A homeowner can sell their home at any price they choose. If you own your home outright, the choice of when to sell, how much to sell for, and how to do it are all up to you.
There are special situations where there are other factors to be considered.
- Gift of Equity: When a seller chooses to sell well below market value because they are dealing with family or a close friend, the amount of the difference between the price they charge and the market value is the gift of equity. This amount is not taxable for the buyer but may be in some form for the seller if the amount is large enough.
- Short Sale: This is when a lender agrees to allow a debtor to sell equity, such as a home, at a lower value than what the debtor owes.
- Sale Price: Sometimes, a seller will set the price of a piece of property slightly lower than market value just to give buyers extra incentive to buy to get the property off the market sooner.
Should I Sell My Home for Less Than Market Value?
Whether or not it is a good idea or even necessary to sell your home at a price point below market value will depend heavily on your specific situation. Selling low because of using a gift of equity is almost always based on familial connections or a very close friendship, and is done because the seller is financially able to do so.
Selling low in the case of a short sale is almost always a matter of necessity for the seller. It most often happens because the owner’s debt exceeds the home’s actual value, and it is best to cut losses where they are and move on from the situation.
When a seller chooses to sell my house fast for market value, it may be because of economic situations in the market overall, a need to sell a house quickly to relocate, or other personal matters. When selling below market value during a short sale or to produce a fast sale, it is a good idea to consider alternatives to the traditional housing market.
How Can I Sell My House Fast at the Best Price?
In many situations, the best way to sell a house fast at the best price and with the least hassle, you will want to opt for working with cash buyers. The problem with this scenario is finding cash buyers quickly.
Some lucky people will know someone who wants to buy their home, such as a next-door neighbor looking to expand their lot. However, most people are not lucky enough to just fall into this kind of perfect scenario.
Where to Find a Cash Buyer Now
If you have decided that finding a cash buyer would be your best-case scenario, you should look for investors or investment companies that buy homes for cash, like Handsome Homebuyer. They buy houses in an as-is condition and pay the homeowner cash fast for their property.
The best part is they can work with homeowners in almost any situation, including bankruptcy, foreclosure, divorce, or even those with damaged and unlivable homes.
Unlike most companies or investors who buy homes for cash, Handsome Homebuyer can also work with you to put your house on the traditional market to try for a better price. So if you need to sell your home fast for any reason, contact Handsome Homebuyer today!
Long Island Real Estate Statistics 2023-2022 Long Island’s median […]
When you have a judgment against you, your credit takes […]
There are between a quarter and a half a million […]