Is it really possible to sell your house in 7 days as all of the WE BUY HOUSES advertising suggest?
The answers is, “it depends…” Now before you roll your eyes and tune out let me explain.
Yes you can sell your house in 7 days but it requires both the buyer and the seller to have their “ducks in a row!”
So here are the 4 things we need to make this happen:
First, the buyer and the seller must agree on the price along with any provisions and have a signed purchase and sales contract in place.
Second, the Title work needs to be completed and the necessary documents prepared like the Deed for example… (It’s usually the Title work and document prep that delays quick closings like the 7 day closing in question)
Third, the buyer must be prepared to purchase the house without conventional bank financing and the contingencies that go along with it like appraisals, inspections, and lets not forget qualifying. In other words, the buyer is going to pay cash for the property or have pre-arranged another source of liquid funds that has no contingencies to close on the house.
*** The focus of this Sell Your House In 7 Days has been built around an “all cash” purchase from the buyer. There are situations when the buyer can purchase with “owner financing” or “subject to” the existing loan(s) with these 4 actions items in place and the transaction can be closed in 7 days and it not be an “all cash” purchase.
Fourth, the buyer is purchasing the house in “as is” condition. There simply isn’t enough time for the seller to make any substantial repairs.
If these 3 things are in place then it is Absolutely possible to Sell Your House In 7 Days… I know because I have done it many many times!
Now here’s a few other things to consider…
Most buyers and sellers don’t close in 7 days even if the above action items are in place for a variety of reasons. Most purchase and sales contracts provide the buyer anywhere from thirty to sixty days to close on the property and most buyers will take this time to arrange their own funds or third party financing and prepare their post purchase game plan.
In some cases the (original) buyer may decide to sell the property to another buyer (new buyer) within the agreed upon time line with the seller. In this case the house would still close on or before the expiration of the contract as agreed between the original buyer and seller it just would be closing in the new buyers name.
Another thing to consider with respect to Selling Your House In 7 Days is that most sellers (especially motivated sellers who just want out) consider the property SOLD once they have a purchase and sales contract with the buyer. Even though it hasn’t closed yet…
For most sellers out of sight is out of mind and once the purchase and sales contract is in place between the buyer and seller it’s just a matter of time.
Case in point is when a real estate agent has a house listed for sale and it goes under contract (purchase and sales contract between buyer and seller) what does the agent do?
They put a SOLD sign in the yard even though it hasn’t actually closed yet!
About the Author: Todd Dotson, known as Mr Get In Get Out Get Paid to his students, is a pioneer in reality based real estate training. Having developed the Nation’s 1st on-site real estate mentoring program, Todd continues to lead and innovate through his live training events as he brings national expertise with a local presence to serve sellers, buyers, and real estate investors.
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