Introduction
When it comes to selling your house, the traditional route is listing it on the Multiple Listing Service (MLS). However, selling directly to an investor is an increasingly popular alternative. To illustrate the stark contrast between these two methods, let’s take a day-by-day look at a typical week in the life of a home sale through both avenues.
Day 1: Setting the Stage
Investor Sale: You contact an investor. The same day, they respond, expressing interest in your property. An appointment is set for them to view the house, sometimes that same day, and often within the next day or two.
MLS Listing: The journey begins with finding a real estate agent. You spend the day interviewing agents and discussing strategies, pricing, and market conditions.
Day 2: The Walkthrough
Investor Sale: The investor visits your property. They do a quick walkthrough, focusing on the potential of the property rather than its flaws. They make an offer, either on the spot or by the end of the day.
MLS Listing: You and your agent walk through the house, making a list of necessary repairs and upgrades to make the property more appealing to a broad range of buyers.
Day 3: Decision Making
Investor Sale: Negotiations are usually straightforward. You discuss the offer and decide whether you want to proceed. A purchase contract is signed and forwarded to a Title company.
MLS Listing: You spend the day purchasing supplies, hiring contractors, and beginning the process of decluttering, which is essential for a good first impression on the MLS.
Day 4: Progress
Investor Sale: You wait until your desired closing date.
MLS Listing: Repairs and renovations are in full swing. Contractors may be fixing the roof, painting walls, or updating fixtures.
Day 5: Progress
Investor Sale: You wait until your desired closing date.
MLS Listing: Repairs and renovations are in full swing. You realize you need to fix a few more things and ask your contractors to take care of them.
Day 6: Closing In
Investor Sale: You wait until your desired closing date.
MLS Listing: Repairs and renovations are winding down. Hopefully you didn’t need to do anything major, which could take weeks!
Day 7: Final Steps
Investor Sale: The sale is closed. You hand over the keys, and the deal is done. The entire process from contact to closing can take as little as a week.
MLS Listing: You’re deep in the cleaning and staging process to make every room look its best for potential buyers. After everything is done, professional photographs are taken of your house and your listing goes live on the MLS. Now, the waiting begins for buyer interest, showings, and offers, which could take days, weeks, or even months.
Conclusion
Selling to an investor can be a remarkably swift and straightforward process, sometimes completed within a week, and without the need for repairs or staging. In contrast, just preparing a house for listing on the MLS can consume an entire week, with no immediate end in sight. This comparison highlights the efficiency and reduced stress that can come with selling to an investor over the traditional MLS route.