Welcome back to Real Estate Today and our special show ‘Speed Real Estate!’ A program dedicated to helping you buy and sell real estate quickly – without being reckless.
And we’re going to close out today’s show with a careful examination of all the ways you could put your money – at risk, if you go so fast you stop being careful.
If you’re a seller, one of the fastest ways you can unload that house is? Pricing it below market. You will get an offer quickly – maybe multiple offers! But – in that case is the speed really worth it? I mean, sure – you can move on right away, to your next destination. And that’s worth something.
But talk to your Realtor about all that. I bet they’ll tell you that even though a house priced below the market will sell fast – so will a house that correctly priced. Price it right – using your Realtor’s comparable sales data, and their careful market analysis, and you’ll probably sell just as fast, as you would at a bargain price.
Also – don’t be rushed into paying the buyer’s closing costs! That’s only really necessary if you’ve had the house on the market for a long time without any offers. When one comes along and they ask for closing costs – it might be tempting. But again – talk to your Realtor. They know the market – and they’ll know whether you have to do that – or not – to sell quickly.
If you are the buyer…and you want to get into a new house fast – be sure to slow down just enough – to shop around for a mortgage. Taking the first one that comes along might be fast – but remember, you’ll be paying that mortgage for years. Maybe decades! Make sure it’s a good deal – by shopping around with at least three lenders.
Another way that speed can put a buyer’s money at risk? Skipping the home inspection. You might just shrug and say – the house looks ok…we’ll just waive the inspection. But down the road? If that roof starts leaking, if the power shorts out, or the deck falls down – you’re the one who’s going to be writing a check. A big one! So, even if you have to do it before you make an offer – don’t skip that inspection!
Oh – and one more thing for you buyers – don’t change your mind. Backing out of a contract puts your earnest money deposit, also known as the good faith estimate – at risk! So if you rush into town, put a house under contract, then find another one you want more? Better be ready to say goodbye to your deposit. Better to be sure – before you sign.
Again, there are ways to move fast. Buyers need to get pre-approved for the loan. They need to have their priorities down pat – so they look at just the right kind of house – not everything that’s for sale. And have to be decisive when they see a good place.
Sellers? You’ll sell fast – if your place is priced right. If you want a fast deal, there’s no time to ‘test the market’ with a price you just pulled out of the air. Used the data your Realtor provides. Work together, to find that sweet spot – that brings in the buyers, but still nets you a good profit.
In both cases, discuss your need for speed with your Realtor. Tell them what you hope to achieve, and how fast. They’ll be your best resource – for getting a deal done fast, without crashing…or losing money along the way.
Because while speed real estate is great – smart speed real estate is even better.