So why should you sell your house right now?
I know there are many reasons why you may want to sell your house right now but do we mean “right now” or,
You mean a “decision” to sell right now.
Those are two different things and it is very important to clarify if you mean making a decision to sell right now or a desperate need to sell right now.
If it’s the latter, then I have some very fun information to share with you.
Otherwise, what you need to do is to look at your local market and see if it’s a buyer’s market or if it’s a seller’s market.
If it’s a buyer’s market, that means the market is probably not in your favor right now as we speak.
What is a buyer’s Market?
A Buyer’s Market is a market where the buyers have an advantage over the sellers.
And a seller’s market means that people are moving into the community and as such…
A seller can benefit from an increased value in the neighborhood due to limited inventory and increased demand.
This article will focus on a situation where you may desperately need to sell.
I will highlight a few different reasons why you need to sell “right now” and take advantage of any kind of opportunity that presents itself regardless of the size of the offer.
There are 5 different reasons why you may need to sell as soon as humanly possible.
REASON #1 – Outstanding Liens
If you have an outstanding lien against your house that you feel you can’t afford to pay up right now, that can create the reason to have to sell DESPERATELY.
Your house under normal circumstances would be an asset but the reality of the matter is that it’s not always true.
Ultimately, it depends on the size of the outstanding lien, the balance on the lien and your ability to pay back or make a sustainable arrangement.
If it’s significantly big enough to take away your peace of mind, you may want to decide to sell fast too.
So it’s up to you to determine the best option based on how much time or money you have in order to satisfy the lien.
REASON #2 – Foreclosure
Another reason why you may want to sell fast is if you have the foreclosure lawsuit chasing after your house.
If you owe money to a bank and you can’t catch up on the arrears, at some point, the bank will decide to file a lawsuit in an attempt to take away the house from you.
Foreclosure on your credit report may sit there for up to 7 years or more if you don’t proactively do something to remove it.
That means other activities in your personal life that may require a good credit rating can be significantly affected.
So depending on how much Equity you have in the house, it may not be a bad idea to decide to get rid of the house.
There are also other times when the equity in the house is not exactly useful to you as an individual.
I will cover an example of that scenario in a little bit.
REASON #3 – Vacant House
ON THE PREVIOUS POST: Why Use a Realtor to Sell Your Home
Under normal circumstances, your house incur property taxes as an annual cost.
So if the house sits down there vacant, it will effectively be creating a negative cash flow on your personal finances; year in and year out.
That’s not ideal when it comes to ownership of a house.
In that case, your house is essentially a liability for you.
If you can get the house rented, occupied and at least producing some kind of cash flow then clearly, it’s not a bad idea to keep the house.
… Unless again, you need some cash in other areas of your life.
But if renting out this house and getting it occupied or to produce is a difficult thing for you to do, then you have to sell fast.
REASON #4 – Non-Owner Occupancy Headaches
If you own a house that you don’t live in, that’s not always a bad thing as long as the house is producing cash flow.
But if you get to a certain point that the cash flow feels overrated as compared to the headache that comes from the ownership of this house,
It’s time to consider selling the house now, fast and as soon as possible; you’d agree that life is too short to spend enduring headaches right?
For example, if you have to always answer to tenants in the middle of the night who are causing trouble, selling drugs and disrupting the neighborhood,
You will have to endure headaches that’s not even worth the cash flow.
So many people get sold on the idea of owning a house in the name of cash flow without proper consideration for the amount of emotional energy that goes into that.
It’s not always a quantifiable situation.
So sometimes you have to personally assess the situation and see if it’s worth holding onto or simply selling the house now.
Self confrontation questions:
TRENDING POST: Why Use a Realtor to Sell Your Home
“Am I getting way too much headache to hold on to these $500 per month?”
“Am I losing sleep over this house every other day?”
“Can I simply look into the issues and fix them once and for all?”
Honestly ask yourself these questions.
After the assessment, if it feels like way too much headache, you may want to decide to simply sell the house now.
REASON #5 – Can’t Afford to Repair
If you need a significant amount of repairs that you can’t afford then it’s not a bad idea to sell your house now.
As I’ve said before, if you can afford to put the house back to work, then it’s always a good idea to hold onto it because in that case it’s an asset.
What makes a house an asset is not simply the fact that it’s a house or real estate.
It’s an asset only if it’s producing cash flow and otherwise, a liability.
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After a personal assessment, if you feel like your house represents more of a liability than it is of an asset, then it’s time to sell.
But first, see if you can solve the problem and its underlying issue.
If it’s producing cash flow, even though it’s creating a headache for you, try hiring someone to help you fix whatever the issues are.
However sometimes the solution is simply to sell right now.
If you have room in your personal finances, you can repair it before you sell it because that would help you get the most amount of money that the market can demand.
Otherwise, give us a call because we buy houses in any conditions at fair market value.
Frequently Asked Questions
How can I sell my house quickly?
There are tons of investors looking to buy your house and close in as soon as 7 days after clear title. Reach out to us for an immediate offer.
What do I do if I want to sell my house?
Find out what your house is worth in today’s market, make sure the house is in an upgraded condition, set a price and list it with an agent.
If you can’t afford to repair your house and don’t have time to list with an agent, reach out; we buy houses in any condition.
How do I sell my house in 5 days?
To sell your house in as little as 5 days, you may have to pay for it with the value of the equity in it. Equity is only valuable with respect to time.
We buy houses and can close in as little as 5 days after clear title; reach out.
Is it worth it to sell my house?
That depends on your personal situation, and the present market. If there is a shortage of inventory in your neighborhood, that may not be a bad idea.