An average Rhode Island home takes more than 74 days to sell. And that’s only if you get offers fast, and there are no hiccups in home inspection, appraisal, and closing. But there are ways to sell your house fast on Rhode Island – in weeks or even in days!
While selling fast is key, it is also important to maximize your net proceeds. In this article, I’ve covered both aspects – essentially how to sell your house fast and for the most cash.
Average time to sell your Rhode Island home:
|Median days on market (September 2022)1||29 days|
|Average days to close on a loan (All types)2||49 days|
|Appraisal, inspection, and closing (runs parallel to the loan approval period)||30 – 60 days|
|AVERAGE TIME TO SELL A HOUSE ON RHODE ISLAND||59 – 89 days|
How to Sell My House Fast on Rhode Island?
The 4 best ways to sell your home quickly are:
- Listing on the MLS
- Pricing your home aggressively
- Offering a competitive buyer agent commission
- Responding fast to inquiries, showings, and offers
These tips to sell your home quickly can be applied to all home sales unless you’re selling your house as-is. Here’s how you can expedite the transaction to ensure a quick property sale.
1. List on the MLS
Listing on the MLS is the fastest way to hit the housing market and market your property to thousands of home buyers, cash home buyers, and iBuyers. Plus, your listing is syndicated to real estate websites like Zillow, Realtor.com, etc. giving your property maximum exposure.
- 🎯 Pro Tip: Always get professional photographs for your listing. Homes that were photographed professionally sold 32% faster!
» How to List on the MLS: Find out the quickest way to get on the MLS
2. Price Your Home Aggressively
Listing price is one of the most important factors that will determine how quickly your home sells. Setting a listing price involves having some knowledge about the local market value of homes, depending on the type of residence you are selling.
The listing price is just an initial offer price, which can be changed at any time before you accept an offer. Normally, the listing price is negotiable between the seller and buyer.
- 👉 Remember: The purpose of the list price is to drive traffic to your listing. It’s not your sale price!!!
» How to Price Your Home for Sale: Learn in 6 easy steps to price your home accurately
3. Offer a Competitive Buyer Agent Commission
According to NAR’s home buyer statistics, 87% of buyers hired the services of an agent to purchase new properties. Naturally, a substantial buyer commission ensures that your listing gets picked up by the agent when selling a house fast.
The best way to attract buyer agents is by listing on the MLS and offering a substantial commission. Buyer agents will work for you to help you sell your home fast! So offer a competitive buyer agent commission.
This commission is set to 2.5% to 3% throughout the US, but it majorly depends on the location of the property. Most often, having a very desirable property can also save you from paying a huge amount in commission.
» Average Real Estate Agent Commission: Check out the average real estate commission in the US and who pays it
4. Respond Fast to Inquiries, Showings & Offers
Responding to prospective buyers’ requests is the most crucial job if you wish to sell your house fast. Unresponsiveness or delayed responses to buyers’ queries will demotivate them from transacting with you.
Likewise, managing showings according to the buyer’s convenience will help you in selling your house quickly.
▶️ Houzeo Offer Management: Check out this short video to see how you can manage multiple offers easily on Houzeo
Fastest Ways to Sell a House on Rhode Island
The top quickest ways to sell your house are:
- Listing your home with Flat Fee MLS Services
- Selling to iBuyers
- Selling to “we buy houses for cash” companies
- Hiring a top real estate agent
- Selling FSBO
» Selling a House on Rhode Island: Check out our 7-step guide to a successful home sale in Rhode Island
There are many options on Rhode Island to sell houses fast, but the one which brings you the best offers in the least time is listing with a Flat Fee MLS (FFM) listing service. Here’s how you can sell your house fast on Rhode Island with Flat Fee MLS.
#1. Listing With Flat Fee MLS Services Rhode Island
Listing with a Rhode Island Flat Fee MLS service gets your house on the market within just 24-48 hours.
Flat Fee MLS is the best way to sell your house fast, has 4 major benefits:
- MLS is the fastest way to hit the market, plus your listing is syndicated to Zillow, Realtor.com, etc.
- Your listing gets maximum exposure.
- You can negotiate all offers.
- You skip paying commission or service fees.
Here’s how selling your house fast will work with a Flat Fee MLS listing service:
Once your listing goes live on the MLS, you handle the next phase of the transaction. You compare offers, meet with prospective buyers, conduct showings, negotiate and close on the deal yourself.
Although this may sound like a daunting task, this is where tech companies like Houzeo come into the picture. Along with MLS listing, Houzeo also provides you with tech tools to streamline your selling process and help you to sell your home quickly.
