How to Sell a House that Needs Major Repairs
You need to sell your house soon and you want to get the best selling price. However, it is pretty run-down and in need of some serious repairs. Perhaps it is an inherited property or it’s been your home for some time and you just haven’t had the time or money to handle the repairs. Now it is time to sell and you are worried the damage may hinder your ability to get a good price.
Taking Longer to Sell
In some respects, this is true. “Fixer-upper” houses will attract less attention from home buyers, especially when listed on the open market. Most home buyers are looking for something that is ready to move in and won’t require significant renovations or repair costs. There are some out there who might be looking for a fixer-upper they can remodel and make their own, but they will be factoring in those costs when making an offer. They aren’t going to pay top dollar for a house when they know they will be spending a lot more to get it ready.
Closing Delays and Complications
Homes that need work tend to sit on the market longer than those that are move-in ready. This is a simple fact that is true in any real estate market. Even in red hot sellers’ markets when all houses sell faster, the fixer-uppers generally take longer to attract the right buyers. Closings can also be more complicated. Home inspections can reveal previously unknown structural damage. As a seller, it is always smart to disclose any known issues with the house. However, there are some times when you truly don’t know everything that is wrong. Any problems will be found during the home inspection process. Significant damage could cause selling delays or allow the buyer to pull out of the deal completely. Or, they may ask for price reductions or credits to offset the repair costs. Ultimately, you could lose even more time and money by the time everything is said and done.
Fast Cash Sale
If a faster sale is one of your top priorities and your house needs repairs, a cash sale to a real estate investor (or home buying company like PropertyLark) may be your simplest solution. You won’t get top dollar for your home, but you will be able to sell quickly. Most cash investors are willing to buy your house in as-is condition, meaning you don’t have to spend extra time and money making repairs. They are planning to renovate anyway—or they may just be interested in the land—so they will take your property off your hands no matter what work it needs.
Cash real estate transactions can close in as little as a week. Real estate investors will generally cover most—and usually all—closing costs. You can sell your run-down house fast and without paying anything out of pocket. This may be an ideal solution to make the best of a bad situation. Let someone else deal with the repairs and upgrades. You can move out, take your cash and find a new place that won’t cause as many headaches.
If you have a house that needs major repairs in Modesto or the surrounding Central Valley communities, get a fair and fast cash offer from PropertyLark. Just fill out the contact form to the right to get started.