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If you own a home in El Paso, Texas, and have been thinking about selling it, have you considered all of your options? Did you even know you had options? The truth is, there are multiple ways to your El Paso, Texas house besides hiring a realtor and having them list it for you on the local real estate market. Keep reading to learn more about all the options you have when you decide to sell.
The fact is, selling your house is a daunting proposal. Listing isn’t a straightforward process and may end up being far more time-consuming or problematic than you would choose if you knew you had options. Selling your house by listing it with a real estate agent is a great option to earn top dollar on your home, but it is also the most time-consuming, complex, and costly option as well.
When you want to sell your home by listing it, you’ll need to make sure the property is in top condition which could mean repairs and a lot more depending on the current condition of your house in El Paso. However, there are other options for selling your house that help you avoid all of the time and complexities that may be preventing you from selling.
The following are some of the most popular alternatives to listing on the local with homeowners in El Paso, Texas:
Option #1: Rent to Own
One option you absolutely should consider is a rent-to-own option for your house. This can be a great way to help get your home noticed by more potential home buyers. Beyond this, it’s also a great option because it will allow you to sell your house for its full retail value, possibly even more.
The truth is, there are all kinds of people looking to buy a house in El Paso who cannot qualify for a mortgage. In some cases, this disqualification is for nothing more than minor credit issues from 5-10 years back. In other cases, the down payment is just too much to be a realistic option. There are still other buyers out there who already have a mortgage on a different property and looking for a different option like rent-to-own to upgrade their living space to accommodate a growing family.
The point is that all three of these categories have people who could potentially make great buyers who would be willing to pay higher than average rent to have a chance to own the home. The terms of such a deal would always be up to you, but they typically include an up-front amount and an agreement to fully purchase the home by an agreed-upon date.
Option #2: Convert it into a Rental Property
Now it may not have occurred to you before now, but you could be a landlord and rent out a property you own but don’t want to live in anymore. Some tenants are indeed a lot of work, but there are also lots of great, low-maintenance renters who make being a landlord an easy decision.
If you like the idea of having a residual income, but don’t like dealing with renters directly, you can have a property manager do that for you for a percentage of your rent. The demand for rental properties remains high in El Paso, so this is an option worth exploring if you don’t mind doing a little extra work in a trade-off for residual income.
Option #3: Selling Your House to an Investor or Direct Buyer
You can always sell your house directly to an investor or home buyer. This is a great way to save on any out-of-pocket costs you would incur to sell your house on the El Paso market as well as save a lot of time. Most investors finance their deals and can close in a matter of weeks or even days as opposed to the months it will take to sell your house with a realtor.
One thing to watch out for is not all investors are reputable. You will want to read the fine print on any offer made to you. Do your due diligence for any home buyer you are considering selling to by looking into their reputation in El Paso. This will help you make sure you get a fair offer.
Option #4: Auctioning the House
One option that has become a bit more popular in recent years is auctioning off homes. Many homeowners in El Paso have used this option as the auction site or auctioneer will help generate buzz about the home to attract multiple bidders who may drive up the final selling price.
Auctions can be a great option for those who don’t want to wait around for months to make a sale. In a situation where owning a home is costing you more than its worth to you, selling quickly through an auction or to a direct buyer can save you thousands of dollars in the long run.
Looking to sell your house in El Paso? Level Cash Home Offers can help you sell your house quickly. Want to know more? Just send us a message or call our office at 915-228-3314 today!