to expect that Buyers and Sellers can come to an agreement and actually close within the stated terms of the Purchase Contract.
TRust works both ways
For a better user experience for all, please use honesty and integrity with your use of this powerful marketing method that benefits buyers and sellers in a hurry.