Selling a Miami house fast is simple, if you avoid the slow home sale trap. Slow property sales work like this: search diligently for a realtor, sign a listing agreement guaranteeing 6% commission, spend weeks and thousands of dollars preparing for the MLS listing, gets lots of offers below asking price. If you’re lucky, close in six months after walkthroughs, inspections, appraisals, cancellations, and financing failures.
Need to cash for a Miami home? Homes can be sold quick, in 14-days or less. Rapid sales, however, require a different strategy. Cash offers, selling “as-is”, strategic pricing, and avoiding contingencies speed-up the sale.
Cash Offer From A Local Cash Home Buyer
Cash offers from trustworthy Florida cash home buyer get houses sold fast. Any old offer won’t due. There are two ways to finance a Miami home purchase: cash or mortgage from a bank or government institution.
Mortgages are notoriously slow. Did you know mortgage approval can take over 50-days? According to Realtor, “even with pre-approval it can take 30 days for the lender to complete its due diligence once an offer is made, so plan accordingly. Cash buyers save a significant amount of time by avoiding the mortgage process.” This not even closing time – just the lender’s decision whether to approve the mortgage application.
Imagine this all too common scenario: you and the prospective buyer enter a Purchase and Sale Agreement, paperwork is submitted to the lender, and after 50-days the mortgage is denied. Mortgages are denied all the time due to: changed employment circumstances, loss of income, low credit score, bankruptcy, low appraisal, property defects. This list goes.
Cash closes fast. Cash offers are not contingent on an institution signing off. Cash buyers control the funding and so it’s the only opinion that matters. If the buyer wants to buy the house, it’s done. House Heroes, Florida’s top cash home buyer, puts cash in homeowner’s pockets immediately after a title search proving ownership.
Selling the Miami Home “As-Is”
Renovating a house takes a long time and thousands of dollars. Our fix-and-flips on average take 4 to 6 months and cost $30,000. Skill and experience in managing contractors on houses that need work and re-modeling makes the rehab smooth. The process is bumpy trying to do handy-man projects while you live in the house and can’t dedicate plenty of supervision time.
Can you wait months to sell? Got thousands of dollars to spare for repairs? Any experience in managing contractors and rehabs? Are you able to leave the house to let work proceed efficiently (and for finishing not looking worn at the end)?
If you answer no to the above questions, think twice before handling renovations – you could lose money handling renovations poorly. Selling a house needing repairs “as-is” is a wonderful solution. “As-is” means the buyer makes every repair and purchases with liens, violations, and defects in place.
You can’t sell fast and insist on a high price. End of story. If you see a “fast cash buyer” claiming WE PAY TOP DOLLAR for a Miami house– it’s a scam, false advertising, trick, “bait and switch.” Closing in around 14-days requires strategic pricing undercutting current home inventory and average days on market.
Set price 5 to 10% less than current listings of similar properties to move a house fast. Do the metaphorical math: why would anyone pay more when they could get the same for less? They wouldn’t. Pricing above inventory doesn’t create delay, your property will never sell. Houses with asking prices above comparable listings sit on market for a year and end up cancelled.
Study how prices correspond to “days on market” in Miami. Closed sales at highest prices tend to have “days on market” in the 90 to 120 range. Medium priced sales tend to have “days on market” in the 45 to 90 range. Want to sell in 14-days? Price expectation need to be less than comps sold in the 45 to 90 range.
Do Away With Inspection, Appraisal, and Financing Contingencies
Familiar with real estate contract contingencies? Get familiar for swift a Miami home sale. Inspection, financing, and appraisal contingencies allow buyer’s to “cancel” with their earnest money deposit returned. No skin off their back – but the seller’s time, energy, and money due to maintenance, insurance, and utilities, is wasted.
Here’s a simple explanation of the main contingencies. The inspection contingency allows a buyer to back-out in 10 to 21 days due to property condition. The appraisal contingency allows a buyer to back-out if the appraisal is “lower” than purchase price. The financing contingency allows a buyer to back-out of upon mortgage denial. Contingencies delay house sales.
Real estate contract contingencies are negotiable. Ask the buyer to waive the contingency prior to entering the contract. This is common for cash buyers like House Heroes that buy “as-is” without mortgage or appraisal. Of course, in exchange for negotiating away typical contingencies, there is a corresponding price reduction. Another reason “strategic pricing” goes a long way to an accelerated sale.
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