Divorce, an impending foreclosure, financial crisis, and neglect by tenants are just a few reasons why a house might fall into disrepair.
Whatever the circumstances might be, you have a house in bad shape that you have to sell.
Truth be told, this will not be as easy as selling a house in pristine condition. However, some creativity and effort on your part will ensure you sell at a reasonable price and within a short time.
Here are some expert pointers to ensure you get top dollar on a dilapidated home.
1. Clean Up
Granted, at times making repairs and replacements is not possible due to financial constrictions. While this is understandable, you still have to put your best foot forward to sell a house for good cash.
Luckily, there are a few things you can do that won't cost you an arm and a leg. For example, cleaning the house inside out can make a big difference.
Clean rugs, sparkling walls, and shiny bathrooms might be all it takes to nab a client. If you can, throw in a little paint job, and don't forget to bring your A-game to the curb.
2. Time the Market
If you are going to make good money, you must sell at the right time. Your timing can make a significant difference in what you ultimately get to put in your pocket.
The best time to sell your house is during a sellers' market. During this time, homes on sale are few and far between. However, there are numerous prospective buyers. This gives the seller an edge.
Because of the scarcity, you are more likely to find buyers happy to pay the asking price (or close to it) and fix the place up themselves.
The flipside is a buyers' market. During this time, there are more houses on the market than there are buyers. With buyers spoilt for choice and with the market flooded with excellent homes, finding a buyer to pay your asking price is likely to be an uphill task.
3. Do an FSBO
There are two main ways of selling a house. The first is by using a realtor. The second is through an FSBO or for sale for sale .
When you sell through a realtor, the process might be significantly faster. However, you will be required to pay a percentage of the proceeds to the realtor as commission. This lowers your take-home.
An FSBO requires you to handle the sale on your own. This includes processes like marketing, staging, pricing, and so on. The good thing is that you get to keep the entire amount made from the sale.
One of the things you can do to make the process simpler is to make a one-off payment to have your property listed on MLS. This is a platform used by realtors and is essential for exposure.
4. Fix-It Up
Yeah, that's right.
Of course, you can sell your house as-is. However, you are unlikely to get a good price on it because buyers will use its state to negotiate the price downwards. This is especially if you are in a market where there are lots of options.
Buyers want to buy a house that will require minimal repairs and replacements. And they are willing to pay closer to the asking price for it. While you might have to dig into your pocket, think about replacing an aged HVAC system, a leaky roof, damaged appliances, and so on. It will not be difficult to recoup these costs.
Final Thoughts
The truth is that unless your house is in a high-demand area, you might not be able to sell it fast, especially if it's in bad shape. But it's not all gloom and doom. These tips can help you package your house so you can sell in a reasonable time and pocket a tidy sum for it.