Hiring a Realtor vs. Selling Directly to a New York Investor
Mar - 15 - 2018
Before you put your New York house on the market there are big decisions that you must make. Otherwise it can have unwanted financial consequences later on, once the selling process is already underway. One of the most important decisions is whether to sell through a real estate broker or directly to a professional investor.
Selling with a New York Real Estate Broker
If you are in no rush to sell, and do not need the money from the sale immediately, a capable real estate agent can help you handle the marketing. They can also show the house to multiple potential buyers. Just make sure you hire a Realtor who is willing to put in the work, instead of just listing it on the MLS, planting a sign in the yard, and then waiting to see what happens. The harder they work, the greater your chances are of finding a qualified, pre-screened buyer.
Selling to a New York Investor
If you don’t have the luxury of time on your side and need to get the money from the sale sooner instead of later, a sale to a New York professional home investor may be a more suitable alternative. If you find a reputable investor with good references and a solid track record, there is also no need to do any marketing. You simply reach out to them and that’s it. Investors will usually prefer to close the deal in a month or less. They don’t need mortgage approval from a bank. They pay cash, instead of borrowing the funds.
Paying Sales Commissions
New York Realtors typically earn around six percent of the sales price when you work with them. Sell a house for $250,000 and you will probably pay $15,000 in real estate agent fees. You don’t have to pay it out of pocket or up front, which is the good news. But the bad news is that it still comes out of your pocket in the end. It’s subtracted from the amount you receive when the sale closes. Your Realtor receives one check in that amount, and then you’ll receive your check…with the commission already deducted. But there are no real estate commissions to pay if you sell directly to an investor. You simply reach an agreement about the price of the home, they sign a contract to buy it, and then they pay you that full amount in cash.
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