Life often throws curve balls our way. Before you know it, your dream job is waiting for you in a new state. Family circumstances make a move necessary right away. It’s often a tough decision but once you’ve decided, here comes the next important question. Can I sell my home in 120 days?
HOW LONG DOES IT REALLY TAKE?
The time it takes to sell from the minute you decide to the funds reaching our account depends on many factors. Considerations include condition of your home, the housing market, time of year, and the location of your home. For most living in Northern Virginia, it’s possible you can sell your home in 4 months or less. Here’s a look at the typical selling process and how long it may take for your house.
- PREPARING YOU HOME. This includes repairs, decluttering, and cleaning (inside and out). This is crucial to have your home be in its best shape and show well. The better condition your home is in, the faster it will get to closing unless you can find buyers will to do repairs themselves. It’s best you tackle big issues head on and before it hits the market. The average time to do this can range between a week to 3 weeks, depending on the level of work needed.
- GETTING YOUR HOME ON THE MARKET. Share Information such as floor plans and plats with your realtor early. Most realtors should be able to arrange for photography, signage, marketing, and listing information in 2 – 4 weeks. Of course this will depend on how much information you have available. The size of the home, acreage, and home owner’s association documents are all factors. Larger properties typically require more information.
- GETTING A CONTRACT RATIFIED. The next step is getting a buyer to offer to buy your home through a sales contract. Once you have negotiated all the terms for the sale and after both parties have signed, you now have a ratified contract. Average Days on Market in Northern Virginia for a home to get a ratified contract ranges from 5 – 30 days. This is the number of days from when your sale becomes public and the day you sign a sales contract with a buyer. This will depend on the condition of your home and whether your home is priced to sell. Read MORE on this topic.
- CLOSING. The most crucial elements of closing a sale in real estate is the lender of the buyer’s mortgage (if the sale is not all cash) and the title company. The lender is responsible for verifying a buyer’s ability to repay the loan and the title company ensures the home site is free and clear and transferred into the buyer’s name. The lender usually requires longer to complete financing (usually between 21-45 days). Title companies usually need between 14-21 days.
Considering these factors, it should take no more than 120 days to sell your home. Here are some tips to save you time and ensure a quick and efficient sale .
TIPS FOR A QUICK SALE
Work with a Realtor you Trust
Find a realtor you trust and have confidence in. Interview them and ask questions important to you and your family. Let them know if you had a bad experience in a realtor and what your expectations are. Once you’ve chosen and know you are ready to start the process, contact them immediately. Explain why you need to close within 120 days. Sometimes a homeowner wants to sell quickly if they are behind on mortgage payments. While it’s tempting to keep this information private, it’s limits how much your realtor can do for you. These professions are equipped with more information that you know and can often help a lot more than you realize.
HOA and CONDO Documents
Your realtor will likely order Home Owners Association (HOA) and Condominium (CONDO) documents. If your home is in one of these communities, your realtor will order this as soon as possible. This is because these documents often take weeks to arrive. By law, sellers must provide buyers with the documents. Buyers then have 3 days to accept the terms before continuing with the home sale. If for any reason, they do not agree to the terms of these communities, they can void the sale contract with you with no penalty. If you are going to close quickly, you do not want this to happen later on in the closing process since you will have to put your home back on the market.
Get your Home Ready as Quickly as Possible
The sooner your home is ready for professional photos, the quicker your realtor can get your home on the market. Enlist the help of the whole family. It’s better to put in this work sooner rather than later. If you have access to a storage facility, even better. The home should be as uncluttered with minimal furniture to show at its best. Consult with your realtor for tips on upgrades such as a fresh coat of paint, refinishing floors, power washing the exterior, having gutters cleaned, and landscaping. Also be sure to locate floor plans, plats, and any other information on your home that your realtor will need to properly market your home and attract the most suitable buyers. Also check out 8 House Chores When Getting Ready to Sell
Showing Your Home
Showings and Open Houses are the times when the house has to be its most attractive. Plan to be away for long periods of time, if possible. Allow other agents and buyers to tour your home. The idea is to let buyers imagine themselves living in your home. Leave lights on, light background music playing, and keep the home at a comfortable temperature.
Accepting An Offer
If you are fortunate, you will have multiple offers on your home. Negotiations may take a few days depending on what the issue is and how quickly you and the buyers are able to agree to terms of the contract.
If a home inspection is a part of the contract, buyers typically complete a home inspection in 5-10 days and radon testing in 10-14 days. There may also be some negotiations after the home inspection. Be prepared to either have items fixed by a licensed professional before closing or (to save time and effort) offer a credit to the buyers for them to do the repairs after closing.
On the day of closing, sellers and buyers sign all the paperwork. Title companies then file the transfer of title at the county and funds are wired. You are now officially closed on the sale of your home. From accepting an offer to closing, expect anywhere from 24 – 45 days.
It is possible to sell your home in 120 days. With a trusted realtor, the process need not be as stressful as you imagine.