How to Sell a Distressed House for Good Money

Selling a house that is not in the best shape can oftentimes prove to be quite a challenge. It can even be very stressful and emotionally draining, especially if it just so happens that you want to sell the house after a divorce, bankruptcy, or in case of inheriting the house because of a death in the family.

Maybe you just want to sell it because you can’t or don’t want to deal with all the reparations that the house needs because you think it’s beyond repair. Whatever the case, in this article, we are going to talk about the things that you can do in order to sell the house for good money.

Know The Value of the House

The first and most important thing that you need to do before putting your house on the market is to establish the value of the house. It is not always clear how much money should you sell your house for since there are many variables that can affect the value of your property. So, the location of the house, how old it is, and probably the most difficult to determine – the extent to which the house is distressed. In case the house is not distressed to the point of being borderline unlivable, you can turn to an appraiser to take a look at it, and then give you a certified value by which you can sell the house.

You May Need To Fix Something

We have mentioned appraisers in the previous section, and it is important to know that the appraiser isn’t going to be able to evaluate the price by which you could sell your house if it’s in really bad shape. So – if, let’s say, the plumbing doesn’t work at all, you may have to fix that. If you are in the position that you can fix other things, by all means, do so – you will only be able to sell the house for a higher price that way.

On the other hand, if the house is in really bad shape, you might be in a situation where the cost of remodeling is higher than the price of the house itself, so it just isn’t worth it. In that case, it might be a much better option to just lower the price of the house.

Consider selling the house to cash buyers

The thing with houses that are way too distressed is that they can’t qualify for mortgages. This basically means that you have two options – fix the house or opt for cash buyers. Luckily, there are companies that are looking to buy distressed homes. Not only that it is much easier to work with them than with agents but it is a lot faster to sell your house as well, professionals from this website even say that they have closed deals in 24-48 hours. The good thing about investors who buy distressed homes is that most of them will buy the house, no matter the level of distress.

Be Upfront About the Property

It is really important for you to disclose all the details regarding the property to your potential buyer, no matter the level of distress. Nothing good can come out of withholding information – in the best case, the potential buyer is going to spot the problem and opt-out from the purchase.

And the worst-case scenario is that the person who has purchased the house files a lawsuit against you. It’s always easier to be upfront, that way you won’t need to think about possible consequences in the future.

Don’t Wait Too Long

This is especially important for the people who are looking to sell their house because they are defaulting on their mortgage payments. The truth is, especially if you are going to put your house on the market through a real estate age, that closing a sale can last months, even years in some cases. And if you do wait too long, you can even get into a situation where you lose the house to the bank. And even if that doesn’t happen, the unnecessary delay is just going to prevent you from exploring different alternatives to foreclosure, and these alternatives can help you a great deal if you act quickly enough. So, don’t wait too long!

In the end, even though it can be very stressful when you are at the beginning of the whole process, the truth is that selling your distressed house doesn’t really have to be all that hard. If you follow all the advice from this article you are going to find a good and reliable buyer, and you will get the whole situation over within no time. Good luck!