If you are preparing to put your home on the market, you may hope for a quick sale. This is especially true if you need to move quickly. Distressed properties require more time than the average home to find a willing buyer. These are generally individuals willing to deal with their unique challenges. Read on to find some distressed home sell tips that can help you find the right buyer.
Many homes go under contract within the first 30 days of being listed. Some even get an acceptable offer within a week. Other homes fail to sell quickly or even attract an offer. Consider the following reasons this might happen and what you can do to prevent the same issue for your property.
Priced Too High
One main reason a home would fail to sell is that the property is priced too high. The price could be too high for the condition of the house. Maybe it needs a lot of work, which means extra cost for the buyer. Perhaps the home is priced too high for other properties in the neighborhood.
To avoid this problem, research the selling price of other homes in your area. Look at properties that are of comparable size and age and choose a competitive listing price.
Too Many Repairs
Buyers often want a home that is move-in ready. They do not want to spend money and time making repairs to get the property livable. While it is not hard to replace a leaky faucet, foundation repairs or a leaking roof are bigger concerns. Such issues cost several thousands of dollars to take care of the issue.
You may find this challenge presents itself after the property is under contract. The buyer may require an inspection and be frightened away from the house if the report shows a long list of issues.
To prevent this situation, get the repairs done before you list the home. If you are not sure what needs to be repaired, consider paying for your own inspection. Just know that it could cost several thousand dollars for the inspection and the repairs.
The Home Is Outdated
Besides major repairs, a home that is outdated cosmetically is often more difficult to sell. Buyers want a home that is modern. They will avoid properties that have old shag carpet, decade-old fixtures, and old appliances.
While adding a coat of paint to the walls can be a financially manageable option, it will not hide other ugly and outdated issues. To avoid this problem, you will need to invest some money into updating the space.
Getting a Distressed Home to Sell Can Be Challenging
Along with all the common reasons a home may be difficult to sell, a distressed home provides more challenges. Homes that are in foreclosure or a short sale are quite complicated. Buyers may not want to wait or submit extra paperwork to put in an offer on a home they might not get.
Distressed homes can also take a long time to sell because the bank must approve any offer. This arrangement is especially true if the home is listed disproportionally. Since these properties are often outdated or need repairs, the average buyer may not invest more than the current value of the property.
How to Get a Distressed Home to Sell
If you are in this situation and need to sell your distressed home quickly, look for help from a professional cash buyer. They have the money in hand and can buy your home right away. They are not afraid to work with homes in foreclosure or with short sales because they have the experience to deal with these unique challenges.
Cash buyers take a lot of the work out of your hands. They may not require an inspection and generally will not ask you to fix anything. Since they do not have to go through a lender, they can close as soon as the sale is approved by the bank. The cash buyer will take care of the paperwork and guide you through the process. You will not need a real estate agent, which can help you save money on the sale of your house with commissions.
Help Your Distressed Home Sell Fast with GTG Buys Homes
GTG Buys Homes is a family-owned company in Pierce County that purchases distressed properties and other homes that have a hard time selling. Our goal is to rehab the home and provide quality housing to residents. With our experience, we can make the process of selling your home less stressful.
To find out more about selling your home or to get a fair cash offer on the property, talk to the team at GTG Buys Homes. Contact us for a free cash offer that is fair to you and helps you get out of your property quickly.