Are you a first time home seller who’s considering selling his or her house in Bloomington MN? If so, you may be wondering where to start. Well, with so many home sale options available out there that you can turn to, it can be quite difficult to determine how best to go about selling your house. From hiring a real estate agent all the way to selling directly to a cash home buyer, it’s safe to say that if you’re interested in selling your house, there are many ways to skin that proverbial cat.
However, this does not mean that every single sale method out there will be your optimum choice. You should always remember that for most people, selling a house is one of the biggest financial transactions they’ll make in their life. As such, it’s very important to make sure that you do your homework and considering sale methods and only pick the right one.
Below, we are going to take a deep dive into some of the leading home sale options that you can turn to in Minneapolis Minnesota. We’ll talk about a few of the advantages and disadvantages associated with them, then provide you with a few questions you should ask yourself to determine which sale method works best for you.
Options To Consider When Selling Your House in Bloomington MN
Read on to discover the most common home sale options that homeowners turn to when selling their houses in Bloomington.
1. Selling Your House By Hiring a Real Estate Agent
Find out how you could sell your house via the traditional method of hiring a real estate agent in Bloomington MN.
Let’s explore the traditional method. This is when you sell your house in Bloomington with a professional real estate agent. This can be a good choice because it will allow you to get the full retail price for your house. In some cases, your agent may even be able to get you an offer above your asking price.
However, market conditions can impact your asking price. Due to the high volumes of home sale leads that are flooding the market at present, home sellers are currently facing intense competition. As a result, you will have to ensure that your house is priced more attractively ( meaning that you will have to lower your asking prices in order to attract buyers).
In addition, agents are paid based on a percentage of the sale price. This commission, alongside any other possible charges and added fees they may require from you during the sale process, will take out a significant portion of your sale balance.
These additional costs when selling a house with an agent may include home repair costs, staging costs, charges associated with home inspections, advertising costs and charges for professional photography. And sadly after all of this, there are no guarantees. You could end up with a buyer that is unable to qualify for a mortgage or receive a loan from a bank; they might have to drop their offer altogether. Nothing is certain when you opt to sell your house through a real estate agent.
2. Sell Your House to a Professional Cash Home Buyer
Find out how you could sell your house to a professional cash home buying company in Bloomington MN.
If you do not have the time or resources that are needed to go via the real estate agent route when trying to sell your Bloomington house, professional local home buying companies in Bloomington MN ( like our very own company, FastPath Home Buyers) are your best option. Because professional buyers usually offer cash, you can expect a quick closing on your house in Bloomington. The sale is usually as-is, which speeds the process up even further, saving you both time and effort. This also removes any costs associated with repairing your house, since home buying firms will accept your home in any condition.
Professional cash buyers are taking higher risks, offer faster cash sales, and usually pay the closing costs. For these reasons, their offers are usually lower than properties sold as FSBO or listed on the MLS. Regrettably, there are less than honest buyers who may try to take advantage of the time or financial constraints you reveal to them, so research carefully before you accept an offer from a local company. At FastPath Home Buyers, we are dedicated to making offers to homeowners that are fair and well thought out.
3. Sell Your House “FSBO” (For Sale By Owner)
Find out how you could sell your house via a for sale by owner listing in Bloomington MN.
Selling a house in Bloomington on your own could be an appealing option for some. Professionals, such as real estate agents or auctioneers, charge fees for their services, cutting into your profits. Should you be experienced regarding legal issues where real estate advertisements and transactions are involved, you can save a great deal of money with the “Do it yourself” approach.
However, it can be extremely costly and legally devastating to those that are not as knowledgeable. If you make an error with how you handle any of the aspects of your sale with the buyer, this could result in you accepting unreasonable offers because of inexperience. Or worse!
4. Sell Your House through an Auction
Find out how you could sell your house through an auction in Bloomington MN.
Avoiding the headaches of showing your house is one of the favourable aspects of auctions. Additionally, these properties close quickly, selling as-is, so you won’t need to continue to pour time and money into repairs and upkeep for your house in Bloomington.
However, you should bear in mind that the usual fee for their service is a rather high 10 percent of the final purchase price. Because most auctions charge their fees to the buyer, lower bids are likely to be made in an attempt on the buyer’s part to pay a lower fee. Make sure you’re aware ahead of time if you’ll be responsible for the auctioneer’s fee, which could take more away from your bottom line.
You should also remain aware that the sale of your property at auction isn’t guaranteed. Due to low attendance or the fact that several properties are usually auctioned off at the same time, your house may receive a lowered bid, if it receives a bid at all.
So there you have it. Here are the most common options that people turn to when selling their houses in Bloomington MN, and that you could consider too. We’re happy to further explore all of the options for getting started now on selling your house in Bloomington. Just call FastPath Home Buyers today at (612) 351-2384 or fill out the short form below to learn more!