» Flat Fee MLS Rhode Island: Check out Rhode Island’s top 7 Flat Fee MLS listing companies
Our Pick for the Best Flat Fee MLS Service on Rhode Island: Houzeo
- Listing Fee: $349+
- Available nationwide
- 4.9/ 5.0 (4,351 reviews)
Why It’s #1: Houzeo has thousands of 5-star reviews. It offers the best combination of maximum savings, advanced technology, 5-star customer support, and listing exposure.
Packages: Houzeo typically offers 4 Flat Fee MLS packages.
- Bronze Package – $299+: It is the best for selling a lot. Your listing gets syndicated to Zillow, Trulia, Realtor, Redfin, and more.
- Silver Package – $349+: This includes everything that home sellers typically look for.
- Gold Package – $399+: It is Houzeo’s signature MLS package and includes all the technology Houzeo is known for Houzeo Showings, Houzeo Offers, and DigiTransact.
- Platinum – $999+: It includes the assistance of a licensed broker to help you with negotiations, disclosures, and closing.
👉 Our Take: We recommend the GOLD plan. You’ll have all the access to Houzeo tech, making managing showings and offer negotiations easy!
» Houzeo Reviews: Houzeo is 100% online. You can finish listing formalities in less than 60 mins.
Houzeo has 4.9 out of 5 stars on Google & Trustpilot.
» Houzeo Reviews: Check out what customers have to say about Houzeo.
Houzeo is available nationwide.
#2. Sell to iBuyers
Unfortunately, iBuyers’ model’s certain drawbacks weigh more heavily than its quick offers and 7-day closing features.
Here are some disadvantages of selling to an iBuyer:
- Limited coverage, restricted to metro and urban areas
- Strict eligibility criteria without exceptions
- Non-negotiable offers
- 5% service fee
- 2% – 8% repair costs
👉 We recommend selling to iBuyers if your house meets the iBuyer company’s eligibility criteria.
» iBuyer Reviews: Check out rankings, pros, cons & alternatives of top iBuyers in America
Here’s how selling fast with an iBuyer would go:
You give some basic information about your house on the company’s online website. Once you submit your information, the iBuyer will make a preliminary cash offer on your property. You can accept or reject this offer.
If you choose to go ahead with it, an in-house home inspector will visit your property to look for any damages or repairs. After this home inspection, the company makes a final cash offer, deducting all the service fees and repair costs. This offer is non-negotiable.
If you accept this offer, iBuyers can help you close on your house within a week or a further date of your choosing.
Our Pick for Best iBuyer: Offerpad
- Service Fee: 5%
- Close in 10 days
- 4.6/5 (out of 165 reviews)
Known for its fast closing schedule, Offerpad is an iBuyer founded in 2017. Offerpad’s patented evaluation tool generates an initial offer price for the property based on housing market stats and insights from in-house real estate market specialists.
- Service Fee: 5% of Home Sale Price
- Typical Offer: 70% to 90% of Fair Market Value (FMV)
- Types of Properties Purchased: Offerpad offers cash for houses only in desirable neighborhoods and for properties that need zero or minimal repairs. Distressed properties may not get a cash offer from Offerpad.
- Closing Date & Offer Terms: Offerpad has the fastest closing schedule, with the earliest timeline being 7 days and up to 45 days out. Their offer terms are inflexible, and the initial cash offer terms may change after the home inspection.
- Limited Coverage: Offerpad only covers 22 markets.
🚩 You Should Know: Offerpad’s final cash offer is calculated after deducting home repair costs and seller closing costs. For the ease of an instant cash offer and fast closing, you may pay up to 13% of your home’s sale price in service fees. Also, if you want to back out of the deal with Offerpad after accepting a cash offer, you will have to pay a 1% cancellation fee.
👉 Our Take: Offerpad can be considered if you need to sell quickly, and this iBuyer offers cash for houses in your zip code. Remember—an MLS listing on Houzeo.com will automatically put you in front of Opendoor and other cash house buyers.
» Offerpad Reviews: Is the Fast Closing Schedule Worth the Tradeoff?
- In just 10 days, you can close your house sale with Offerpad
- No need to fix or prepare the house
- Long-term stay option for house sellers
- Closing costs and service fees can add up to more than 10% of the purchase price in some situations, resulting in a lower cash offer than expected
- 1% cancellation fees if you back out of the deal after acceptance
👎 Limited Coverage: Offerpad buys houses for cash only in 16 states.
