OPTIONS FOR SELLING
When selling your house, you have three main options: using a real estate agent, selling it yourself, or selling to an investor. Each approach has its pros and cons. Many homeowners, unaware of their choices, risk foreclosure or financial loss by relying solely on real estate agents, which may not always be the best fit for their situation.
It’s important to understand that you have options. Below, you will find the pros and cons of each choice to help you make an informed decision when selling your or your loved one’s house.
Real Estate Agent
PROS
- Access to the Multiple Listing Service (MLS)
- Expert agents can accurately price your home for a quick sale
- Potential to sell at current market value
- Professional guidance throughout the sales process
- Strong negotiation to secure the best price
CONS
- Agent commission typically totals 6% of the sale price
- Additional costs for transfer taxes, recordation taxes, and other closing expenses
- Buyers may request financial concessions or repairs
- The sale process can take 6 months or more, with ongoing costs for mortgage, taxes, and maintenance
- Home must be in good condition to achieve a high sale price
- Frequent showings can be disruptive
- Expect about 11% of your profits to be deducted at closing; for example, selling a $100,000 house with a $25,000 mortgage might result in a profit of $66,750 after deductions and expenses.
Who Is This Best For?
Selling with a real estate agent is a good option for you if you are not in a time crunch to sell and want to sell for full market price. This is a good option if you’re able to wait 6-12 months for a buyer to make a full market price offer. It’s also a good option if you have enough money put aside to cover real estate agent commissions, closing costs, and paying for concessions requested by your buyer.
Sell It Yourself (For Sale By Owner)
PROS
- You can take a hands-on role and negotiate on your own behalf.
- You will avoid real estate agent commissions.
- If you’re detail-oriented enough and have the time to handle the intricacies of real estate, you will save thousands of dollars.
- There are websites where you can post your property for maximum exposure such as Zillow, MLSmyHome, Craigslist, and Fizber.
CONS
- Homes sold without an agent generally fetch lower prices.
- Real estate transactions require meticulous attention to detail.
- Pricing accurately to attract buyers can be challenging, and tools like Zillow can be unreliable.
- Costs for repairs, staging, and upkeep can accumulate.
- Maintaining the property and handling security risks for vacant homes are additional burdens.
- Emotional involvement may complicate the sales process.
- Frequent showings can be intrusive and exhausting.
- Selling costs include transfer taxes, recordation taxes, and other closing fees.
- Buyers may request financial concessions or repairs.
- The selling process can be lengthy, often taking six months or more to receive an offer and up to 45 days to close, with ongoing property expenses during this period.
Who Is This Best For?
This option is best for someone who doesn’t need to sell a house quickly and/or has no urgency to be out of the house. It is also best for someone who is detail-oriented, not emotionally invested in the house, and who has a strong comfort level with negotiation, handling contracts and financials. This option is also good if you have a financial reserve that will cover your day-to-day living expenses plus the costs of maintaining the house such as mortgage, insurance, taxes, utilities, and maintenance.
Selling to An Investor (We Buy Houses)
Next Chapter Property Solutions, LLC is an investment company that buys houses. We are unique in the way we do business because we strive to build strong relationships with our clients and deliver solutions to solve your specific problem. We do not make one-size-fits all “lowball” offers. Our goal is to create a win-win solution for everyone involved.
PROS
- Next Chapter Property Solutions purchases houses in any condition, as-is.
- Receive a cash offer within 24 hours of submitting your property.
- We offer fair, tailored solutions to meet your specific needs.
- Close the transaction within 30 days or less.
- No real estate agent commissions or, in many cases, closing costs.
- No need for repairs or even cleaning the house.
- We cover delinquent mortgages, property taxes, and liens.
- Can assume loan payments on properties with unmanageable mortgages.
- We provide full guidance, ensuring a smooth and hassle-free process.
- Minimal property visits—just a brief initial assessment and possibly one more before closing.
- We are a registered company with a track record of successful transactions. [See our testimonials].
CONS
- Many scammers misrepresent their capabilities in the marketplace.
- Property will be sold at a discount to market price.
- No barriers to entry, allowing anyone to claim to be an investor.
Who Is This Best For?
Selling a house to an investor is best for someone who is in a time and/or money crunch and needs to sell a house fast with little hassle and stress. It is a great option for you if you don’t want to, or cannot pay for repairs, cleaning, and upkeep of a property. This is also a great option if you need to sell in days or weeks vs. months.
Before you sign a contract or hire a realtor, click on Get An Offer to find out how Next Chapter can buy your DC, Maryland, Virginia home quickly and for cash.