Sell My House Fast in Los Angeles County: The Ultimate Guide

by Anthony Sumbry

February 19, 2024

Sell my house fast Los Angeles

Steps to Sell Your House Fast in Los Angeles County

Over the last several years, many home sellers have decided to ditch the standard practice of listing a home on the open market. In exchange, they have opted to sell their homes fast through less conventional methods. This article will explore these alternative options, their pros, as well as potential cons. We hope to provide you with the necessary information to answer the question, “What are the best options to sell my house fast in Los Angeles?”

Navigating the Los Angeles Real Estate Market: Insights for a Quick Sale

Los Angeles County is comprised of roughly 10 million residents who occupy over 3.5 million housing units (source: Census). Although the median housing value is $732,200 in the county. Final sales prices can fluctuate tremendously in either direction.

Selling a home fast in the area can seem like an easy task, given the sheer number of individuals in the county, but this is not always the case. When confronted with issues like deferred maintenance, cost conscious buyers, and rising interest rates; properties can potentially sit on the market for much longer than previous years.

Let’s be honest: On market listings typically generate the highest overall sales price for property owners. Unfortunately, not everyone has the time or resources to repair, list, show, and wait for a property buyer to ultimately select their home. Even when their home enters escrow, there can still be the unknowns of the transaction—can the property appraise, are repairs going to be requested from the buyer, etc. In a nutshell, will the deal actually go through?

For those looking for fast home sales, cash buyers could potentially be the solution. The real question becomes “Is the option to sell my house fast in Los Angeles County the right decision for me?”

Top Reasons Homeowners Choose Fast Home Sales in Los Angeles

Whether it is deferred maintenance/poor condition, financial circumstances, or simply not wanting to deal with the hassles associated with standard transactions; there can be a laundry list of reasons as to why property owners ultimately choose the fast sale option, as seen below.

Speed of Sale: Speed is generally a major contributing factor as to why homeowners elect to sell their homes fast for cash. Many investor buyers can close escrow in less than a week. This is in comparison to the typical escrow timeframes, which generally ranges between 30 – 60 days (source: Chase) .

Convenience: Cash home sales are viewed as more convenient for several reason. Since investors are typically buying a property in its present physical condition (as-is), there is no need to be concerned with issues such as repairs, updating, cleaning or even clearing the trash/personal items out of a home when it sells. You simply hand them the keys at escrow’s close and the property now becomes their problem. This can certainly be viewed as a major time and stress reliever to many.

Certainty of Sale: In situations where someone wants to sell their house fast, investors are the most likely buyer. When dealing with cash investors, the probability that the transaction will close is increased to a higher degree, opposed to dealing with traditional buyers. Cash homebuyers can eliminate the uncertainty of financing (appraisals, inspections, lender required repairs), thereby increasing the odds of a successful closing.

Avoiding Foreclosure: Homeowners facing foreclosure are also a good candidate for quick cash sales. Even if a Notice of Default (NOD) has been filed, cash investors have the ability to close on a transaction prior to the sale date occurring and the foreclosure being finalized. This can lead to the preservation of one’s credit and, ultimately, saving the valuable equity stored in the property.

Inherited Properties: Selling an inherited property comes with its perks…and stressors. In cases of distressed homes in need of TLC, cash investment companies can assist the heirs with liquidating the property without the need of costly repairs. Other complexities associated with traditional sales, including time and uncertainty, are also alleviated.

Financial Difficulties: Although it’s not a topic widely discussed in the open, most people have had to deal with major financial difficulties in their lives. In 2021, 45% of U.S. adults indicated that they were experiencing financial hardship (source: Gallup). Selling quickly to a cash buyer can provide immediate funds to cover urgent expenses, pay off debts, and simply get a little breathing room.

Divorce Settlements: Divorces can be enough stress as it is. For individuals looking to expedite the process of dividing assets, selling a home to a cash investor can prove to be advantageous. Ultimately, allowing both parties to move on with less contention over possibly property issues.

Tenant Issues: Dealing with the unavoidable stress of a home sale is one thing. Adding tenant issues to the mix is a completely different beast. Even if a tenant is upholding their portion of an agreement, some property owners just don’t want to deal with the headache of submitting notices, scheduling showings and inspections with the tenant, or, in some cases, having to hire an attorney. Many potential buyers may also not respond well to properties that are listed for sale with a tenant in place. In these circumstances, an all-cash transaction may prove to be ideal.

Preparing Your Los Angeles Home for a Quick Sale

I’m sure that you’ve seen many of the sell my house fast advertisements over the internet and other media platforms. If you have, you’ve probably seen similar themes. The most apparent of which is “we buy homes as-is”.

When selling a property to a house flipper, most will agree to take your property exactly as it is now. Regardless of how you think it may look, true investors are in the business of renovating and restoring. This allows them to see past the present state of a property and visualize its potential.

