Although houses across the country do have various pricing points, no matter where the location is, in terms of selling your house, the ideal situation is to quickly close the sale while selling your property at a high price at the same time. Unfortunately, the real estate market is often brutal, and property owners need to work very hard to quickly sell their homes for their full asking price. This is why you see homeowners searching for ways to enhance the attractiveness of their homes to remain ahead of their competitors.
But what if your home is rundown and you don’t have any money to pay for repairs?
For different reasons, a property owner can sometimes end up stuck with a home that needs repairs. You might have had bad tenants or perhaps you inherited a house. Whatever the situation is, a home that needs to be repaired quickly reduces the price and can end up languishing on the market for a long as 12 months prior to getting any offers. This type of situation can be very frustrating, particularly when you are wanting to sell quickly and maybe relocate, downsize, or buy a new house.
The Best Way To Quickly Sell A Home That Needs Repairs
Although some property owners decide to take their houses off of the market and attempt to raise money for repairs to fix the house and sell it at a higher price and at a different time, for others this might not be an option.
However, there is a great way for Florida homeowners to quickly sell their homes that need repairs – selling their house to a distressed home buyer.
Your best option if you are attempting to sell a house that needs repairs is companies that purchase houses for cash. Generally speaking, distressed property purchasers are local real estate companies that real estate investors own who are interested in investing in their local communities. Reputable companies that purchase homes for cash allow you to quickly sell your house in need of repairs conveniently and quickly without all of the hassles that are associated with conventional sales.
Although every cash house company operates on its own way, generally the process of selling your home to one of these companies is very similar. The following is what can be expected from a typical cash-for-house sale.
Step 1: Contact a real estate buying/investing firm via an online form, phone, or email. The company will ask you some questions about your property, including its specifications, type, and condition.
Step 2: The company will send out a local representative to conduct an onsite inspection and then provide you with an offer on your home. Usually, these companies are flexible, so you might have some negotiating room on the offer.
Step 3: After you accept the revised or initial offer, you will then sign a purchase agreement and the sale’s closing date will be specified.
The Benefits Of Selling Your Property To A Cash Home Buying Company
It is a great idea to sell your house that needs to be repaired to a cash home buying company. Here are the major benefits you can receive:
1. Faster Speed: Maybe the largest advantage of companies that purchase homes for cash can provide is the practicality and speed of their process. You can expect to close much faster with a cash house buying company than can by working with a traditional realtor. Typically, a majority of companies can close in only 14 days in contrast to the average 70 days that it takes for a sale on the open market. You also won’t have to worry about open houses, improving curb appeal, staging, and other traditional aspects that can take many months to complete.
2. No Repairs: A majority of reputable “we buy homes” purchases houses as-is. That means you don’t need to worry about doing expensive renovations and repairs that could take weeks or even months to finish There are some houses that are so rundown, old, and ugly that you would need to spend tens of thousands of dollars in order to get the home up to par to get your asking selling price.
3. Higher Certainty: The chances of selling a house in need of repairs with a real estate agent is fairly low. You might have to wait for years for it to happen. However, with cash house buyers, your chances of selling your house are around 99%. You also don’t need to worry about your sale falling apart at the last minute due to changing their mind or a lack of funds.
4. No Closing Costs, Fees, Or Commissions: When you go with a traditional realtor, in addition to the realtor’s commission (tends to range from 5-6% of the house’s sales price), you also can expect to have to pay closing costs ranging from 2-5 percent of the selling price of your house. However, with a “we buy homes” company, you won’t need to pay closing costs, brokerage fees, or realtor commissions. A majority of cash home buyers cover the closing costs.
5. Cash Payment: If you are a seller who needs to sell a house fast in Tampa Florida that is in need of repairs, there is a good chance that you are either short on time or cash or both. Whatever your situation is, you don’t want to have to go through all of the conventional house-selling aspects that can cause financial issues and delays. You get paid in cash and don’t need to be concerned with a buyer having to qualify for a mortgage when you work with a “we buy houses” firm.
There are some merits to going the traditional realtor route, but it might not be the best option for homeowners who need to sell a home that needs repairs or that have to deal with other unusual situations. Review your needs and priorities and weigh them all against each option before determining how you want to proceed.