A typical house sale takes 7 or 8 weeks, and that doesn’t even consider the time spent preparing the house to look its best. If an issue is discovered with the property, the title, or the financing, the sale will take even longer. So if you need to sell a house fast in Portland, or anywhere else in the USA for that matter, what should you do? Well, to start with, ask yourself HOW fast. Is one month fast enough, or do you need it done in two weeks? One week? A few days? The amount of time you have will help indicate what kind of offers you can consider and how you go about marketing the property. Here’s a list of the major time-consuming activities involved in selling a home and how many days they typically take as of 2017 in Portland:
These things are each done for a reason, and typically the more of each you can allow, the higher the price you can sell your house for. Whatever the situation is that is driving you to sell quickly, you’ll need to figure out how much the time is worth to you. I’ll tell you how to get a property sold in a day, but you might have to sell it for less than half its value in a normal transaction. Is that worth the time it would save? Every property, seller, and buyer is different, but don
Repairs and sale prepare the typical preparations to make a home attractive and usually the first thing to be left out when anyone is in a hurry. People typically want to buy clean, pretty, staged homes that are in good condition. Home repairs can take a LOT of time (think months to years, depending on the situation) If you don’t have time to paint, get professional photography, stage the home, put in new carpets, or repair the leaks in the roof, getting around this step is pretty easy: don’t.
To avoid activity sitting on the market you need to make sure you only deal with professional real estate investors who review deals on a daily basis and can make up their minds quickly. This can be done by calling real estate ads for the area where the house is located, these ads can be found on Craigslist, Kijiji, eBay, signs in the area, or just googling “sell my house fast”. Call several of them, and discuss your specific situation with each and how they can help you. Many home-buying investors make a living creating clever strategies for sticky situations and may be able to help you in more ways than you think. Have each one you talk to that can move quickly enough come out to inspect and bid on your house. Compare their bids, and compare them personally too. Don’t let yourself be low-balled, but a higher bid may not be a better bid if you can’t trust the investor to close in the time you need them to. A highly professional investor is more likely to actually complete the purchase and if they can’t-do you the courtesy of finding another buyer to assume their contract. An unprofessional one may just leave you to deal with starting the selling process all over again.
In order to avoid wasting your time on long lender reviews, you’ll need to reject all offers that are dependent on conventional financing. Most conventional home loans are sold to government agencies that require a third party appraisal that especially in the Portland area will substantially delay the sale. If your time crunch is bad enough, you can’t waste time on buyers who will need that appraisal.
Cutting out repairs, sale preparation, sitting on the market, and long lender reviews should get you moving along much faster. A professional real estate investor who knows what they want and is well prepared should be able to appraise the property themselves and buy the property from you in 7 to 14 days, and there are likely plenty of them in your area. Expect that eliminating accelerating the process further will substantially reduce the number of people who will be able to buy your house and you’ll likely have to eliminate short lender reviews and special inspections together to close substantially quicker because they are usually done simultaneously.
To eliminate short lender reviews you’ll need to clarify with your buyer that you CANNOT have the sale delayed, and because of that you won’t allow any lender to be involved in the closing process. “Cash only” is the marketing term for this, but do make sure you clarify with the buyer what you mean because often if you have not also eliminated special property inspections they will not take you seriously.
Special property inspections are eliminated by rejecting offers that can be withdrawn or changed by the buyer if they later find something they don’t like about the property. Often what will happen is that the buyer will hire professional inspectors to come out and look closer at things that they think may be an issue. There is no need to allow even the buyer to inspect, but I highly recommend at least giving them the opportunity to walk around the property and look at whatever they need to because you will need to discount the property substantially more if your buyer cannot see it in person.
If you really must sell your house TODAY, you may eliminate title review by selling outside of escrow. They are few and far between, but there are real estate investors out there who will do their own title review and can bring a check and a bargain and sale deed to meet you at your house and purchase your house the very same day you agree to sell it. Search in this case for lawyers who also invest in real estate, as they will be the ones most comfortable relying on their own assessment of the property title. They will need time to consult county records before meeting you and will need to meet you in the afternoon so that they can record the deed right after your meeting while the county offices are open. You will likely need to talk to several investors before you find one who will be willing to do it, so don’t forget to ask for referrals to help your search go faster.
If all that seems a little overwhelming, take a deep breath, then call: 503-376-6060, we’ll help you get started.