How to Sell Your Washington State Home in a Changing Real Estate Market
If you are looking to sell your Washington State home or your home has been listed for sale, but you have not received the purchase price you wanted, Symmes law Group can Help. In order to sell your home, it may be time to consider new and modern options that you may or may not have considered in this new changing real estate market which has seen overall price declines, price reductions and increase in days on the market throughout Seattle, Bellevue, Mercer Island, Issaquah and all of Washington State.
These price reductions are correlated to the increase in mortgage interest rates which are reducing a buyer’s purchasing power and the amount of a home loan that they may qualify for. While interest rates are not going to increase forever and real estate purchase prices are not going to decline forever, it is likely that once things level off and the market settles, real estate may once again continue to appreciate, most likely at a much slower rate than from 2020-2021.
In order to get top dollar for your home in the current market you must understand the market and where potential buyers are coming from in terms of what they can now afford. So, if your Washington State Home has not sold after already being listed or you are thinking of listing your home, here are a few outside the box options for you to consider in this ever-changing real estate market. Attorney Richard Symmes discussed these alternative options to selling your Washington state home on 1150AM KKNW New Urban Unlimited Radio Show that you can listen to here:
- All Cash Offer to Sell Your Washington State Home
An all cash offer when selling your home in Washington state may be appealing if you are looking for a quick and easy sale, but the downside is that buyers may typically pay you 25-30% less than what you may be able to get on the open market. Most investors are looking to make a profit by reselling your home or they could consider using the property as a rental after they make the necessary repairs to the home on their own.
Even in an all cash offer situation a buyer is going to be checking on the title of your property to make sure you have the authority to sell the property and make sure that if they pay cash for the property, all the prior liens on the property would be paid off or they could approach you with an offer to take the property subject to any loans on the property.
Buyers who make all cash offers can be wholesale companies, looking to flip your property to a new buyer, it could be a company that fixes up and sells the rehabbed property on their own or it could be an ibuyer, which is an institutional buyer of properties who are also looking to rehab and resell or rent the property.
If you are considering an all cash offer on your home, reach out to Symmes Law Group, PLLC to negotiate or review offers on your behalf to make sure you get the highest dollar value in your pocket. Additionally, Symmes Law Group and Richard Symmes has a vast network of buyers to reach out to in order to solicit and obtain the highest offer on your behalf through various connections. Through EXP Realty, where Richard Symmes hangs a brokerage license, ibuyer offers may be obtained through EXP Realty’s express offers program as well. When selling a home in Washington State for all cash, it is very important to solicit several offers and not accept the first offer that you get. Typically, many terms can be negotiated and its best to have other competing offers to use as leverage.
- Lease Option to Sell Your Washington State Home
If you want to get a higher price for your real estate and you don’t need a lump sum of cash today, but rather could use cash flow for a few years, you could offer a lease option. This option may attract a buyer who may not qualify for a home loan for what is needed today, but allows them to make rental payments towards a purchase at a later date.
A lease option buyer would provide a higher sale price, a down payment, cash flow and they would maintain the property and if they do not exercise their option to purchase the property, you could always re-rent/sell the property at that time. It could be a win/win scenario for both parties. The Deed to the property would not transfer until the option is exercised to purchase.
Seller Financing to Sell Your Washington State Home
If Washington State seller financing is offered to a potential buyer of real estate, then once again the goal is to get a higher price on the real estate with a sale to somebody who may not qualify through traditional means. This could be an investor with several properties or it could be an end consumer. In Seller financing deals, the term of the loan is typically much longer (over 5 years) and typically involves a purchase and sale agreement, note, and a deed of trust that are recorded in the county where the home is.
Typically, terms are negotiated and monthly payments are made to the sellers and the deed is transferred upon closing of the sale. 3rd party processors can be hired to collect payments and service the loans of the sellers are not comfortable collecting payments.
Symmes Law Group can help draft and negotiate real estate documents and terms that are needed in seller financing deals.
- Traditional MLS Sale to Sell Your Washington State Home
If you have already listed your home the traditional way, on the Multiple Listing Service or are considering listing your home on the MLS, you will want to make sure your home is presented in the best light possible. That means, if possible, to make any repairs needed prior to listing and educate yourself on whether you can market your current mortgage (and low interest rate as part of the sale). You should also be aware of your options to purchase a new home without relying on the sale of your current home to present the strongest offer moving forward.
Traditionally listing your home for sale on the MLS will net you the most funds in your pocket after closing if done correctly if you are not interest in other types of creative sales listed above. If you don’t have money available to make repairs prior to listing your property, Richard Symmes does have access to a company who can provide you with a loan to make the necessary upgrades and repairs prior to listing if your home qualifies. This company would be paid at closing any money they are owed and hopefully your home would in turn sell for a higher asking price so it’s a net win for everybody.
Next, in the current new real estate market of higher interest rates you will want to check to see if your home loan is an assumable loan. Some loans, such as VA or FHA loans may be assumable which means that potential buyers looking to purchase your property could afford to pay you more if they can get a lower interest rate mortgage. This can be a very big advantage in selling your home if you can offer somebody say a 3.1% loan when otherwise they would only qualify for a 6.5% loan.
Richard Symmes can walk you through your options and help get you the highest price for you home through a traditional sale on the MLS.
- Short Sale and Deed in Lieu of Foreclosure to Sell Your Washington State Home
If all else fails and you are simply looking to get out from under your home loan and home that is not selling for what you thought you could for it, then you might want to seek out somebody, such as Richard Symmes who is experienced in short sales and Deeds in Liu of foreclosure. You are allowed to list your home for sale for less than you owe on your current mortgage as long as it is disclosed that any sale is subject to bank approval. These sales can often take a few months to get approved as well and you may need to provide current financials to the bank to demonstrate a hardship and that you have made best efforts to sell your home at a profit to pay your loan bank.
If a short sale is not approved or you get no potential buyers, Symmes Law Group can attempt to negotiate a Deed in Liu of Foreclosure on your behalf which is essentially you are giving back the keys to your home in exchange for the bank forgiving any remaining balance on your loan. This helps you avoid a foreclosure and walk away clean without having to worry about other arrears. Having a second mortgage or HOA dues that are owed can complicate the deed in lieu and short sale process as these debts may need to be paid back in full, but it is worth a conversation.
No matter your residential Washington State Purchase and sale transaction, Symmes Law Group can likely provide you with assistance to get the most for your property and learn about what options you have moving forward.
If you need help selling a home in Washington State or need assistance selling your home off market or with creative options, give Symmes Law Group a call at 206-682-7975 or contact us to get the counsel you need.