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Selling a house in Colorado along with the Pros and Cons
Are you selling a house in Colorado and would like to know the pros and cons of your options?
Selling a house in Colorado is going to come with options which are always a good thing. But, you need to start selling a house in Colorado. Selling a house in Colorado in a market like today’s is a good time.. but that’s how everyone makes it seem to be. Believe or not, there are plenty of houses for sell for investors but if you’re in a sellers market you have even more to choose from depending on your situation.
Options for selling a house in Colorado, no matter what market you’re in, is not a one size fits all approach. Not everyone is in foreclosure or probate. Not everyone has a house in perfect mint condition or has owned it free and clear. This blog will give you a brief explanation of the pros and cons of each of the options you have.
The 3 Options for Selling A House in Colorado
1. Selling a house in Colorado with a Real Estate Agent
Pros: Agents know the market and have direct access to the MLS. This is the dominate way houses are listed for the general public when going through a traditional sale. They are going to be doing all the hard work for you on your behalf for getting the house sold. Things such as marketing and open houses to get your house sold as quickly as possible.
Cons: It is expensive. An agent’s commission is paid out of the proceeds of the sale at closing. Most agents tend to do traditional marketing which often takes 3-6 months to sell a house. This is from start to finish. An agent will tell you, “if your house is not sold in 30 days, I’ll waive my commission.” What they don’t tell you is they mean “under contract“, you still have to see if the buyer is qualified and if their appraisal is going to pass. This of course means you’re responsible for the costs of the house while it’s trying to sell. With agents, their primary way to get buyers is by focusing on “retail” buyers, families looking to live in the home. This requires showings of the house and there’s always the chance that the buyer who’s offer you accept has their financing fall through, or delay the closing date. One last thing is that many retail buyers will ask you as the seller to pay for part of the closing costs, so this is an additional expense usually costing another 2% on average. Remember, agents are not responsible for what your house sells for. They still get paid no matter what happens when the deal closes. That’s why you sign a listing agreement.
2. Selling a house in Colorado For Sale By Owner
Pros: It’s going to be much cheaper than listing it with an agent. If you’re selling your house for $200,000, then 6% would be $12,000 not including if you pay closing costs at 2%, another $4,000 that could be in your pocket! You only have $20.00 for a couple of yard signs and whatever the cost of posting online would be. Craigstlist and Zillow are free by the way! You also gain experience on how the process works, negotiating, marketing and determining what’s going on in the market. Free education.
Cons: You have to have a legitimate title company to work with at the right cost. The paperwork needs to be filled out correctly and you have to know what terms you’d like out of the sale of your house. Open houses are fun if you’re the one doing the looking, but if not you need to put in the time on weekends to do it. You have to answer all the phone calls coming in and if you don’t you could miss the perfect offer. Selling the house on your own can be stressful and take up a lot of valuable time.
3. Selling a house in Colorado to a House Buying Company
Pros: Speed and Convenience. The main reason professional home buyers exist is to solve problems. If it wasn’t for their ability to be effective in what they do, they couldn’t earn a living. Closing on the day of your choice and being able to sell the house “as is”, meaning the condition of the house and anything in the or around the house do not affect the ability of the buyer to perform, are very rare in the real estate industry. Most “retail buyers” as mentioned before are looking for a house that’s move in ready. What is a seller suppose to do if their house is vacant, in need of repairs and they just inherited the house? On top of all this, professional home buyers know how to solve and buy properties in foreclosure, probate, inheritance, landlords, tax delinquency, out of state owners, divorce, they can buy a property and rent it back to the previous owner and then some. This option has the most available to it.
Cons: Finding an experienced home buyer and price. There are plenty of experienced and new investors. Not all will be able to solve your problem. Second, this is how home buyers earn a living. They will need to buy the property at some type of reasonable discount. think about repairs, if the home is 1226sqft and it cost about $30.00 per sqft to renovate the basics, that’s $36,780 just to get the property in livable condition again for a new tenant or retail buyer. Home buyers offer the most options and not everything has to do with price.
All in All with Selling a house in Colorado
Selling a house in Colorado is one of the biggest assets and most complicated processes to go through because of how much is involved. You have the seller’s personal, financial, circumstantial and physical property distress all in one. So it’s crucial to make sure you go over all your options before making any final decisions. If you have any questions don’t hesitate to call 303-558-5843 or go to adambuysdenverco.com. Adam Buys Houses has helped plenty of sellers even if we weren’t the ones to buy the property. We’re in the business to help people.
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