So you’ve listed your home and it’s been sitting on the MLS, it’s a well-known fact that the longer a home sits on the market, the harder it becomes to sell. We’ll cover 3 things you can do if an MLS listing hasn’t worked for your Rhode Island property.
Wait It Out
Whether you go it on your own or list your home here in Rhode Island with a real estate professional, there are no guarantees the house is going to sell. Few people have the luxury of the time nor the financial means to afford holding onto a listing for an indefinite period.
Consider Rent to Own
Should you decide to sell your property in Rhode Island as a rent to own, remember at the end of the agreement, if the renters do not want to buy the property anymore, they aren’t obligated. Buyers usually pay an upfront non-refundable consideration or option fee for the “option” to purchase the property in the future. Your rent to own agreement should specify the final purchase date and how the price will be determined.
You’ll remain responsible for property taxes, HOA fees, and insurance and possibly maintaining the property. Typically, the current owner handles major repairs. Renters are normally responsible for lawn maintenance, pool cleaning, etc. Be clear on who would be responsible for items such as large appliances, structural repairs, and routine maintenance in the lease.
Sell Your House Directly
Direct buyers in Rhode Island, RI typically close faster, usually paying full in cash. Traditional home purchases usually require qualifications from banks, mortgage underwriting time, property inspection time and the buyer may not end up qualifying! There are also normally no commissions paid to a buyer’s or seller’s agent which means big savings. Direct buyers also may not charge transaction fees; if they do, they are extremely low in comparison to the commission or closing costs you would have to pay otherwise. They can also work with out of state owners.
One of the biggest complaints buyers have about working with direct buyers in Rhode Island is that the offers are usually below market, but this is for a good reason! The buyer is taking on a huge risk by purchasing your house as-is, for your home may be more damaged than you realize!
Direct buyers in RI will usually purchase homes as-is. As a seller, there’s no need to worry about repairs before closing or any other additional unexpected expenses. There are some companies that do not require inspections which makes it a truly as-is transaction.
Selling to a professional home buyer is straight forward. Laying out every step of the process and usually shortened, clear contracts that are simple as-is purchase agreements. You’ll have lessened exposure to legal risks. Under most traditional real estate contracts, there is a potential for the buyer to sue you if they feel they didn’t get all of the information, or if they feel the facts were misconstrued. Direct buyers already know the state of the property, and they take on that risk.
Skip the nightmares showings can bring. Forget about leaving your home spotless, running into buyer’s agents or their clients. No more buyers arguing over furniture either! Direct buyers are investing, and won’t be moving in. Most home buyers will allow a move-out timeframe after closing. This is extremely helpful with such quick closing timeframes.
If an MLS listing hasn’t worked for your home in Rhode Island, as direct buyers, I Buy Houses Rhode Island offers quick transactions that will put cash in your pocket fast. We make the process easy and much less stressful overall.