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While deciding to sell your home is a difficult decision, how to get it done may be even more challenging. A traditional path through a realtor is one option, but you can also sell your home off the market. You’ll need to choose which option is right for you before making any final decisions. Below, we’ll discuss the pros and cons of each.
The Traditional Home Sale
In a traditional home sale, a house is put on the market for potential buyers to view and submit offers to buy the home.
Pros
When you opt for a traditional home sale with a realtor, you benefit from their expertise in:
- Marketing
- Staging photos
- Organizing
- Showings
The realtor will handle all various aspects of the sales process. This professional support can attract multiple offers, especially if your home is priced well and aligns with market trends.
Cons
However, the traditional route has its drawbacks. Your house might linger on the market for weeks or months without receiving any offers, leading to potential stress and financial strain. Moreover, you can incur additional fees, such as realtor commissions and staging costs, impacting your final proceeds.
Even if your home receives a good offer, there are still potential challenges. For example, with a traditional buyer, you run the risk of their loan application being denied and the buyer having to back out of the sale.
A Word About For Sale by Owner (FSBO)
To avoid having to pay realtor commissions, you could choose to put your house on the market yourself. However, FSBO situations still usually require the owner to pay the buyer’s agent commission and the owner will need to do all of the legwork as far as marketing, negotiating, and closing the home. You may have difficulty with the process and will likely need to hire a lawyer to complete the sale.
Selling Your Home Off Market
Selling a house is exhausting, particularly if you go by the traditional method, which can be very time-consuming.
Instead of selling their properties through a realtor, homeowners may sell their homes through off-market transactions, which involve privately displaying the property to several prospective buyers off the market. These are usually fast cash buyers or investors who move quickly to purchase homes. This may be an option for homeowners who want to avoid foreclosure or are looking to unlock their home equity as quickly as possible.
Pros
Selling your home off-market has several advantages. This approach can be quicker (sometimes even a few days), especially for high-value properties, and gives you more control over the sales process. A fast cash buyer will not need to rely on loan approvals, since they will have the “cash” at the ready. You can also avoid expenses like open houses and realtor fees, maximizing profits.
Cons
Selling your property off-market has its own challenges. You may need to invest in marketing efforts to attract potential buyers, and determining the accurate value of your home can be tricky without the guidance of market comparables. The offer, although less likely to fall through or be waylaid, may not be as high as a traditional buyer’s offer. You’ll also need to be on the lookout for scammers and con artists.
How To Sell Your Home Off Market in a WIN-WIN Scenario
In a win-win scenario, consider exploring options like reputable fast cash buyer companies. These entities can offer you the best of both worlds by reducing fees compared to traditional methods and eliminating the need for extensive marketing efforts to sell your off-market property.
Unlock Your Home Equity, Faster
A traditional sale Whether you choose a traditional or off-market sale, your decision should depend on your priorities and situation.
If a non-traditional sale seems right for you, we may be able to help. Our knowledge and personalized approach can make the selling process smoother and more rewarding. For additional information and advice on unlocking your home equity, contact us.
