I want to sell my house quickly

I want to sell my house before Christmas and ideally settle before then.


The house has been listed with an agent but it's taking too long to sell. Now I am incurring interest payments each day the house is not selling as it is vacant and is leading to some hardship.

What are my options if I wish to sell and settle say within 30 days?

Are there any scenarios where I can sell to my bank or another institution at current market valuation or slightly under market valuation?

Is there any other means to sell where I don't need to go through the process where buyers take 30-90 days to settle?

I do not wish to discuss things like presentation or reducing selling price or switching agents. I just wish to focus this discussion on methods where I can sell quickly and preferably settle this year

 

The only way you are going to do this is to reduce the asking price
Drop $50k of the price today, if it doesn't sell by Sat drop another $50k, repeat until sold

Basically what you are asking is near impossible, sure you can sell it in a hurry, but the bank can take 2-3 weeks to discharge the mortgage before settlement can occur

 

This.

You can keep dropping the price eventually someone will come along. Potentially a cash buyer... but can your bank settle in the next 2-3 weeks. Very very doubtful at the best of times... around Xmas and new year I would say almost no chance.

 

This is very confusing. You want to sell, and quickly, but you don't want to do anything that may make it easier.

I'd say impossible. I've bought a few times with cash & asked for a quick settlement, and this hasn't been in boom times, where the banks are flat out. Do you think they can get their act together? Nope! Not once have the banks come to the party.

 

I did one recently where I wanted a quick settlement.
The day before listing I emailed the bank and had the security for the property transfered to another and requested the mortgage be discharged.

It's been 2 weeks already and still no discharge !

Property has now sold and goes unconditional next week, unfortunately its not a cash buyer so settlement won't be until Jan (but at least the bank won't delay it )

 

I hear hypnosis works. During an inspection have subliminal messages to buyers compelling them to pay asking price with a quick settlement.

Sounds ridiculous?

So does the idea of giving no incentives to buyers, demanding your price and a quick sale all while your also against the clock with the bank.

 

If the op has a mortgage, it's likely they won't be able to settle before christmas.

 

+1

If you price it for quick sale, your agent might buy it from you.

There are 5 working days before Christmas - you will need to give someone as massive bargain to make this happen.

 

Why? Is it price, presentation, position, proposition, performance?

Valuers are busy, banks don't buy houses they take possession of them.

As others have indicated drop your pants to achieve a cash sale. Banks, including your own mortgagee, won't close in a short timeframe.

Run a heavily promoted raffle, prize drawn 24 December.

 

Furnish and list on Airbnb, so you'll still have income. Just have nobody staying on Friday nights if you want opens on Saturdays. This may make the selling campaign longer, but you'll have income. I can't see you settling this year, it might even realistically be February, not January.

 

I will have 10 tickets please .. let’s make this happen!

 

Agree... the discharge will be the biggest challenge. There are not many lenders that could turn around the purchase that quickly so you'd need a cash buyer.

 

I'll buy some too, why not. Goes to a good cause....

 

Your easiest and quickest way to rectify this is to have the sale contract include an early release of deposit clause (when the contract goes unconditional), the funds go straight to the bank and could be treated as payments in advance (meaning you won't have to contribute to the loan) until settlement

Buyers are usually advised NOT to agree to this clause as "if/when" something goes wrong they can't recover their deposit, so again your advertised/sale price would need to be below market value as an incentive for any buyer to agree to this

 

Me too.

 

Maybe just tell your sales agent to change the sales strategy..
Just have the agent inform all the interested parties that all offers be submitted within 48 hours and you will make a decision by 5 the following day..
Hopefully a cash unconditional offer comes in.

 

Yes it would pay to listen to Terry's advice a while back regarding settlement during Christmas and new year ..
Daughter's missed out on a property this week ,the agent played the sale with the all offers within 48 hours ,then make a decision late the next day..
Problem was they had over 30 offers,4 contracts cash unconditional and they waited an extra day.
Agent informed the daughter you were the highest bidder but they signed the cash contract for $8000-00 less then our Daughter's offer..
I know which one I would sign as the cash one is unconditional ,because I don't think it would pass a building inspection.

 

I will never understand how settlement is "so hard" !
Are the banks really that busy, or is it self posturing promotion ?
Or are they that understaffed ........
It really isn't any harder than logging into a computer, bringing up accounts, verifying funds/tittle (ticking a box) and sending an email (isn't it?).
Does anyone ever even meet and exchange any more ?

 

Thank you all for your opinions.

I have tried the Airbnb route but advertised it as unfurnished - no success there

I acknowledge the discharge process and happy to wait that part out

I am reluctant to drop the price too far below market value. The property was priced a little higher than market value initially and we had quite a number of people inspect but they dropped out perhaps due to the pricing.

Now we have lowered the price, however, Xmas is approaching and there are less people coming through which is frustrating

I am not sure if the 'all offers to be submitted within 48 hours' will work in this scenario as we haven't had anyone present offers yet