👍 Rankings of Local Cash Buyers: In case Offerpad doesn’t cover your zip code, you can consider local companies offering cash for houses –
- We Buy Houses for Cash in Alabama
- We Buy Houses for Cash in Arizona
- We Buy Houses for Cash in California
- We Buy Houses for Cash in Colorado
- We Buy Houses for Cash in Florida
- We Buy Houses for Cash in Georgia
- We Buy Houses for Cash in Illinois
- We Buy Houses for Cash in Idaho
- We Buy Houses for Cash in Kansas
- We Buy Houses for Cash in Montana
- We Buy Houses for Cash in Nevada
- We Buy Houses for Cash in North Carolina
- We Buy Houses for Cash in Ohio
- We Buy Houses for Cash in South Carolina
- We Buy Houses for Cash in Tennessee
- We Buy Houses for Cash in Texas
#3. Sell to “We Buy Houses for Cash” Companies on Rhode Island
“We buy houses for cash” companies help you sell your house “as-is” fast for cash on Rhode Island. They can even close within 7 days or any date that you’ll choose. Likewise, cash home buyers also make offers in places that fall outside of metro areas.
Here’s why cash home buyers in Florida are an even worse option for you than an iBuyer:
- They make lowball offers and offer only 50% – 70% of market value.
- Their offers are non-negotiable
👉 We recommend selling to a cash home buyer if you are selling a house “as-is” quickly without looking for the best price.
» Companies that Buy Houses for Cash on Rhode Island: Check out Rhode Island’s biggest cash home buyers
Here’s how cash for homes on Rhode Island works:
Consider your house is worth $300,000 at fair market value, which needs repairs worth $25,000. Cash home buyers on Rhode Island will make an initial offer of just $210,000. Deducting the repair costs, you get only $185,000 for your home.
You can choose to make these repairs yourself to save money, but this method is not always possible if you want a quick home sale.
💲Reach the Largest Pool of Cash Home Buyers on Rhode Island!
Houzeo is the fastest, high-tech way to get on the MLS and sell to cash home buyers.
START YOUR FREE LISTING NOW!
Our Pick for Best “We Buy Houses for Cash” Companies: We Buy Houses Rhode Island
- Service Fee: None
- Closing in 3 weeks
- No credible reviews found.
Dealing with a cash buyer company like We Buy Houses (WeBuyHouses.com) is like selling your home to a local real estate investor. We Buy Houses “thoroughly” vets their investors before authorizing them to operate independent offices in their respective jurisdictions. This cash home buyer caters to distressed home sellers and is known to buy properties as-is.
- Service Fee: None
- Typical Offer: 50% to 70% of Fair Market Value (FMV)
- Types of Properties Purchased: All kinds of ugly houses, i.e., distressed properties with structural issues, couples going through a divorce, a death in the family, flawed mortgage financing, inherited homes, high-crime neighborhoods, etc.
- Closing Date & Offer Terms: We Buy Houses provides a flexible closing date, up to 60 days out. Offer terms are inflexible, but you can try negotiating for a better cash offer and terms.
- Near-Nationwide Coverage: WeBuyHouses.com pays cash for houses in 2,700 cities nationwide.
🚩 You Should Know: We Buy Houses is a pre-vetted real estate investor network and operates on a franchise model. Some franchisee offices may use controversial tactics to close the cash transaction.
👉 Our Take: We Buy Houses operates franchises with independent, pre-vetted, local real estate investors. The quality of service depends on your location, so it’s best to check the customer reviews of the local We Buy Houses franchise before requesting a cash offer.
» We Buy Houses Reviews: Everything you need to know about WeBuyHouses.com
- Get an offer within two days & close in just seven days
- Private network of pre-vetted real estate investors
- Once an offer has been made, there is little to no space for negotiation.
- Most homes get paid less cash than the fair market value.
- Only interested investors will evaluate your home full cash offer will be made for your house.
- We Buy Houses’ final cash offer is usually in line with the preliminary cash offer unless the appraiser deducts anything during the home inspection.
👎 Zero Customer Reviews: We Buy Houses has no customer reviews on popular review sites like Google or Trustpilot.
👍 Houzeo Reviews: Houzeo has a stellar rating of 5.0 stars on Google and 4.9 stars on Trustpilot.
We Buy Houses makes cash offers on houses in 49 states with 2,700 offices nationwide.
#4. List With a Top Realtor
Top real estate agents on Rhode Island have the expertise to help you sell your property fast within a set timeline. Most of the work is handled by the agent as well, which takes the burden off your shoulders.
But the downsides of working with a realtor are just as huge. Here’s why –
- 5% – 7% commission for both listing and buyer agent
- Low tech
- Inconsistent service as agents may handle multiple clients
What should you look for in an agent when selling your house quickly?
