Traditional sale is the most common way to sell a property.
It works well when you have enough equity in the property to pay all closing costs and outstanding liens. Also when you don’t have to bring money to the closing.
You can list your property at the market price and wait for a potential buyer as long as you want. Statistically if you don’t get an offer within first 3 weeks this means that your property is overpriced. The longer property sits on the market-the lower chances that you will sell it at desired price. We strongly recommend when listing your property make it the best property for the money.
Real Estate Liquidators will not accept your listing if we feel that your property is overpriced.
Traditional sale where buyer need to obtain a loan will not work if the property requires a lot of repairs. This is true because lenders typically refuse to provide financing for these properties due to the fact that it is difficult to obtain title insurance. If traditional sale is what you want, we can list your property for sale on all on-line portals. When we sell it, we will charge you 6%. When a buyer obtains a loan from a bank, it typically takes 30-45 days to close on the property after you accept the offer since bank needs to appraise it first and run it through underwriting process.
Probably you will need to show your property multiple times before you receive an offer. Then inspection is scheduled and if buyers find issues with your home, they can ask you to repair them or to reduce the price. After inspection contingency is removed, appraisal gets scheduled if buyer obtains the loan.
We have seen many time that on the date of closing the buyer’s agent called and said that buyer could not obtain the loan. If this happens, you will nee to start over and listing your property for sale again. If you have a real estate broker representing you, before you accept the offer, please ask your broker to verify with the lender that the buyer is fully approved for the loan amount to avoid surprises at the closing table.