Top Strategies to Sell a House with Damages
Most home buyers keep their fingers crossed that their properties will sell quickly. A good real estate agent can facilitate your sale faster than any other method except for possibly putting an ad in the paper saying “house for sale at 50 percent off if you close today.” Of course, there are many real estate investors out there who will buy your home for cash, but they cannot afford to pay a full-market rate based on their margins. A cash buyer will typically only pay about 50-70% percent of the fair market value for your home.
What if your property is not in great shape? If you own a building with damages and want to still sell it as-is, consider these tips below.
Prepare Your Real Estate Agent
The first thing to do is let your realtor know what you want. If you are not on the same page from the beginning, things can go array.
Let them know your schedule and any upcoming deadlines that you must hit. Armed with that information your realtor can do a lot to expedite the sale of your home such as insisting that any potential buyer get preapproval from the bank before submitting an offer. If the buyer can show that, or proof of funds, the sale will go quicker.
Also, let your agent know about the condition of the property. If it needs to be sold as-is, they must be aware of that upfront. Setting expectations is crucial to selling a house the right way.
Pricing It Right
Speed is key, and time is money! To sell a house in a timely manner, one of the biggest things is for you and your agent to pick the right price the first time. If you sell too low, not only will you leave valuable money on the table, but many people will perceive you as desperate.
Still, pricing your home below market value can quickly bring in the offers. The biggest mistake is pricing your home too high. It will sit there for a long time unless you really get lucky.
Marketing and Listing a Property
One mistake is to rush to list your home. There are plenty of things you should do before listing. Arguably the most important is to get rid of all the clutter inside and outside of the house and to make the curb appeal of your home irresistible. Remember, if you plan to sell your house as-is, you don’t have to do any repairs beforehand. That is determined from the start between you and your agent.
If you decide to repair the damages on your home before selling it, you must pay for those costs upfront. It helps to hire a reliable contractor to get these jobs done. This may mean spending more than originally expected upfront. The hope is that you will make this money back when you go to sell.
The second thing is to invest in professional home photos. It’s definitely worth it, especially with people ‘shopping online’ now more than ever. Also, most home sellers strongly recommend staging your house. This means storing some of your personal furniture into storage and hiring a decorator to temporarily stage your home.
List at the Right Time of Year
Of course, sometimes it can’t be helped but you’ll sell your house much quicker in May when buyers are looking than in the dead of winter. Make sure you have done all the prep work to sell your house fast. If the housing inventory is low in your market, the season does not matter as much. Real estate is a game of supply and demand!
Set a great price strategy with your realtor. From there, determine a marketing strategy. You can highlight the selling features of your property whether you fix the damages or sell it as-is. If it is priced right, the property should sell quickly regardless of the condition.