Thinking Of Listing Your Home In Lexington, Kentucky?
If that’s on your mind, then we can give you some alternatives to just listing your home with a real estate broker. Most people do not consider the options they may have available. But you should.
Listing your home may seem like a tough task. And it does involve a lot of details and work. The process of listing your home isn’t always as simple as is seems. For example, you may have cleaning to do, repairs to make, getting your house ready for open houses and random showings, keeping the bills paid whether you live there or not, and many other hurdles to clear while you are listing your home!
However, alternatives to listing your home can work much more efficiently in some situations. Consider some of these alternatives to listing when you are ready to sell your Lexington house.
Rent To Own Is An Option
If you want to attract a lot of potential buyers to your home, then offering your house as a rent to own purchase is a good option. You may also get full retail value for your home. Listing your home usually does not end up getting you full retail value. Many people who are looking to purchase a home may not qualify for a traditional mortgage because of a blemish on their credit report. Or they may not have a large enough down payment. And some people have another mortgage on a different property so banks immediately disqualify them.
These potential buyers may be great people who may be willing to pay a higher than average rent in exchange for the chance at home ownership. The potential buyer could pay you an agreed upon lump-sum payment up-front. This payment would act as a deposit if they fail to hold up their end of the agreement. You can also ask the buyer to pay you a higher than average rent and have a portion of the rent go toward their down-payment.
Usually the buyer is required to purchase the home after one or two years. You can set a rent to own agreement up many ways. But choose the terms that work for you.
Holding Onto Your Home As a Rental Property
You could become a landlord. Yes, it can be a lot of work. But it does not have to be overwhelming. With careful screening, you can find good tenants. Many people who cannot sell the traditional way – by listing your home – will end up renting their home out.
It may seem like too much work and risk to your property. But you could also hire a property management company to help you with tenant selection, property maintenance and collecting the rent.
Selling to A House Buying Company Or Investor
When you choose to sell your home directly, you will likely save many out of pocket costs you encounter when listing. You won’t need to pay a listing agent, make repairs or clean up. You will not have to worry about paying those high commissions if you sell it directly to a house buying company. The closing process will be much faster too. Local companies who buy real estate usually pay with cash so you will not have to wait for their financing to be approved and released. When you take banks and mortgage companies out of the closing process, you can close on selling a house in just a few days. Bank committees and underwriters create weeks and months of waiting for the closing process to end. Waiting that long seems to create more stress for everyone.
When you sell your house, make sure to read the fine print and make sure the terms are agreeable to you. When selling on your own, you will not have a professional to help guide you. Not all home buyers are the same.
Auction Services Are Another Option To Listing Your Home
Many people have used an auction company to sell their Lexington home. Choose an auction service that will generate buzz about your property from their great marketing. The goal of an auction is to draw attention to your home and encourage buyers to outbid each other.
An auction is great for people who want to have an exact sales date on their calendar. By selling with an auction, you can potentially save thousands as opposed to listing your home.
Factor in your mortgage payment, homeowners insurance, property taxes, repairs and general depreciation, and you’ll see that holding on to a home, that isn’t income generating, is only costing you money.