House In Need Of Repairs And You Want To Sell?
Selling a house in need of repairs can be a real headache. Advertisements, Realtor fees, and inspections are both time-consuming and costly. If you’re attempting to sell a house that needs a lot of work, getting your home in showroom condition might not be worth the money.
In preparation of selling a house in need of repairs, you must be able to answer this question: will I receive more money once I fix a house or sell it as-is? If finances are lacking and major repairs are necessary, the question becomes how do you sell a house when you cannot afford to fix it?
Renovations and Distressed Homes
Making your home attractive to potential home buyers is necessary for a top-dollar sale. While cosmetic issues like wall color, replacing appliances and chipped floors are cheap and might not hinder a sale. Structural defects are expensive repairs that must be made. Sometimes, the most major repairs are only resurfaced after a thorough home inspection when selling a house in need of repairs.
“Every house has defects,” Jack M. Guttentag, Professor of Finance at the University of Pennsylvania states, “some obvious and some hidden.” When attempting to sell a house fast with repairs you need to consider these hard-to-find repairs and what it might mean to a buyer. Most buyers aren’t willing to pay the desired asking price on the assumption that everything they can’t see is in peak condition.
In many cases it’s easier to sell a house in need of repairs fast. But how do you make structural repairs without bleeding your wallet dry? Some sellers utilize contractors or handymen. While many contractors are equipped to handle minor damage and short renovations, too many have transformed beautiful homes into houses in worse than condition then when they started.
According to CNN Money’s staff writer, Les Christie, “Frankenhouses” are homes that feature badly renovated eyesores “like pipes running through living rooms, bedrooms strung together like garlic cloves, and fluorescent floors”. They offer the buyer dysfunctional floor plans, outdated finishes, awful color schemes, and downright thoughtless room re-purposing. They’re not appealing to the average home buyer and stay on the market longer.
Using contractors to help sell a house in need of repairs comes with a steeper price tag and longer transition period between listing and closing. Best case scenario: your contractor does exceptional work within a guaranteed allotted time frame. To fix those major structural defects like replacing your roof, deck, or septic system — means shelling out thousands of dollars before even listing your home.
Selling with a Realtor As-Is
So how do you sell your fixer-upper if making repairs is necessary but the thought of hiring contractors and owning a Frankenhouse is unsavory? Many homeowners decide acquiring a Realtor and selling their house without making repairs is the only option.
Going the traditional route using a Realtor to sell a house fast with repairs is tough enough but selling a house that needs repairs is seemingly impossible for even experienced real estate agents. As the 2016 housing market steadily grows, as projected by Jonathan Smoke, Chief Economist for Realtor.com, buyers have become more selective with a plethora of homes for sale.
When selling a house that needs repairs Realtors often suggest reducing your asking price to shorten your home’s time on market after first suggesting to sell for a sky high amount. In theory this is great. The more time a house spends on the market, the more time a homeowner spends paying the home’s utilities, taxes, and insurance. However, your Realtor is more concerned with selling and receiving payment than selling your home at top price to the right buyer.
Using a Realtor also comes with unexpected fees, commissions, and unwanted advice on how to manage your property. Yahoo! Finance’s Mandi Woodruff estimates that even after paying the buyer’s commission — generally 3% — For Sale By Owners (FSBOs) cut selling costs in half by avoiding their own broker’s commission. With a median household cost, cutting out a Realtor saves thousands!
A Stress-Free Solution
If you’re looking to sell a house fast with repairs by using contractors, expect heavy fees, paperwork, and other hassles. If you’re wanting to hire a Realtor and sell without making repairs, expect even heavier fees, more paperwork, a longer time on market, and other complications due to third-party involvement. But if you desire a simple, stress-free solution to selling your house with too many repairs, consider a cash buyer.
Considering a cash buyer might seem unorthodox, but it’s quite common in today’s market. According to 2012’s Investment Issue of Forbes Magazine, roughly 30 percent of home buyers used 100 percent cash when purchasing, with some estimating that percentage even higher today.
Accepting a cash offer eliminates many struggles sellers face when trying to sell a house fast with repairs, and especially without them. Cash buyers offer a much quicker close. This is due to their ability to skip the mortgage process completely. By avoiding banks, selling to a cash buyer means closing and receiving payment within a week — as opposed to the typical 30 days. This speed of sell means more money in your pocket sooner.
Cash buyers also provide more stability for sellers. They are usually pre-approved before making an offer on your home. So when a cash buyer is interested, there’s confidence that cannot be matched.
Arguably the best advantage to accepting a cash buyer is their desire to buy your home as-is. Homeowners needn’t worry about fixing major repairs, updating outdated finishes or appealing to the average buyer. A cash buyer wants your home just the way it is and is willing to pay fair market value for it.
So how do you sell a house in need of repairs fast when there are too many repairs? Avoid costly renovations and contractors, skip the Realtor and their associated fees, and seek out cash home buyers. They offer you more security and money without settling for less.
Sell your house in need of repairs to Adam Buys Houses
Instead, why not sell your home to Adam Buys Houses! When selling a house that needs lots of repairs, Adam can give you a fast sale and cash. All you need to do is fill out the form to get the process moving. Adam is in the Denver area so he can make you a cash offer within 24 hours. In just a few days you’ll be free of your house and able to move on with your life. You’ll have quick cash and can immediately begin prioritizing your financial goals. This is how to sell a house fast in Denver.
If you need to sell your Denver house in need of repairs fast and would like to get a no-obligation cash offer, call us now at 303–558–5843. Whether you decide to sell your house to us or not, we would like to help answer questions you might have about the process.