Selling a distressed property can feel like a challenge. How much should you spend fixing it, and what is it really worth? Distressed properties are usually avoided by agents and aren’t typically found on the MLS. This is simply because there isn’t a high market for homes like this. However, selling a distressed house can be quite doable if you follow our tips below. Continue reading to learn more about the easy way to sell!
Tip #1 – Appeal To The Right Buyers
Consider who your potential buyers might be. Very few are open to the idea of buying a distressed home, so it will likely be an investor or house flipper. You may find someone looking for a fixer-upper themselves, but you won’t get the same response as you would with a turn-key home. When selling a distressed property , make sure you are getting it in front of the right people.
Tip #2 – Sell The House For Cash
It can be easy to sell a distressed home. There are investors and home buying companies who are eager to purchase your property. This alternative to a traditional listing is extremely beneficial. Look out for inexperienced and unethical buyers and make sure you’re working with a trustworthy company such as U.S. Direct Home Buyers. Our process is simple and straightforward, and we are transparent from start to finish. A good home buyer will never pressure you to sell, but will work with you to find the best solution for your unique situation!
Tip #3 – Don’t Over Spend On Repairs
Many times, people fix up the house as if they are going to continue living there. While repairing the house can positively affect the final sale price, now is not the time to spend your money on big-ticket items. If there are repairs needed that can be fixed at a reasonable price, it may help you attract more buyers. Just remember that you can’t always expect to see a dollar for dollar return on your investments.
Tip #4 – Have Everything in Writing
A distressed house often requires many repairs. Make sure you have a detailed contract with the buyer, which clears yourself from any repairs that occur down the road. Be as detailed as possible when you set the terms of the deal. You don’t want a buyer to come back after the sale attempting to collect money for an unexpected repair. When you sell directly to U.S. Direct Home Buyers we buy as-is, taking full ownership of the house and repairs.
Tip #5 – Show The Potential
At showings, help potential buyers imagine what the home could be. You could employ an interior designer or carpenter to help create renderings of what the house would look like after repairs. Add some comforts of home such as lawn chairs in the yard or fresh fruit on the table. It may seem strange in a run-down house, but it will serve as a subtle reminder that this could be an amazing house for the right person.
Tip #6 – Accentuate the Positive
To help people see beyond chipped paint and soiled carpets, play up any great features in the house. Direct their attention to the fireplace by putting flowers on the mantle, showcasing the view in the window, or showing how great the location is by creating maps of the area, featuring different attractions and restaurants.
Tip #7 – Price to Sell
Be realistic with the price if you’re selling a distressed property. Sellers will often have inflated prices in mind because they believe the property is worth more than what people are willing to pay. Observe what similar properties are selling for and price the house accordingly.
Tip #8 – Offer A Credit
An incentive captures the attention of buyers who may not have otherwise paid any mind. The idea of a fixer-upper seems better if the new owners have some credit to make their own improvements. You can sell people on the idea that they will have the power to choose cabinetry, bathroom fixtures, and so on.
Are you selling a distressed home? If so, we can help! Send us a message or give us a call today! (832) 662-2202