Are you considering hiring an agent in Los Angeles to help sell your house in Southern California? This is typically one of the first things people do when they need to sell a property and with good reason. There are many talented agents out there who can help you sell your house for top dollar, assuming you have the a well maintained house in a desirable location. However, hiring a realtor to sell your house is not your only option. Distressed sellers may have better luck with a direct sale. Our process has the potential to save you both time and money. Here’s what you need to know before signing any contracts to list or sell your property in Los Angeles.
Potential Costs
Selling your house with an agent in Los Angeles will cost you money both before and after the sale. Yes, you can recoup some of these costs if the house sells, but there are no guarantees. You’ll need to fix up the property, possibly pay for marketing, and deal with agent commissions once the property has closed. You will also have to cover closing costs and the continued holding costs while your property sits on the market.
- Make repairs to the house
- Clean and declutter the house
- Mow the lawn and plant some flowers
- Stage the house with furniture and decorative pieces
- Move belongings into a storage facility and haul away any junk
A direct sale to Fair Sale Homes eliminates these costs and allows you to sell your house as-is.
Expected Time Until You Reach The Closing Table
When hiring an agent in Los Angeles, there is no guarantee if or when you will make it to the closing table. You could find a buyer right away, or it could take weeks or even months. Even if you find a buyer who will pay the price you want, whether they’re a financially qualified buyer remains to be seen until they qualify for a loan— unless they’re paying for the property in all cash.
Evaluating a Qualified Buyer Typically, a qualified buyer would be able to furnish the seller or seller’s agent the following: a credit report showing a strong credit score, a recent bank statement showing they can deliver a 20% downpayment to their lender while still having six months of reserves, and a pre-qualification letter from their bank or lender. By requesting these to review along with the buyer’s offer, you can balance your decision between best price and best buyer.
When a buyer relies on the bank for financing, keep in mind that the bank will require an appraisal and inspection of the property, which make the escrow process become drawn out. In the worst of cases, some lenders might not lend to a qualfied buyer because the subject property has too many deferred repairs or a code violation with the local building and safety department. You could spend thousands in holding costs while you are waiting for everything to finalize. And the worst part is, the sale can fall through at any time. There is a lot of uncertainty to consider if you are looking for a timely sale of your property in Los Angeles.
All Real Estate Agents Are Different
While many agents will have your best interest at heart, others are just there to close as many deals as possible. Be careful who you trust to represent you in such an important matter such as selling your house in Los Angeles. If you choose to work with an agent, be sure to ask questions about their experience, local knowledge, and marketing plan for the home. Ask your agent how much experience they have selling homes in your local area and in similar condition to yours. Most importantly, consider which agents have asked you about your goals both on price and timeline. Don’t just choose an agent because they are popular or because they have ads on TV.
Check Your Contracts
Once you sign a listing agreement with a Los Angeles real estate agent, you may be on the hook with them for more than you bargained. Did you know that in some cases, you will still have to pay your agent’s commission even if you sell the house yourself? Before you sign any contracts in regards to your house, make sure you read all of the fine print and are ok with the terms.
There Are Other Ways to Sell Your House
Listing with an agent is not the only way to sell your house in Los Angeles. Working with a private buyer such as Fair Sale Homes can ensure you receive a great price and a fast closing. You can also get creative and consider options such as owner-financing in which you become the bank in essence, collecting a monthly income from the home. There are many solutions for home sellers in Los Angeles, and Fair Sale Homes is happy to help you explore them all!
Hiring an agent in Los Angeles? Before you do, it’s important to get the facts. At Fair Sale Homes, we can help you get all of the information you need so that you can make the best decision for your situation. We want to help you achieve the best result possible for your situation. Reach out to us today to learn more about what we can offer you! (626) 863-7006