If your parents have passed or need to go into long-term care, you may find yourself in a situation where you need to sell their home quickly in order to pay off debts or to pay for their current medical bills. If you plan to sell their home the traditional route by listing it with a realtor, you can expect some time to pass before you have money in hand. In 2015 the median days on the market for a home was 49 days with an added 41 days for closing. Keep in mind that these number represent the median. Some houses sell faster and others take longer to sell. If you need to sell fast, consider one of these unconventional ways to sell.
Cash from an Investor
Real estate investors are often looking for homes that they can purchase quickly for cash. Their goal is to do a few repairs and flip the home for more money. While you may not get as much money as you would from a traditional sale, a cash sale has advantages. First, it's fast. A cash sale can close in a few days because there's no need for an appraisal or inspection. Plus, you don't have to wait on financing. Beware that there are a lot of scams out there. Make sure you have cash in hand before making a deal. A check doesn't count because there may not be any funds to back it up.
Quick Sale at Auction
You can choose to sell your house at auction. The benefit is that you know your house will sell that day and you will leave with cash in hand. An auction eliminates the need for numerous individual showings that may or may not result in a sale. You can also get the benefit of having a realtor on your side since you can have yours set up the auction.
Offer Owner Financing
If you need a lump sum of cash right away, you might want to offer to finance the home yourself. You would accept the initial down payment, establish a legally-binding land contract, and accept monthly payments for the remainder of the loan. Owner financing opens your property up to motivated buyers that may not be able to secure traditional financing.
If you need money now and don't have time to wait for your parents' house to sell, you have to think outside the box. An unconventional method of sale might be exactly what you need to get the house sold quickly. For more ideas, contact a buyer such as Danny the House Buyer.