Remember: Everything can be fixed. It isn’t a matter of can it be fixed; it’s simply a matter of who will pay the cost to fix it. Is this a task that you are willing to take on or would you like to hand over the burden, in exchange for a reduced sales price? When researching companies that buy homes, finding a buyer that will truly take on a home “as-is” is key.

Comparing Costs: Selling Your House Fast vs Traditional Sale in Los Angeles

A traditional home sale typically yields the highest sales price for a property. However, the cost necessary to obtain top dollar are also going to be on the higher end. When selling to an investor, it is important to take both the final sales price and overall cost into consideration. Here are a few items to consider when comparing a fast cash sales option to a traditional one.

Real Estate Commissions: The right real estate agent is worth their weight in gold, and then some. Doctors and lawyers are compensated at the rate that they are because of their value. The same can be said of realtors. Adding the valuable expertise of a real estate professional typically runs between 5% – 6% of the final purchase price (source: Bankrate). At the average sales price in Los Angeles County, this equates to approximately $36,610 – $43,932 in commissions.

When selling a house to a cash investor directly, there are no real estate commissions involved. This savings is passed on to the owner and can help to offset a lower offer. When everything is said and done, the overall net (cash received after all expenses) should be taken into consideration.

Repair Cost: One of the major perks of selling your home fast to a fix-and-flip homebuyer is that there are no repair cost. If a cash investor does ask you to make repairs prior to signing the agreement, you should immediately look for an alternative purchaser.

On the other hand, a traditional buyer does have the right to conduct their due diligence. This includes everything from reviewing disclosures to physically inspecting the property. Even though standard agreements use “as-is” verbiage, this alone does not restrict the traditional home buyer from making requests for repairs or asking that the seller compensate them for the projected cost of those repairs. Most contracts even allow a traditional purchaser to back out of a deal based on the results of their inspections. In case when the lender requires a repair to be made, the deal will remain in jeopardy until the specified issue(s) has/have been corrected.

Escrow Fees: Deciding who pays for fees can potentially save a seller thousands of dollars. Although most traditional agreements will have both the buyer and seller pay their own escrow fee, many investors will be willing to pay escrow fees on both party’s behalf. In some case, cash home purchasers may even be willing to cover additional seller fees (title, transfer taxes, etc.).

Exploring Alternatives to Quick Home Sales in Los Angeles

You’ve probably reached this article by searching for a term like “sell my house fast in Los Angeles”. Although you may meet the aforementioned criteria for those looking to sell their home fast for cash, others may find that the traditional route works best for them. If a property owner has the means, time, and mentally fortitude to handle an on-market sale, this may be a viable option to consider.

Finding the right real estate professional to list your property is the key to successfully navigating an on-market sale. In 2021, nationwide, agent-assisted home listings sold for an average of $105,000 more than those listed for sale by owner (source: National Association of Realtors). This means that, although their intentions may have been to save money, the average home sold without the assistance of an agent most likely cost the seller money.

Properly marketing a listing for sale is more than just publishing it on the Multiple Listing Service (MLS). Having an agent who specializes in marketing is a must when deciding to put the offering out to the public. Even the photos used to showcase a residence have a significant impact, sometimes even shortening the marketing timeframe for several weeks. A study back in 2021 even uncovered that roughly 89% of homebuyers said that photos were the most helpful website tool in their home search (source:  US News).

If selling your home fast for cash isn’t the right option for you, considering the assistance from a licensed professional would definitely be a wise step.

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Summary: Your Guide to Selling a Home Fast in Los Angeles

In Los Angeles County, the trend of sellers choosing to “sell my house fast” over traditional methods has been on the rise due to its speed and convenience. This approach is particularly advantageous for those dealing with deferred maintenance, financial hardship, or the urgency to avoid foreclosure. Cash buyers offer a viable solution, allowing sellers to bypass the often lengthy and uncertain traditional selling process. Despite the potential for a lower sale price, this method eliminates the expenses typically associated with agent commissions, repair costs, and escrow fees, presenting a clear benefit for sellers who prioritize immediacy and ease over the highest possible profit.

The mantra “sell my house fast” resonates with homeowners who value speed, as cash sales can close in as little as a week, compared to 30-60 days for standard transactions. While fast cash sales might not yield the same financial return as an agent-assisted sale, this quick-sale avenue appeals to sellers seeking to simplify the process, reduce stress, and quickly move on from their properties. Those not under time constraints may still opt for the traditional route, leveraging the expertise of real estate agents and robust marketing strategies to maximize their home’s market value.

Contact us to learn more about how to sell your house fast in Los Angeles. We’ll provide you with a fast cash offer for your home in just 60 seconds. If an investor purchase isn’t your cup of tea, we can even assist you with listing your property on the open market.

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