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Option 1: Hire an agent and list a house that needs repairs on the market
The traditional way of selling a house is to sign a contract with a licensed agent who will handle the marketing and promotion of your house and advise you throughout the process. Agents will tell you how to get your house spruced up and ready for buyers. They’ll also make the house’s information and photos available to the public (in places like Zillow, Trulia, Redfin, etc.), and organize viewings for potential buyers. When you find a buyer, your agent manages all the communication with the buyer and their agent. The agent’s responsibility is to ensure everything pertaining to money and documentation is in order. In exchange for their work, real estate agents take about 6% of the sale price.
Pros of hiring a real estate agent:
Reach more potential buyers
Potentially end up with higher net proceeds vs. selling to an off-market cash buyer
Cons of hiring a real estate agent:
Agents may not reach the right buyers for your property if it’s distressed and requires a lot of repair work
You have to spend time cleaning up and dealing with the hassle of repairs
You need to prepare for showings and vacate the property for open houses
Signing a listing agreement gives the agent the exclusive right to sell your house for six months
You will need to pay 6% of the sale price in commissions, even if the agent is not the one who finds the buyer or helps you sell the house
As the seller, you must pay closing costs, which are typically 1-2% of the sale price
You’ll pay holding costs (see below) while waiting to sell, typically for two months or more
Dealing with a range of buyers and price haggling creates an unpredictable outcome
Option 2: Find a cash buyer and sell your house off market
Most cash buyers purchase houses with the intention of doing repairs, renovating, and reselling them. They purchase the house as is, without cleanings, showings, or renovations. The entire transaction can close quickly with no hassles. In a cash transaction, the owner can seek out multiple comparison offers and negotiate terms. In fact, as the owner, you work directly with the buyer on all aspects of the transaction such as escrow, title, and closing.
Pros of working with a cash buyer:
Pay zero fees to sell your home
Avoid cleanup, repairs, and showings
Complete the closing in just 10 days if you need to move quickly
Ask for a cash advance before closing (Sundae offers up to $10,000)
Cons of working with a cash buyer:
You do the work to shop around for multiple offers, vet buyers, and compare offers
Potentially lower net proceeds vs. listing and selling on the market
Best sell option for houses in need of work
So how do you choose between these options? The first question to ask yourself is how much time and money are you willing to invest to sell a house. If you don’t have much of either, and you need a reliable outcome, then selling to a property investor that can quickly do the repairs is probably the best way to go.
If time is on your side and you have some flexibility to sell at a later time so that you can focus on maximizing the cash in your pocket when you sell, you should explore both options. Here are two key questions to ask:
1. How much repair work does your house need?
If your house needs significant repair work or a complete renovation, it’s possible that it won’t sell on the market to another family. Instead, you’ll likely attract cash buyers or property investors. These companies want to buy your house for the purpose of investing in renovations and reselling it for a profit. Consider this option if you want to sell your house faster.
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