You are probably one of the many Brooklyn homeowners who have been unsuccessfully trying to sell their homes.
It’s common knowledge that retailers are drowning with stock. And you’ll be up against foreclosed homes, typically sold at steep discounts.
The Bed-Stuy (Bedford Stuyvesant) and Bushwick areas of Brooklyn, New York (ZIP Codes 11212, 11213, 11216, 11233, 11238 and 11206, 11221, and 11237), are home to significantly higher foreclosure rates than the rest of Brooklyn.
However, it is still possible to sell your home quickly, especially in the current market.
First, you should know that there are three ways to sell your home. Choosing a path is the first order of business. Individuals vary greatly. It would be best if you were truthful in selecting the one best suited for you.
First, put yourself up for sale (FSBO).
2. Engage the services of a real estate agent
Third, connect with investors in property.
Here, I’d like to discuss the various approaches that can be used.
1) Promoting one’s self
“Money” summarizes the most valuable benefit of selling your home alone. You can save a lot of money by selling your home alone.
You can avoid paying commissions and other fees if you sell it independently. – Costs associated with hiring an agent can quickly run into tens of thousands of dollars.
OK, let’s check this out. You will pay your real estate agent 6% of the final sale price if they help you sell your home for $500,000 (the median sale price in the Brooklyn area). That’s a cool $30,000 in the bank. A great car could be purchased with such a large sum of money. The agent’s fee is that much.
The ability to schedule showings and open houses at your convenience is another perk. When and where you choose to advertise is also entirely up to you.
Of course, there are drawbacks to going the DIY route when selling a home. There’s a good reason why real estate brokers get paid so much. It takes a lot of work and time to sell a house because of all the showings, negotiations, paperwork, and closings. Those above are all matters that real estate agents are well-versed in and capable of handling on your behalf. The selling may depend on their level of expertise.
You might save $30,000 in commission by handling all the legal, title, and insurance work for a deal. Do you consider yourself a skilled negotiator? It would be tricky for you if you were not that person.
2) Working with a licensed Realtor
The benefits of working with a Realtor are discussed above. Negatives include that agents aren’t guaranteed to speed up the sale process in today’s sellers’ market. Real estate agents typically only learn tried and true methods of advertising. Posting your home on the Multiple Listing Service (MLS), putting a “For Sale” sign in the yard, and running ads in local publications are all great ways to attract potential buyers. But I think that covers it. And now all there is to do is wait… You shouldn’t be shocked if it takes your real estate agent six to eight months to sell your property because of the awful economy and the subsequent drop in home demand.
You should only work with a real estate agent that has closed on twenty to thirty transactions annually. A real estate license can be obtained in as little as four days. Just because someone has a real estate license doesn’t guarantee they are good at selling homes. The truth is that only about 5-10% of agents are competent. Be picky about who you decide to collaborate with.
Third, Cooperating with Investors in Property
Working with investors is advantageous because it is the quickest home-selling option. Many homeowners approach investors after their listings with real estate agents have ended without a sale after six months or longer. And they would wonder, “Why didn’t I go to investors first and save myself a few months of wasted time?”
Because of an impending foreclosure, divorce, relocation, job loss, double payment, probate, etc., some homeowners want to vacate the premises as quickly as feasible. Investors typically pay in cash rather than waiting a few months for bank funding. This means the transaction can be finalized in two weeks or less.
As an additional plus, investors typically buy houses “As-Is.” That relieves you of any need to make repairs to your home. A retail buyer might want you to fix up the house before they buy it, regardless of how great it is. Fixing a leaking roof would take a lot of effort and money. However, investors typically bring their repair crews, so you won’t have to do any work. That’s fantastic news for anyone who lacks the time and resources to maintain their home.
You should be aware, though, that investors have their own financial needs, and the figure also needs to make sense for them. Therefore, you probably won’t always be able to demand top money. For homeowners, this could be a drawback. However, this route is the one to follow if time is of the essence.
I suggest working with real estate investors if the urgency with which you need to sell your home outweighs any other considerations.
You can quickly locate them. Everyone at New York’s Real Estate Investors Association (REIA) is in the business of investing in real estate. They want to purchase real estate and will listen to your problem or story. You may also look them up online. Simply searching Google with the phrase “Sell My House Fast Cash in Brooklyn, NY” will yield many results. You may occasionally spot Bandit Signs advertising that they “We Buy Houses Cash.” Contact them and see if they can provide you with a fair price in cash. If you’re interested, I’d also be thrilled to collaborate with you.
Hiro Tanaka is the Director of Sagano Enterprises, LLC, a local Brooklyn Real Estate Investor Group. It is focused on resolving “Challenges” in Brooklyn, the Bronx, and Queen’s real estate. It offers quick, original answers to problems. Please see our website for further details.