Sell My House Quickly. This is the demand of many of us when it come to putting a house up for sale. The next question is where to get the best home loan rates once this house has been sold and a mortgage is needed for another. There are however a number of issues to consider when looking to sell your home quickly, these can fall into the following categories, that I shall name 'pros' and 'cons'.
Pros: Selling a home quickly can relieve the burden of mortgage or loan re-payments. It can also enable you to liquidise your assets and make plans to generally take control of your life. Also the fact that the house may have to be maintained if you have already moved, this will bring up issues involving heating, security, insurance and a host of other potential costly problems.
Cons: A rushed sale usually means you selling the home for less than it is worth on an open market. Resulting in less cash with which to perhaps pay off other outstanding loans.
Pros: Another benefit of a "sell my house quickly" plan is that the user can quickly realise the value locked up in the property. This is especially beneficial if the house is part of an estate that has to be liquidated to realise cash, perhaps to share out amongst beneficiaries. There are a number of Quick sale companies willing to buy property in any condition.
Cons: Quick sale companies will not give the market value for the property you may be selling. Typically, to sell your house to a quick sale company will involve you selling the property for around 25% less than the market value; This is standard procedure. The quick sale company themselves will have the house valued by their own appointed surveyor. You can be reasonably assured that this will not be an 'optimistic' valuation!
Pros: A quick sale can relieve the burden of debt in a speedy manner, rather than wait for a sale that may take several months, the possibility is there that you may be able to cash in the house immediately and pay off any debts that may have built up over time. This will not only relieve the burden of debt but will save you money on interest payments that you would have incurred if you had held on for a better price.
Cons: It may just be possible that by selling your house quickly you would make more than enough profit to cover all your debts including accrued interest if you had held out for a 'fairer' price. After all 25% of say a $250,000 house would be a reduction of $62,500 on the market value leaving you with $187,500 less sellers fees. This would cover a lot of interest and payments if you held on!
Summery: There is no easy answer to this dilemma, especially if you are the one that is in it! Personal circumstances must be taken into account and the 'pro's and con's' worked out.
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