If you’re like most people, your house is one of your biggest investments. And if it’s not in the best condition, then it’s probably one of your biggest financial liabilities too. So, what do you do if you need to put your distressed houses for sale, but don’t want to take a bath on your investment? You could try to fix it up yourself, but that can be more trouble and expense than it’s worth. Why not just sell it as-is? There are ways to do this and still get a great return on your investment. Keep reading for tips on how to sell a distressed house fast.
Method 1: Fix it up!
5 things to do before putting distressed houses for sale
- Evaluate the weak points – Distressed Houses for Sale
When it comes to considering what’s less-than-perfect about your house, you’ll want to take an objective approach. Start by looking at your home from the outside and making a list of things that stand out to you as being unattractive.
First, take a close look at the exterior of your house. Is the siding cracked or peeling? Are the windows old and outdated? Is the trim in need of repair? These are all things that can make a house look distressed from the outside.
Next, take a look at the interior of your house. Is the paint chipped or faded? Are there stains on the carpet or flooring? Are there any areas in disrepair?
Once you have your list, try to see if there are any underlying issues that could be causing the problems (such as poor maintenance or lack of updates). If possible, get input from others as well – ask friends or family members what they think could be improved about your home’s appearance.
With all this information in hand, you can begin to formulate a plan for how to address the issues and make your home more attractive. Remember, even small changes can make a big difference!
- Determine how much money it would take to fix the problems – Distressed Houses for Sale
How much it would take to fix the problems of a distressed home depends on the severity of the problems. A good starting point is to get estimates from different contractors who fit your needs.
It’s important to be realistic about what can be fixed and how much it will cost. Sometimes, it might even be more economical to tear down a home and start over than it is to try to fix all the problems.
In other cases, a few simple repairs can make a big difference in the appearance of a home.
The most important thing is to have a clear idea of what needs to be done before you start spending money.
Keep in mind that fixing up an ugly home can be costly, so you’ll need to have a good amount of money saved up beforehand.
Alternatively, you could take out a loan to pay for the repairs. Just make sure you have a plan in place for how you’ll repay that loan.
- Calculate how much you could potentially lose by not fixing the problems – Distressed Houses for Sale
Calculating the loss you could potentially face by not fixing up your distressed home depends on a number of factors such as the current condition of your home, how long you plan on living in your home, and the current market value of homes in your area.
If you plan on staying in your home for many years and it is currently in good condition, then the loss you would potentially incur by not fixing an ugly facet of your home would be low.
However, if you do not plan on staying in your home for very long or if it is already in poor condition, then the loss you could potentially lose by not repairing an ugly feature could be high.
One way to evaluate potential loss is to look at comparable homes in your area that have recently sold. Look at homes that are similar in size and layout to yours, and see what kinds of prices they sold for. If your home is in bad shape and would need significant repairs just to be on par with these other properties, then you can start to understand what it would take to get to that level.
- Fix as many of the problems as you can afford to – Distressed Houses for Sale
Some people might tell you that it’s impossible to fix every problem in your home, but that simply isn’t true. You can fix as many problems as you can afford to, and here are a few tips on how to do just that:
- Prioritize the most important problems first. If your roof is leaking, for example, then that needs to be fixed right away.
- Make a list of all the problems in your home, and then rank them according to importance.
- Get bids from several contractors before deciding who you want to hire to fix your home’s problems.
- Make sure you have a clear idea of what you want done before hiring a contractor
One of the best ways to fix problems in your home is by doing it yourself. This can be a cost-effective way to take care of small repairs and renovations, and it also gives you a sense of accomplishment and satisfaction.
However, it’s important to know what you’re doing before you start taking on projects – otherwise, you could end up making the problem worse.
- Sell your house at a lower price than if it were in perfect condition – Distressed Houses for Sale
You could try to stage the home to make it look as if it’s in perfect condition, or you could price it lower than similar homes in the area.
If you’re looking to price your home lower than other homes in the area, you’ll need to be prepared for potential buyers to come in and low-ball you. In other words, they may offer below what you’re asking for, so be prepared to negotiate.
However, by pricing your home lower than others in the area, you’ll at least be getting some traffic through your home. And who knows, maybe that one buyer who sees your home as a steal will end up buying it.
Method 2: Sell as-is
Don’t have the time and money to make repairs? Sell your distressed house in as-is condition
If you’re facing foreclosure, job loss or any other unforeseen event and can’t afford to make repairs on your home, consider selling it in as-is condition. Some buyers are willing to purchase a property in this condition because they can get the property at a discount, and they can do the repairs themselves.
Keep in mind that if you decide to sell your home in as-is condition, you may have to accept a lower offer than if the property were in move-in condition. But by doing this, you’ll be able to avoid having to go through a lengthy and costly short sale, and you can even avoid foreclosure. Best of all, you’ll be able to walk away from the property with no money out of your pocket.
Just be sure to do your research before choosing a company to work with. It’s important that you feel comfortable with the company and that you trust them to handle the sale of your house. Be sure to get an estimate of what your house is worth before signing any contracts. This will help ensure that you’re getting a fair price for your home.
Need help pulling your distressed houses for Sale in as-is condition?
If you are in a situation where you need to sell your house quickly, don’t worry. 321 House Buyers is here to help. We specialize in purchasing distressed properties in as-is condition for immediate cash. Our goal is to take the burden off of you, no matter what you’re dealing with, and help you move on with your life. Contact us today to learn more about how we can help you get out from under your home without any of the hassle.