Setting The Stage
It goes without saying that selling a home under the best of circumstances can be a challenging undertaking. But when you add a distressed property in poor condition into the equation, the headaches can start to rise exponentially. Should you find yourself in this position, preparing yourself for the realities of the current housing market can help you avoid many of the common pitfalls and landmines when selling a property in less than perfect condition while hoping to realize the highest possible profit for your property in the sale.
In addition, buyers looking to purchase homes on the MLS are typically seeking a move-in-ready home. And we are finding this to be the case on an increasing basis. Buyers are LESS willing to take on renovations and repairs.
This increasingly common desire for a turnkey home can make listing a distressed home on the market an extremely harrowing experience; you aren’t likely to have many interested buyers. Those few buyers who do show any interest often expect to get a real bargain, caring little about your feelings being insulted by their meager offer. And to compound the problem further, a higher number of days on the housing market will only serve to lower the value further in the eyes of buyers. Oh yes, then there are the bills that keep rolling in while you hold the property, taking even MORE from your bottom line.
To alleviate the burdens of this scenario, we’ve gathered the top four tips for selling distressed properties in any city.
Determine The Market Value
To feel confident the offer they’ve received is fair, owners of distressed properties should take steps to determine the current market value. Step one is to review the most recently sold properties near you and find the ones that are the most similar to yours. Characteristics of the house, such as a two-car garage, the square footage, or the number of bedrooms need to be considered. However, if the property is only in the beginning stages of distress, consider hiring a professional home appraiser for the most accurate valuation of your house. It will be money well spent.
Hire a Home Inspector
To gain an accurate picture of the value of distressed properties in your city, owners should consider investing in the services of a local professional home inspector. By doing so, you will be able to dial in repair costs accurately and be able to subtract these fees from the current market value of homes that are in move-in condition. This will give you a realistic number as a target asking price.
It is vital that you understand the type of buyers that distressed properties will attract. While you may have some marginal interest in the house from first-time buyers who hope to save money by investing time and effort into the property, you are most likely to encounter real estate investors who improve homes as part of their full-time business.
These buyers purchase properties for cash in nearly any condition, investing time and effort to rehabilitate the property. Their goal is to make a profit on the improved home’s resale. Remember, you have every right to request proof of the financial ability of any would-be property buyer who would like to buy your home. It is within reason to request evidence in the form of some financial documents such as a bank balance or proof of funds.
At Sunrise Home Buyers, our goal is to provide exceptional service and help you out of a difficult scenario and out from under a burdensome property. We will provide clarity in terms of what our plans are for your home and how we determine our offer price.
Sunrise Home Buyers
We’ve saved the best tip for last! Sunrise Home Buyers has taken years to build a reputation as professionals in the business because we want you to feel good about working with us long after the deal has closed. Sunrise Home Buyers is often the right solution for homeowners with a distressed property. However, we do tell potential clients that there’s no way we can buy every home that comes our way. Not every scenario makes sense for us…OR YOU. And that’s fine. Our goal is to create a win-win agreement where both parties can benefit.
The direct buyers at Sunrise Home Buyers are your neighbors and we are proud of our work to improve life for everyone in our community, one property at a time. As for value, the pros at Sunrise Home Buyers will set out every detail used to calculate the numbers because we want you to agree that our offer is fair based on your unique circumstances, the condition of the property, and our gameplan for your home. With the backing of cash, Sunrise Home Buyers can close in as few as seven to fourteen days, depending on market conditions and your unique needs.
Sunrise Home Buyers isn’t moving into your home, so stay as long as you need to complete what you have to get done. We will set the guaranteed closing date on the calendar for the date that suits you best! Why not let Sunrise Home Buyers help you solve your real estate problems with your distressed property today? We’ve helped many other homeowners, maybe we can help you too! Watch the video below to learn how we do it.