Selling a home under the best of circumstances can be challenging to say the least, so when you add the factor of a property in a distressed condition, the headaches begin to multiply. Preparing yourself for the realities of the market should you find yourself in this position can help you avoid the pitfalls and shocks of selling a property in less than perfect condition while realizing the highest possible profit for your property in the sale.
In addition, buyers looking on the MLS are typically seeking a move-in-ready home. This desire 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 show interest often expect to get a real bargain, caring little about your being insulted at their meager offers. But, unfortunately, a higher number of days on the market will only serve to lower the value further in the eyes of buyers, and the bills keep rolling in while you hold the property, taking even more from your bottom line.
We’ve gathered the top four tips for selling distressed properties.
To feel confident the offer you’ve received is fair, owners of distressed properties should take steps to determine the current market value. First, you can review the most currently sold properties nearest you that are the most similar to the size and features found in your homes, such as a two-car garage or the number of bedrooms. Second, if the property is in the beginning stages of distress, consider hiring a professional appraiser for the most accurate valuation.
To gain an accurate picture of the value of distressed properties , owners should invest in hiring a professional inspector. By doing so, you’ll have the numbers in hand to subtract from the current market value of homes that are in move-in condition to give you a realistic number to shoot for as your asking price.
It is essential to understand the buyers that distressed properties will attract. While you may have some interest in the house from first-time buyers who hope to save money by investing work into the property, you are most likely to encounter investors who improve homes as their full-time business. These buyers purchase properties for cash in nearly any condition, investing time and effort to rehabilitate the property, making their profit on the home’s resale. You have every right to request proof of the financial ability of the buyer to buy your property in the form of financial documents.
Local Home Investment
We’ve saved the best tip for last, Local Home Investment is the right solution for homeowners with distressed properties. Local Home Investment has taken years to build a team of the most reputable professionals in the business because we want you to feel good about working with “LHI” long after the deal has closed. The direct buyers at “LHI” are your neighbors and are proud of their work to improve life for everyone, one property at a time. As for value, the pros at “LHI” will set out every detail used to calculate the numbers because we want you to agree that our offer is fair. With the backing of cash, “LHI” can close in as few as seven days! Is that a little too soon? “LHI” isn’t moving in, so stay as long as you need; we’ll set the guaranteed closing date on the calendar day that suits you best! Why not let “LHI” help you solve your problems with your distressed property today?
Contact Local Home Investment at (877) 544-9192 today!