There are multitude of reasons people choose to sell their homes quickly – but why do people choose to sell their home in this manner, to an all-cash buyer, instead of on the market with a real estate agent? Here are the six main reasons why people make the decision to close on their home quickly:
1 – They Inherited the Home
Often times people find themselves inheriting a property, either expected or sometimes not. When they inherit the home, they are faced with the decision of what to do with the house. A majority of these inheritors choose to sell the home, especially when there is more than one person involved in the inheritance. Selling on the market can take months, which is not a process people want to go through at such a difficult time. Therefore, selling to an all-cash buyer quickly can be a more reasonable decision.
2 – They Are Getting Divorced
Another common and tricky situation where a home needs to be sold in a short time is divorce. Though it is possible for couples to separate on good terms, the sad truth is that divorce can be messy. In order to split the value of a couple’s assets accurately and fairly, it is usually necessary to liquidate all of the splitting couples shared assets to come to terms with the final divorce proceedings. No one wants to linger in a situation with lawyers and bickering couples, so it’s best to just sell everything and go your separate ways.
3 – They Were Relocated for Work
A more positive, but no less stressful need to sell in a hurry is relocating for work. Many times, raises and promotions come with the contingency of relocating to areas of opportunity within a person’s organization. This can include many sectors, both private and military. When a person is working their way up to bigger and better positions, it is not uncommon for them to be asked to move to areas where their skills are needed. In some cases, people are asked to move relatively quickly, so selling on the market provides limited options for their situation.
4 – They Are Facing Foreclosure
Foreclosure is another unfortunate situation to find oneself facing. If a person is struggling to keep up with mortgage payments, it is best to sell the home before it is foreclosed on. By selling the house before it is repossessed by the bank the owner can use whatever equity is left to start over again. In addition, they may be able to stop a foreclosure being placed on their credit score.
5 – Their Home Was Damaged by A Recent Storm or Fire
If a home is damaged in a fire, flood or any type of natural disaster, the cost of repairs may not be worth it. Repairing a damaged home is extremely time consuming and often times the home is unlivable during the repairs. The expenses can begin to grow as a mounting list of previously undiscovered problems are exposed over the course of repairs. This stress coupled with the potential financial burden causes many homeowners to want to get out of their damaged home quickly.
6 – They Are Tired of Being A Landlord
Being a landlord has its many perks, but sometimes it doesn’t work out. There are many reasons landlords want to sell their properties, but the one that makes them want to get out quick is having bad tenants. Landlords do their best to screen for potential problems with renters, but when bad tenants slip through the screening prosses they are extremely difficult to get out. There are countless laws protecting renters’ rights that it is often times better to sell the bad tenants with the property and forget your troubles.
If you do sell quickly, confirm you have a reputable and honest company.
With the increase in companies available to purchase your home, homeowners need to ensure that they sell to a reputable and honest company. To assess if a potential company is right for you, review their procedures as well as their reviews.
We at Gulf State Homebuyers may be the company you are looking for! We are A+ BBB Accredited, we have a simple and straightforward process, and we have the history and reviews to support our claims. Additionally, we received the Houston’s BBB Distinction Award for 2016, 2017, and 2018.
If you are looking to sell your home quickly, contact us today to learn more.