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When people put their homes up for sale, they are keen to have everything “done and dusted” as soon as possible. Whilst it’s one thing to guess how long it would be to paint a room, it’s another to anticipate how long the house sale will take from start to finish.
There are a lot of unknowns involved in the process, and many different factors to take into consideration. If you’re at this stage right now and want to learn more about the process, read on because this article will help you.
About A Week When It’s Sold For Cash
Most regular house sales take several months from beginning to end. Whilst this may be acceptable for some people, others will be in a hurry because of an urgent issue with their finances (e.g. resulting from a bereavement, redundancy, debt, or divorce). In these instances, many people turn to specialist companies that are willing to buy for cash. If the sale is agreed it may be completed within around seven days.
Some cash-paying companies are interested in more than just bricks and mortar buildings. If you say, “sell my mobile home” it can be achieved fast without involving a realtor. If the no-obligation free offer is accepted, the sale can go through without the need for fees and commissions, or the completion of repairs.
According to eXp Realty, factors such as brokers, listings, and existing tenants don’t stand in the way of the purchase process, either. Whilst they may receive a lower sum than if they went down the traditional selling route, the immediacy of the money may be the deciding factor.
Three To Six Months With Regular Sales
When someone sells a house on their own or through a real estate agent, it generally takes this long, according to Readysteadysell. If someone tries to sell during summertime, it will take longer because more people are outside and not house hunting.
They may also be on vacation, which can also slow up things like the signing of transfer deeds, too. People will not be keen to move before Christmas, as they will want to be settled into their new home before the season begins. They will also want to work their house move around term times if they have schoolchildren at home.
This time frame can also vary if a person has unique or special circumstances, such as:
- A foreclosed home that is owned by the bank (or government). This would need an approval process to be completed before it could be put on the market
- An estate sale when there’s no family member living in the house
- Having to fix/ update things like carpets or paint that were damaged by previous tenants
- Trying to sell a home with terrible curb appeal
Other things that can slow up a house sale are issues with the completion of the paperwork or delays with the buyer’s lender. If someone insists on asking too much for their property (even though the realtor has said it is overpriced) this could keep the house longer on the market than it needs to be.
Price negotiations can also take up valuable time as the communication bounces back and forth between the different parties. On the plus side, these time frames can be shortened if you have an experienced real estate agent, great photos of your home, and a good marketing plan.
What Are The Disadvantages?
A long time on the market without a buyer can be a bad thing. A person may have to drop their price and start again with another realtor or agent, taking up valuable time and money. You may receive a poor offer when demand for property is low due to seasons/ holidays. This may make you lose out on making a profit from your previous renovations.
Two Months If It’s Sold At An Auction
An auction is where the homeowner puts their house up for sale and later finds out the price someone will pay for it. If you choose to sell your property at an auction, it may take a little longer than selling through an agent. This is because there will be a limited number of bidders present at the auction as opposed to many more people being interested via private sales or other methods.
During the months before the sale, you will have time to get your finances together. You can also set up appointments with any potential buyers who are interested in meeting you ahead of the auction date. Buyers need at least 30 days’ notice before they can attend an auction. Once all parties have agreed upon a price, it takes about one month for finance approval to be gained.
“There are now more flexible auctions where buyers have more time to get their finances together – and therefore achieve the seller a better price,” comments Ruban Selvanayagam of Property Solvers.
What are the advantages?
An auction is less hassle (and often cheaper) than a private sale and it may get you up to 30% more for your home. By being taken to auction the house will sell quickly and you won’t have it on the market any longer than necessary. Unlike the traditional route, auctions mean that you don’t have to pay commission to agents. Whilst buyers have an opportunity to negotiate on the price, the auction won’t tie up your house for months at a time.
What are the disadvantages?
There is always a risk that the house won’t sell at auction. Homeowners need to make sure they don’t leave anything behind at the property beforehand, taking as many things with them as possible (e.g., fixtures, fittings). Some people find selling through an agent easier because it doesn’t involve having to meet strangers or wait for specific dates before you can sell your property.
As you can see, the timescale largely depends on how you sell your house and who you choose to help you. If you take the most suitable option for your individual circumstances, you will hopefully end up happy with the money you receive from the buyer. In turn, you can fix your gaze on your future and the next home you will be living in.
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