Have you ever wondered, “How can I sell my house in Ontario fast?” Selling a home is stressful enough, but the stress level can be overwhelming when you have a short amount of time. In addition, the traditional method of selling a house is slow and expensive, and many people are unfamiliar with the alternatives.
In general, there are a few ways to sell your property, such as listing with a real estate agent, selling privately, and selling to a Cash Home Buyer (like Mortgage Broker Store).
It is easier to sell a house quickly when house prices are rising, and there is little inventory on the market. Ontarian homeowners are fortunate since this has been the case for over a decade.
Reasons to Sell Your House for Fast Cash
There are many reasons why a property owner would like to sell their home quickly for cash. Every situation is unique, and there are specific reasons for selling the property right away. Let’s look at some of the most common reasons:
- No real estate commission
- Power of Sale
- Foreclosure by Lender
- Buying Another Property, Relocating
- Land Tax Sale
- Sheriff Evictions
- Inherited Property To Sell
- Financial Difficulty
- Behind On Payments
- Property Tax Arrears
- Divorce, Separation
- Avoid Home Showings
Sell My House in Ontario Fast Methods
In general, there are a few ways to sell your property: listing with a real estate agent, private sale by the owner, or selling to a specialized home-buying company. Below, we shall compare the different options.
Selling the House Privately
Selling your house to a private buyer can be done quickly, but it requires more effort on the homeowner’s part. Private sellers usually advertise via free local classified websites and personally contact private buyers. Homeowners can also put a “For Sale” sign on their property. A fully private sale will avoid all fees charged by real estate agents.
Most homebuyers browse properties for sale via the Multiple Listings Service (commonly known as the MLS). For Sale By Owner, services can list your property on the MLS for a small flat fee. However, the homeowner will be responsible for showings and managing the listings. Homeowners can list with FSBO services and avoid the usual selling agent commissions. The commission from the buyer’s real estate agent will still apply.
Selling House to Cash Home Buyer
A “Cash Home Buyer” is a term used to describe individuals or companies that regularly buy houses, typically renting or reselling for a profit. These entities usually buy the properties wholly with cash, which allows a seller to sidestep the extra work involved with a mortgage.
There are some significant benefits when you sell your house or condo to a cash buyer. The first significant advantage is that the homeowner can fully process the sale and quickly receive cash from the seller. In addition, the seller can avoid many fees associated with traditional sales, such as real estate agent commissions.
No Commission for Real Estate Agents
The second major advantage is that real estate agents do not have commissions. Most real estate agents will not negotiate their commission, usually about 5%. No real estate agent means no commission, which can add up to tens of thousands of dollars in savings.
Selling Home “AS IS”
When you have a quick sale, a cash buyer will purchase the property in “AS IS” condition. Cash buyers typically buy homes that have extensive damage and are in poor condition. Replacing the roof, bathroom, kitchen, etc, is unnecessary. “AS IS” means the buyer will purchase the property, and the seller will not be responsible for any repairs to the property.
Downsides of the Traditional Home Selling Process
Real estate agents lock you into a six-month listing agreement. It is tough to cancel a listing agreement before the expiry date.
There is a real risk of the seller not completing the purchase or backing out of the sale. Buyers can and do put in many terms that allow the buyer to cancel the sale for financing, inspections, timing, etc.
Real estate agents usually want the homeowner to make costly repairs before listing the house. However, these repairs may or may not positively impact the profit from the sale of the property.
There are open houses to allow people to see the house. Open houses can cause a lot of disruption and messes for homeowners to deal with.
Selling a Cottage Fast
Selling a cottage or waterfront land can be difficult and take much longer. Seasonal properties are bought by people who want a place to get away from the city. Since cottages are not a person’s primary residence, buyers tend to be very picky about the location and property type.
Most cottage buyers want certain locations with specific amenities, so the number of potential buyers is less than for a typical house. Cottages and vacation properties are also seasonal, which means that most are bought and sold in the spring and summer. Cottages also usually need a lot of repairs to get ready for sale.
Cash Home Buyers are an excellent alternative when selling a cottage property. They can buy the property immediately, and the seller will not need to spend time and money repairing the building.
List and Sell with a Real Estate Agent
Listing and selling with a real estate agent has benefits and drawbacks. The main advantage is that a real estate agent will do most of the work and expose the property to the most potential buyers. The major disadvantage of dealing with a real estate agent is the commission you must pay. The average real estate commission plus HST is 4% to 6%. In contrast, the seller will pay no commission if they sell to a cash buyer.
You’d need to explain the nature of your situation to the agent and confirm that the agent is comfortable with an expedited sale. For example, it is common for properties to disclose that they must be sold quickly in the listing description. It is also common for sellers to demand “unconditional” and “as-is” offers to try to prevent buyers from reneging on their offer.
How to Find a Fast Home Buyer in Ontario?
Many companies and individuals promote themselves as “Fast Home Buyers” in Ontario, including Mortgage Broker Store. These buyers advertise in newspapers, signage, and on the internet. It is essential to check that they have plenty of positive reviews and a rapid response time.
You can contact us at Mortgage Broker Store for a detailed explanation of your options if you want to sell your house in Ontario fast. If you choose to sell to a Cash Home Buyer, we can proceed with that option immediately. Our company has the funds to buy your home; all inquiries are confidential and get immediate responses with a serious and fair offer as quickly as possible.