Why For Sale By Owner Is A Bad Idea
If you’re trying to save money when you sell your New Orleans property, you may consider going the For Sale By Owner route. There are advantages to doing so. There’s also a good chance that you’re in for a challenging ride.
When you choose to attempt to sell without a Realtor to a retail buyer, you will likely encounter a few if not many issues.
For Sale By Owner Issues
The Long Wait
It’s often the case that you won’t be able to finance another house before you sell the one you’re in. But when you’re trying to sell your house for top dollar, it takes time to find the right buyer. So you’re essentially stuck in limbo until the perfect buyer comes along.
Retail buyers are picky when they’re looking to buy their next home. That means, if you want to try For Sale By Owner, the repairs and upgrades are left to you to do. It can take weeks or months, and cause significant headaches. But, when you work with a real estate investor, they will buy your house as is so you won’t have to do any of those major repairs.
It’s your responsibility to attract a buyer to you, which means that you’re the marketing director. That requires your money and resources.
You’ll have many people looking for a house For Sale By Owner, but few buying. Often, most people who contact you will be real estate agents looking to list the property for you.
This sounds like a simple solution to sell your house fast. You set a date and get your house cleaned up hopeful that the right home buyer comes along. The truth is, it’s a total time waster. You’ll also want to make sure everyone wears a mask and hope they don’t have COVID-19.
This is the biggest time waster. Many people who list their house won’t even bother to answer their phone. That’s probably a smart move considering the majority of people who call are just tire kickers. Alternatively, you can just post it on Facebook Marketplace and constantly receive messages with the classic “Is this still available” or “Is the price negotiable”?
Paying Two Mortgages
You think you’ll find someone to buy your house quickly, but in reality it usually takes at least 3-6 months. That’s if the buyer gets a loan approved. So many traditional sales fall through and go back on the market because of financing. The majority of prospective home buyers today can’t get qualified for a loan.
If you had to relocate for a job and you’re stuck paying two mortgages, that can become a huge financial burden. When working with a company that buys houses, they will usually close whenever you’re ready.
Finding the CASH to catch up on house payments, or back taxes.
If you owe any money or have any liens on your house, you will not be able to sell to a retail buyer, but you could sell to an investor.
As a local home buyer who pays cash for houses, Fairview Home Buyers can save you from all these frustrations. We’re fair, fast, and knowledgeable. We’ll take the frustration and the headache out of selling your property. Contact us today and we’ll get you a fast cash offer.