In order to ensure that you do not end up with an agent as mentioned above, conduct a little research before you hire one. Here’s what you should look for:
- Experience: Find out how many years has the agent been active in the real estate field. Plus, also check what type of properties the agent has expertise in selling.
- Local Expertise: Check if the agent is specialized in the market trends in your locality. This matters a lot, as local experts know how to price your home right in order to sell it fast.
- Low Days on Market: Look for how many days the agent takes between listing the property to closing on it. The lower, the better!
👉 We recommend selling with a Realtor if you cannot invest your time to sell a house fast.
When selling your house fast with a Realtor, they do most of the job, from taking professional photographs to conducting showings and open houses, paperwork, and closing.
» Best Realtors in the US: Check out America’s top Realtors, their services, and commission
#5. Sell FSBO
Selling your home purely For Sale By Owner way implies that you won’t get access to the MLS. You market your property, conduct market research, handle offers, manage showings, etc. all by yourself.
77% of FSBO home sellers closed on their homes within two weeks, majorly because the homes were sold to someone the seller knew.
» For Sale By Owner Websites: Check out the rankings for the top 7 FSBO websites
The biggest disadvantage of selling with no MLS or tech support is that you probably may not be able to sell your home quickly. Here’s why going the purely FSBO way won’t be in your favor:
- Zero MLS Exposure reduces the possibility of receiving offers from buyer agents, cash home buyers, and investors
- You may over-price or underprice your home without any guidance. Plus, Online home value estimators aren’t as accurate and may not guide you in a no-offers situation.
- You rely on word of mouth or a yard sign to market your home.
- You have to research and procure all the housing documents, disclosures, etc. by yourself.
- Your lack of experience in negotiating could be used against you.
👉 We recommend selling FSBO if you have a buyer lined up to buy your property.
» How to Sell Your House By Owner on Rhode Island: Check out our comprehensive guide on selling a house yourself in Rhode Island
Sell My House Fast Near Me on Rhode Island
7 Unique Tips to Sell My House Fast on Rhode Island
These tips to sell your home quickly can be applied under certain conditions to expedite your sale by making the buyer’s job easy. Although you’ll be required to pay some extra costs, you may be able to sell your Rhode Island house fast.
1. Install a Lockbox
Lockboxes are small padlock-like devices that store the keys to your house. The lock box is secured by a unique code that you can give to anyone who wishes to enter the house.
If you are not available in person each time for showings, you can provide the lockbox code to the buyer agent so that they can enter the house for showings at any time.
Usually, the lockbox is provided by most agents, but for FSBO sellers, it can be bought online for a few dollars.
2. Use a Digital Showing Service
Digital showing apps help you schedule showings, walkthroughs, inspections, and appraisals systematically at your convenience. Usually, real estate agents have access to such services.
Houzeo Showings is available on the mobile app, where you get to control showings and inspections at your convenience. Plus, buyers and buyer agents verify themselves in a 4-step identification process, to ensure their credibility as genuine home buyers.
▶️ Houzeo Showings: Check out how Houzeo Mobile App helps you manage your showings conveniently
3. Agree to All Inspections
Typically, buyers conduct inspections to check if a property has material defects. Ideally, you must do it prior to listing in order to save time. Otherwise, you can also do it once a buyer makes an offer.
Although you’ll end up paying inspection costs, you’ll save time between listing and closing, thus helping you sell house faster.
- 👉 Pro Tip: You can highlight in your property description if you recently had the property inspected, or made any renovations or repairs. This notifies the buyer that they may not need to conduct inspection or make repairs immediately, saving both of your time in the process.
4. Set a Deadline to Lower Listing Price in a No Offer Situation
Selling a home fast implies that you’re on a fixed timeline within which you wish to sell. Say, if you wish to close within two weeks, wait for a couple of days before lowering the listing price in case you do not get good offers.
Although you may have a competitive listing price, in order to sell your house fast, you may have to lower it further to see results.
» Highest and Best Offer: Is it the smartest move in a multiple offers situation?
5. Offer to Pay Repair Costs
Any apparent repairs that may appear during inspection can be dealt with before accepting any offer. This will definitely help you to save time on negotiations regarding the repair costs and sell your home faster.
Otherwise, you can mention that you are selling the house “as-is”. This way, you can compensate for any repair costs based on the inspection, but don’t need to waste time on repairs.
» Selling a House As Is in Rhode Island: 8 Questions You Must Ask
6. Offer to Pay Closing Costs
Typically, closing costs on Rhode Island are negotiated between the seller and buyer. As the seller pays the agent commission, the buyer may end up paying the majority of closing costs.
