There’s no getting around it: selling a house that needs repairs is going to be difficult.
The real estate market is booming right now, with well over 5 million existing homes being sold in 2020. Things aren’t likely to slow down anytime soon, but when you’re trying to sell a home that’s in dire need of repairs, things aren’t quite as easy as the market would dictate.
If you’ve found yourself in a situation where you need to sell a fixer-upper – and fast – this post is for you. Going through traditional real estate channels might present some roadblocks to selling your home quickly, but there are alternatives.
Here, we’re going to tell you what those are and give you some crucial real estate tips that’ll get you top dollar for your home. Condition matters, there’s no doubt, but keep reading and you’ll have a path forward for selling your house without making costly repairs.
What Is Selling a House As-Is?
If you’ve got a lot of repairs to make on your home, you may consider selling it “as-is”. All this means is that you’re going to sell the home in its current condition, no questions asked.
It doesn’t necessarily mean there’s anything horribly wrong with the property, just that there are repairs that are needed once ownership changes hands. As the seller, you have to disclose any and all problems to the buyer before you complete the sale.
Should You Just Make the Repairs?
In some situations, it might be best to just make the repairs and sell your home for the most possible money. In others, it’s going to make more sense to sell the home as-is and get what you can for it.
Making repairs, whether minor or major, to a home requires time and money. If you’re short on either, for whatever reason, it might not be worth your while to go through with them. There are plenty of buyers out there that will happily buy a home as-is, but you have to be realistic about the selling price.
For instance, a home that needs major repairs to various parts of the home is going to cost the buyer significant money after they close on the house. You can’t expect to get the same price as other homes that are in better condition.
Selling On Your Own
When you’re trying to sell a house as-is, you’ll usually have two options: selling it on your own or selling it with the help of a realtor. Selling as-is through a real estate agent can be tricky because a realtor is always going to want to get as much as possible for the home to boost their own income.
You’ll typically pay a realtor a 4-6% commission on the sale of your home. If you’re selling your home for market value, this could be $15,000, but selling a home as-is fetches a lower price point and makes their commission lower. This could result in your home being on the market longer as they try and find a suitable buyer.
Houses that are for sale by the owner (FSBO) typically end up fetching less money, but you don’t have to worry about paying a realtor. The problem here is that you have to advertise the home and do the legwork to find a buyer that doesn’t mind purchasing the house as-is.
Both methods have pros and cons. Which you choose will depend on your circumstances.
House Selling Tips
Regardless of how you decide to sell your home, there are things you can do to maximize your income and expedite the process. There’s also one more foolproof way to fetch a decent price on your home without doing any maintenance.
Get an Inspection
Whether you’re selling as-is or not, you should get a home inspection done before you sell. A professional home inspection will give you all of the details on your home beyond what you know needs fixing. Remember, you legally need to disclose a home’s issues to potential buyers.
You have to be realistic about what you’re going to get for your home. Depending on what’s wrong with your home, you can do some research to get an adequate sense of how much your home will fetch. Don’t try to up-sell your home when there are major repairs in store.
Understand Your Market
Understand who you’ll be selling to. There will be buyers out there that want to take on a fixer-upper and save money on their first home.
You’ll also find house flippers and property investors that don’t necessarily care about the state the house is in. This presents a golden opportunity when you want to sell your house as-is and have the process over with quickly.
The Perks of Selling to an Investor
Selling to a property investor like ibuyhomes.com can make your life so much easier. Whether you’ve inherited a home you can’t look after, your home needs major repairs, you’ve gotten a divorce, or you have to relocate, we’ll give you a fair offer on your home and take it off your hands in a matter of days.
The process couldn’t be simpler. You get in touch with us and provide us with a few key details about your home. One of our representatives will get in touch to get more in-depth information, like address, age, condition, and whether you’ve done any repairs.
With this information, we’ll give you a well-thought-out quote that you can accept or leave. If you accept, we’ll have the house inspected and close at your leisure.
You can either get paid with a cash offer immediately or choose our owner financing option. With this, you can end up with more money, but the financial paperwork will take a little bit longer.
Selling a House That Needs Repairs Isn’t Impossible After All
When you sell to us, selling a house that needs repairs doesn’t have to be difficult. To learn more about what we do and how we do it, visit our site. When you’re ready to sell your home, all you need to do is contact us to fill out our secure online form and get the ball rolling.