You’ve decided it’s time to sell. Should you hire an agent to sell your house in Washington DC, PG County, Montgomery County, Washington DC and Maryland? Do you want to pay large commissions? How long are you willing to wait for the house to receive an offer? How long will it take to close? What sort of repairs will you have to make? How does the house look when I leave for work in the morning? Are you available to show your house with 24-hour notice, or less?
Commissions and Fees
Real estate agents are paid based on a percentage of the sale price of your house. If you do not use an agent, there will be no commissions paid to a buyer’s or seller’s agent. That means thousands of dollars in savings! The usual commission is 3% per side, so if you sell your house for $400,000, you would have to pay $24,000 in commissions alone, along with the traditional seller’s closing fees and other possible transaction fees to the closing agent and the real estate agents office. Real estate investors typically do not charge commission or transaction fees, and if they do, it is extremely low in comparison.
Waiting Time Frame
Real estate agents have access to the multiple listing service, or MLS, which allows your property to be found in searches for certain features of a property. This may sound great, but how long will it sit on the market? How fast will you receive offers? Real estate investors and other direct house buyers typically have a network of other house buyers, so if your property doesn’t fit their portfolio, then it may fit one of their colleagues’ portfolios. Either way, this means very limited waiting time for an offer. Also, when you sell your house in Washington DC, PG County, Montgomery County, Washington DC and Maryland to house buyers, they will typically close faster than traditional house buyers, and usually in pay full in cash. Traditional house purchases usually require qualifications from banks, mortgage underwriting time, property inspection and the buyer may not end up qualifying in the end.
Inspections & Repairs
Home sellers should understand, however, that real estate agents are held to a higher standard when it comes to disclosing a home’s defects. Realtors, therefore, have an obligation to disclose any fact that could influence the buyer not to enter into a real estate transaction. After tallying up the cost of updates and repairs, you’re thinking about selling a house as is. If you have to lower your price, so be it. An old electrical panel, stained carpeting, and kitchen straight out of the ‘90s mean buyers won’t consider the house move-in ready or necessarily pay top dollar. But you don’t have enough money or time to perform a bunch of work, and you’d rather just collect a decent sum and move on.
Being at the mercy of someone else’s timeline.
You have your goals and priorities. You’ve established your ideal timeline. Hiring an agent introduces someone else’s timeline into the mix, one that may or may not conform to yours. If your agent does not devote the necessary time and effort, your home may sit on the market much longer than it needs to. Conversely, if your agent is eager to unload your home for whatever reason, he may make decisions that conflict with your goals in order to sell it faster.
There are a lot of situations to think about when you are ready to sell your house. We can help you decide which avenue would be best for you.