By offering to pay all closing costs, you’ll lose about 4% – 5% of the final price of your house. These expenses are substantial, so deciding to cover them will probably assist you in selling your home quickly. You can calculate total closing costs with Houzeo’s Closing Cost Calculator.
» Rhode Island Seller Closing Cost Calculator: Understand what sellers have to pay at closings
7. Offer Flexible Move-in & Move-out Dates
If your property is occupied by you or a tenant, make sure that you are ready to move out as soon as possible. Buyers who are in urgent need of a house will look for sellers just like you.
Offering them flexible move-in dates will help you seal the deal on your house easily, thus ensuring a quick house sale.
» FSBO Tips for Selling Your Home: Check out 7 FSBO tips for home sellers
When Should I Sell My Rhode Island House Fast?
Selling your house fast may be your best option if:
- You need to relocate quickly
- You’re selling to divide the proceeds during the divorce
- You need income after losing a job
- You want to sell off an inherited or unwanted property
Although a fast home sale saves you time, it costs you a lot of money. Especially, if you’re opting to pay closing costs or traditional agent commission, you’ll end up losing 8% – 10% from the final price.
Though, under some circumstances, you should definitely consider selling your house fast. Here are some examples:
If you have to relocate urgently, you may need to sell house quickly. This can give you enough cash to find a new place and leave your current location as soon as possible.
» Homes for Sale on Rhode Island: Check out homes for sale near you
If you are a couple going through a divorce, you may need to sell off your jointly-owned house to divide the proceeds. Divorce proceedings inherently cost you your time and mental energy.
In such cases, avoiding a conventional home sale may act in your favor to sell your house quickly.
3. Loss of Income
Losing a job can be one of the toughest situations in life. Opting to sell your house quickly for getting the money instantly will help you save some time before you start earning again.
4. You Need to Get Rid of the Property
Say if you have inherited a property, or have a property lying uselessly, you may need to sell it off. In such cases, it is easier to sell a home fast rather than invest a lot of time or money in it.
» Best Real Estate Websites on Rhode Island: Check out Rhode Island’s top 6 real estate websites
Avoid These if You Want to Sell Your House Fast on Rhode Island
Although methods like a short sale or auction sell your house eventually, they do not help you sell your house quickly. There’s no guarantee of the duration these methods take, ranging from a few days to a few months.
1. Short Sale
Often confused with a quick sale, a short sale is an entirely different concept from selling a house quickly. A short sale is when a lender, e.g. a bank, agrees to the transfer of property as a mortgage payoff.
In a short sale, the selling price of your house is less than what you owe in mortgage dues.
Although it is called a ‘short sale,’ it can take up to 6 months to be finalized. This happens majorly because the lender conducts multiple inspections and negotiations before they accept or reject your deal.
The worst way to sell your house which has no defects, and regularly paid dues are through an auction. Even moderately desirable homes can be sold quickly in several other ways.
The most important drawback of an auction is that you have zero control over the sale. You cannot decide the price or the buyer. Plus, you can easily end up getting paid way below the fair market value for your property. This is because most auction sites will not put your home listing on any other real estate website.
» How To Sell My House Fast? Here’s What You Can Do
Should I Sell My House Fast on Rhode Island?
If you are going through a divorce, want to relocate, or are going through any situation mentioned previously, selling your house fast is the best way for you.
However, if you have a desirable property with no material defects, it’s best to not sell your house fast on Rhode Island. The most promising way to approach this is to list your house on the MLS and take your time to market your home and hunt for the best offers.
Houzeo makes it possible for you to list on the MLS for a one-time, small fee. Plus, you get multiple packages to choose from, depending on your needs.
» LIST WITH HOUZEO NOW « Market your home on the MLS and hundreds of other websites and reach multiple buyers including buyer agents, cash buyers, house flippers, and investors to sell your house quickly.
Find out how Houzeo works from this video:
What is Houzeo?
An overview of what the platform is all about
Frequently Asked Questions
1. What is the fastest way to sell my house in Missouri?
The fastest way to sell a house is by listing it on the MLS. The Multiple Listing System is the fastest way to hit the market and provides your listing maximum exposure by syndicating it to real estate websites like Zillow, Trulia, Realtor.com, etc.
2. What type of house sells the fastest in Missouri?
Any type of house can sell fast if it is listed on the MLS, had its photographs done professionally, and has a competitive listing price.
How do I sell my house fast for cash in Missouri?
You can sell your house fast for cash in Missouri by selling it to "we buy houses for cash" companies, investors, or house flippers.