Updated: Jan 26, 2021
Here Are 7 Reasons You May Need to Sell Your House Fast
There are a few complications owning a home can throw at you; From the water heater exploding in the middle of the night, to a tree falling on your house during a category five hurricane.
Here are seven common reasons you may want to sell your house quickly for cash.
Reason One: You Own A Fixer-Upper, And You Don't Want To Do Any Repairs
Do you own a property in need of a ton of work? Maybe the roof needs to be redone, the bathrooms gutted, or the kitchen looks like it was ripped right out of the '70s.
If you own a fixer-upper, you can certainly opt to do the repairs yourself and resell it, but sometimes you either:
Don't have the time
Don't have the money
Lack the desire to renovate it
According to HomeAdvisor, it costs $23,858 to renovate a kitchen fully. Happy DIY Home also lists a basic kitchen remodel costing up to $21,000, and they back up their estimate with a comprehensive breakdown.
In addition to the kitchen, HomeAdvisor explains that the average bathroom remodel costs $10,388. And that's just an average bathroom. You'll be paying a lot more if you decide to do some top of the line bathroom renovations.
That's a substantial amount of money already, and we haven't even considered the rest of the house. Taking into account the other rooms, you could easily see a whole home remodel push $50,000 plus!
Sure, if you have the money, you could go through the process of renovating the home, but it's so much more convenient to sell quickly for cash and move on.
If you prefer to take on a remodeling project, I recommend reading this guide from Bankrate.com that will help you understand what you can afford, and how you can pay for it.
Reason Two: You Own A Vacant Property
Do you own vacant property that's sitting there and costing you money every month? Maybe you had plans for the property some time ago, but now you've decided the home has become more of a burden than an asset.
You're paying high taxes on a home you may not want or need.
Vacant homes can eat up a large portion of your budget with their increased insurance costs.
You might be paying two mortgages.
Squatters may find their way in.
Someone could hurt themselves on the property and hold you liable.
If you own a boarded-up house that's sitting there costing you money, it might be time to sell for cash.
Think of all the things you could use that extra money for each month. Not to mention the chunk of change you'll collect from the sale of the property.
Reason Three: You No Longer Wish To Be A Landlord
Owning a rental property can be a great asset. If you're handling all the work of a landlord yourself, it may start to get tiring after a while.
Non-stop work orders
Unauthorized long term guests
The list goes on and on
Hopefully, you are not currently dealing with any of the items mentioned above, but if you are and want to lighten your load, cashing out might be what's right for you.
Reason Four: You Recently Inherited Unwanted Property
Now and again, circumstance may cause you to inherit something unexpectedly. Inheriting a few clothes is no big deal, maybe a dining set, perhaps even a car that is paid off could all be welcome things to inherit.
An unexpectedly inherited house could be a whole different story. If the house is in great shape, you may be able to rent it for cash flow or quickly sell it on the market.
On the other hand, if the house is in poor condition, you may need a professional home buying company to take the property off your hands without any hassles.
Reason Five: You Own Property And Live Out of State
Reason number five ties into no longer wanting to be a landlord or inheriting unexpected property. It's possible you purchased property out of state, or owned property local to you and found that life took you to another part of the country.
Sometimes it can be tricky to own property hundreds, or even thousands of miles away. If you find yourself having moved or recently inherited property far from home, you may need an option to sell your house quickly.
If you find your self in this situation, you may benefit from reading our in-depth article on how to sell your house when you live out of state.
Reason Six: You Want to Avoid Expensive Fees
At Contenza Properties, we understand the value real estate agents provide to buyers and sellers. Real estate agents are incredible assets to the communities they serve; however, sometimes we run into people that want to avoid paying expensive commissions on the sale of their property.
Selling a house with a realtor can cost you up to 6% in commissions. On a $500,000 house, that’s $30,000!
Okay sure, maybe this isn't a reason you'd "want to sell your house quickly," but who doesn't want to save money when selling their house?
An important thing to consider is listing your house with a realtor may get you a higher offer than if you were to sell to a professional home buying company.
But will that higher offer outweigh the commissions?
What if you get a similar offer than what a home buying company would offer? Then you'll certainly net less money.
There's no way to know for certain. You can only weigh your options, and do what you think is best.
Reason Seven: Served A Notice of Default And Can't Catch Up On Payments
No one ever wants to find themselves facing the grueling process of foreclosure. The unfortunate reality is sometimes good people find themselves in grave situations.
If you find yourself in a situation where foreclosure is looming, sometimes selling your house as quickly as possible is the best option. If you've exhausted all the other options, such as a loan modification, and nothing has worked, selling quickly for cash can stop the foreclosure process.
There are numerous issues you may face as a homeowner; we are here to help whatever your situation may be.
There's never any obligation or fees when you work with Contenza Properties, so we encourage you to contact us if you feel your best option is selling the house.
Subscribe, Share, And Get $1,000!
Did you learn something from this article? If so, make sure to like, subscribe, and share. If you know someone who needs to sell their house quickly, refer them to Contenza Properties! If we can buy their home, we'll pay you $1,000 as a thank you.
One last goodie for you. Did you know that if you sell your house directly to Contenza Properties, we'll give you $1,000 cash back at closing? So, what are you waiting for? Contact us today!
About the Author
Jordan Reid founded Contenza Properties in April of 2018 to help homeowners solve their real estate problems quickly.
Since then, Jordan has helped multiple homeowners facing difficult situations such as divorce, property liens, and unwanted property inheritance.
Jordan believes in putting people first, and numbers second, which helps him reach the best possible solutions for the homeowners he works with.