How To Sell Your House Fast in Knoxville, TN
We’ve all been there -- you want to sell your house fast, but you don’t know where to start. With so many selling options, it can be hard to estimate the value of your property -- or what repairs need to be made. When it comes down to it, you generally have four options: for sale by owner, list with a realtor, sell your house at auction, or work with a homebuyer.
Here’s four ways to sell your house fast in Knoxville, TN.
1. For Sale By Owner
You can always go to the hardware store, buy a red For Sale By Owner sign, put it in the yard, and hope for the best. However, will you get the results that you are looking for?
88% of retail home buyers purchased their home with an agent in 2019. That means the vast majority of buyers will never know about your home if you try to sell it by owner. You may get lucky selling it this way and you may not. For most people, however, selling by owner is a very unreliable way to sell a house that you NEED to get rid of.
2. Sell Your House With a Realtor
If you need to sell fast, a realtor may know the area and have the skill to value, market, and sell your home. They’ll also help you set a listing price according to your house’s age, size, and needed updates. The trick here is to choose a realtor who has a proven track record of success, as some realtors could be better than others at getting properties sold. That said, the average time from start to finish to receive cash for a house sold through a realtor is 89 days.
How Can I Sell My House Fast With a Realtor?
The easiest way to sell fast, with a realtor, is to know what buyers are looking for. If your house is seriously out-of-date, you may have a harder time selling.
If you’re selling a house that needs repairs, you’ll also need to consider a few factors, including what needs to be repaired, how much repairs will cost, and potential buyer interest. When selling with a realtor, you’ll need to find damage and have it repaired before listing.
Potential repairs may include:
- Foundation cracks
- Water damage or drainage issues
- Damaged or faded siding
- Peeling paint
- Curling shingles
- Single-pane or fogged windows
If you’re selling a home that you’ve lived in over the past three years, you’re also legally obligated to communicate all-needed repairs to buyers.
Should I Sell With a Realtor?
From staging your home to hiring a professional photographer, listing with a realtor is a financial commitment. In addition, the typical commission for a realtor is about six percent of the sales price and the typical buyer closing costs, paid by the seller, is three percent.
If you include a home warranty, termite treatment, or repair concessions, the total cost can climb to ten percent or more. Therefore, it’s not really what you think you can sell your house for, it’s what you will clear after everyone else has been paid. Taking ten percent off of the sales price is usually a pretty good estimate.
If you’re willing to pay commission and/or your house needs limited repairs, consider selling with a realtor. While it's not the fastest option, you may be able to sell at market value. It's also important to consider the other factors that affect how your home could sell with a realtor, such as how many other houses are for sale in your area, current mortgage rates, and the state of the economy as a whole.
3. Sell Your House at Auction
If you’re not interested in selling with a realtor or the cost of repairs is too high, you can sell your house at auction. However, while house auctions are an option, they also mean your house is sold to the highest bidder — no matter the price.
How Do House Auctions Work?
If you’ve decided to sell your house at auction, you’ll need an auction house. An auction house is a company that assists with the selling of property, such as real estate.
Sellers determine the bidding arrangements, including whether the auction is open or blind. They’ll also choose if the house is auctioned online or in person.
There are various styles of auctions, including:
- Absolute auction - An absolute auction means the highest bidder wins, regardless of the amount. Because there’s no minimum, absolute auctions are the most prevalent type of auction, however, all sales are final. In addition, the buyer will typically pay a ten percent fee on top of the sales price.
- Minimum bid auction - A minimum bid can be released before the auction by the seller or kept private. If a home is being auctioned, the minimum bid can be placed as the amount owed or the minimum amount wanted to clear by the seller. Be aware, however, that the auction house will typically make the seller pay for all of the marketing costs up front if they want to hold a minimum bid auction because there is no guarantee that the house will be sold.
- Reserve auction - In a reserve auction, offers are accepted or rejected by the owner, however, counter-offering is not allowed.
Should I Sell My House at Auction?
While usually a faster option than listing, auction houses take about 45 to 60 days to close. This gives the auction house time to publicize the auction, hold the auction, and then close the transaction. Similar to listing, however, you will have to pay for both the marketing and the auction company. While this rate may vary from company to company, keep this in mind when deciding on an auction house.
4. Sell Your House Fast for Cash with a Property Buyer
If you want a quick cash offer or are selling your East Tennessee home because of specific circumstances, such as needing too many repairs, inheriting property, or to stop foreclosure, sell to a home buyer. Investors, like Reliant Home Buyers of TN, will pay cash for your home, regardless of its condition. And most importantly, we guarantee your house will sell fast.
You won't have to deal with the time-consuming (and costly) process of selling your house with a realtor or face the potential of a lower-than-expected sale at auction.
Why Reliant Home Buyers of TN?
Since 2003, we’ve been committed to being the fastest and most reliable home buyers in Tennessee. Our owner and operator, Justin Treadwell, has over 18 years of experience buying and selling houses in the Knoxville area.
If you need to sell fast – here’s why you should choose us:
- Sell your house as-is – we buy as-is, so you don’t need to make any repairs before selling. Reliant Home Buyers of TN will always buy your house without prepping, upgrading, or repairing.
- There’s no obligation – if we make you a WIN-WIN proposal, there’s absolutely no obligation to sell your house to us. You can pull out at any time.
- Receive cash for your house – if you’ve accepted our offer, all you need to do is sign and pick up your check.