Selling a distressed property can be tricky. Many homeowners are hesitant to over-invest in upgrades or repairs in order to make the home more marketable. This is especially true in today’s economy, when many people are worried about their financial stability. However, neglecting the home’s overall appearance can be a slick roadblock to selling it at all. For most buyers, it doesn’t take much for them to walk away from the house if they notice that it needs major renovations. Here are some ways you can sell your distressed property with ease and success.
Understand The Buyer’s Perspective
It’s vital to listen to what the buyer is saying. Are they likely to purchase your property based on the condition of the home or on its potential? To gain some insight, a buyer may view your home as a vacant home or a potential investment. On one hand, the buyer may be motivated to purchase a distressed home due to lack of other options or because they want to make an investment in the long run. On the other hand, this buyer may not care much about the house’s overall appearance and purchase your home based on its lower asking price or a lack of comparable sales in the area.
Are they likely to purchase your property based on the condition of the home or on its potential?
Make Your Distressed Property Appealing
Start with the foundation of the house. “If the house has foundation damage, that should be considered before, not after, you fix all of the other issues,” advises Bruce Carlino, a veteran realtor and marketing consultant for Bestway Realty Group. Fix the foundation and you can sell the house at a reasonable price without paying for every last improvement, so that you can put your excess cash towards other long-term goals.
On the other hand, if you’ve already made your repairs and upgrades, you can be realistic with buyers about what you can afford. “Look at it from the buyers’ perspective and talk to them as if they are a potential buyer,” says Christopher LoRusso, real estate agent and chief technology officer at StreetEasy.
Prepare For Showings And Open Houses
If you’re planning to sell a distressed home, you’ll need to show it to as many potential buyers as you can. It’s a good idea to plan for showings at least two to three times a week. For each showing, you’ll need to make sure that there are no unsightly stains on the floors, ceilings, or walls. You should also consider taking the home’s carpeting and upholstered furniture to a local professional cleaning service for a deep clean. There’s nothing more important than presenting the home’s best attributes.
Periodically visit your home to keep it in show-worthy shape. And don’t neglect any problems that you can identify. For example, if you notice a missing ceiling tile, you might want to have that repaired before your potential buyer comes to look at the house.
Handle The Negotiation Process With Care
Towards the end of any house sale, you’ll have to consider one of the most common factors affecting the selling price: negotiating. Everyone wants to make sure they are getting the best deal possible, but before you jump into this process, you should be careful. Remember that all buyers want to maximize their profit, and there are a number of techniques you can use to lower the selling price you are asking for. Your real estate agent should have done a thorough job of negotiating for you in the beginning. With that in mind, do everything you can to help the agent close a deal quickly so that you can get back to enjoying your new home.
The real issue is…
The next step is to prepare your home for sale. The way you handle the home will have a direct impact on the price you get for it.
In the end, owning a distressed property is a fantastic way to buy cheap real estate. However, selling a home in this condition requires a significant investment of time, energy and resources. Don’t be afraid to ask your local lenders or agents for advice on the best way to do this. Follow these tips to sell your distressed property with ease and success.
Overall, using sell house fast Manchester company when selling your home is a great idea because it will help you get the best possible price for your home. A professional will help you in making sure that your home is well presented, with all the necessary amenities, and is in prime condition for sale.