Did your listing expire that left you back to square one? It can get frustrating especially after spending time and effort working with an agent to sell your Miami house. Have you been waiting for a prospective buyer for what it seems like forever? How do you sell expired listings fast?
Expired Listing vs Withdrawn Listing
First off, what is an expired listing? It’s a property listed for sale that remained unsold by the end of the date stipulated in the agreement between the home seller and listing agent. It’s different from a withdrawn listing, which is an intentionally removed market listing for various reasons. Withdrawing a listing means your agent can still sell it directly, but it will be pulled from the Multiple Listing Service (MLS). The MLS is one strategy for the agent to sell the house fast. It allows more people to see the listing your agent puts up using a database created by participating real estate agents.
People can withdraw their house listing from the MLS if they have a personal matter to prioritize, or if they need to make repairs or upgrades first. During the time the listing is withdrawn, the original contract drafted between seller and agent is still running. This means it will also expire as soon as the stipulated date lapses.
Dealing with expired listings is such a hassle, especially if you’re trying to sell your house fast for cash. People sell their homes for various reasons. Whether it’s to upscale or downsize, you’re probably really excited to move into a new home. You could also be experiencing financial difficulties, either problems with paying a mortgage or you just need the money quickly. Whatever your reason for selling is, this blog can help sell expired listings fast:
How Do I Sell My Expired House Listing?
If your listing expired, don’t give up- second time’s the charm! There are other ways to sell your house fast in Miami:
List It Again
When your listing expires, the first thing you can do is list it again. This means another waiting game as your agent works his or her magic. However, this could be your easiest way for you to sell it through your agent. You will need their expertise to help you sell your house fast.
When you’re re-listing your house, take a look at your selling factors. Don’t sell it at a price too high that will drive buyers away. Make sure you’re competitive with the other listings.
Find a New Real Estate Agent
You can list your house again with a different real estate agent once the contract with your old agent ends. Basically, when your listing expires, you can re-list with a different agent each time. You are free to do this if you don’t think you’re working well with the current one. A new agent may have a different approach or strategy to selling the house, which could be the game changer for your listing. Don’t be quick to point fingers, though. Sometimes, it’s not the agent’s fault at all.
Try Owner Financing
Even if you get potential buyers to fall in love with your house, it still depends on their financial capacity to finalize the sale. If they’re not cash buyers, they still have to get approved for a housing loan. Some people are struggling with their credit scores. So no matter how much they want to get the house, they might not be eligible for the loan.
For homeowners who don’t need the full selling amount upfront, you can consider owner financing. Negotiate this with the buyer so you can close at your ideal price. These agreements last for about 2 years, at which time the buyer should be able to successfully apply for traditional financing. Upon approval, they can pay you the property in full. It can be beneficial for both you and the buyer because you’ll be able to sell at your price, while the buyer can get some help with buying if they don’t qualify yet at the time of the sale.
Recommended reading: 6 Reasons To Avoid The MLS When Selling Your Miami House
Sell It Directly
Consider selling your expired listing directly to real estate investors such as Home Seller Heaven. Offering it to these types of investors will save you much time and effort from trying to list it again. You won’t have to go through the same rigorous process as putting your house on the market again.
Don’t make the mistake of selling your house online. There are disadvantages to selling your Miami house to an online buyer. Don’t let that be your last resort. Better yet, don’t make it an option if you can rent it out or just sell it directly.
Why Didn’t My House Sell the First Time Around?
There could be a number of reasons why your house listing expired. Are you paired with the right real estate agent that uses appropriate marketing strategies? Is your selling price competitive based on an updated marketing analysis for the area?
If your answer to both questions is yes, then it’s time to check the appearance of your house. Is it physically appealing to the buyers viewing it? Put yourself in the shoes of the prospects- if it were you, would you be enticed to buy it?
Here are a few things you can improve on if you want to sell your house:
– Make any general repairs needed that would otherwise turn off clients
– Take care of necessary renovations, not matter how minor it can be, such as repainting the walls of your living room
– Make sure that everything is tidy and spotless in all rooms and areas so the potential buyer can see it in its best form
– As much as you prepare the interior of the home, make sure the exterior, such as the garage or the lawn, is also presentable
When you get to work on these things, the chances of selling your expired listing are better. What better way to sell your house than to dress it up as a house that can charm someone. It’s worth a shot, if you have the budget to get those repairs and renovations going. If you let the clients see those imperfections and worn out features, they might use these as reasons to renegotiate the deal and drastically lower their bid for the house. On the other hand, keeping the house in tip top shape will justify your asking price.
If you still can’t sell your expired Miami house listing, there are other ways for you to monetize your property:
Rent It Out
If you don’t need the cash from selling your home right away, you can consider renting it out. It might be easier to have it leased than to have it sold. Do your research about how much rentals are going for in your area. Check as well if vacancy is low but demand is high, which could make for a good opportunity to rent out your property. Don’t rent it out if this is your only home and you will just use the rental fees to rent somewhere else. Only consider this option if you are not in dire need of money for emergency or for moving purposes. This can give you passive income because while you rent it out, the property remains in your name which you can still sell when the market improves down the line.
However, being a landlord isn’t for everyone. It entails responsibilities and tasks which not everyone has the time or energy for. If you want to rent it out but don’t want to handle it yourself, there are property management companies that can help. Take note that they usually charge 10% of the monthly rentals. But for the service they provide, it’s worth the service fee.
Sometimes, the real estate market isn’t ideal for you to sell your property. The competition or the low demand could be a factor for your expired listing. Everyone cherishes their home, even though they may want to sell it already. The memories made in that house make it invaluable, and no one will want to sell it at such a low price.
You don’t have to lowball the value of your house just because you want to sell your house fast for cash. However, it’s understandable not everyone can afford to “wait it out”. So if you want to sell your expired listing fast, Home Seller Heaven can help you with that! Sell your Miami house fast for cash.
Sell Your Expired Listing To Home Seller Heaven
We don’t want you to go through all the hassle just to sell your unwanted house. Imagine the months that passed by and your listing just expired. Now, you’re thinking of spending time, energy, and money to get your house re-listed and make the necessary redecorations and improvements.
If you’re already feeling frustrated or impatient about the waiting game, Home Seller Heaven offers a fast, fair, and simple solution! With us, you don’t need to do anything to your house because we will buy it at a great price as is. No cleaning, no repairs, no waiting game. Get in touch to find out more about how easy it actually is to sell expired listings to Home Seller Heaven.