Selling a distressed property doesn’t have to be stressful. Learn more about how to sell your distressed Salt Lake City house in our latest post!
You might think that selling a distressed property would be a difficult and time-consuming task. In some cases it is! However, with our top 10 expert tips for selling a distressed property, you will be able to sell quickly and for a fair price. So what might make a property distressed?
Selling a distressed property can mean different things to different people. Maybe the house needs a lot of work done to it you don’t want to do, maybe you are in foreclosure and need to sell or maybe you have inherited a house. Or perhaps you simply want to sell your house quickly. In general, a distressed property is any property someone wants to sell to a professional house buyer vs listing the property with a Real Estate Agent.
Tip #1: Avoid Expensive Agents
Selling your distressed house to a professional buyer such as Gary Buys Houses, will save you time and money. Listing your Salt Lake City house can be expensive and you will have no idea when it will actually sell. By selling it directly, you will be able to have your closing date right away and also avoid the expensive commissions an agent will charge you. You can even stay in your house after the sell and you have your money.
Tip #2: Make It Pretty
If your property is in need of major fix-up or repairs or if you are in foreclosure you can not stop, you will likely want to sell your house quickly. Taking some small steps to make it visually appealing will help buyers see it in a new way. Clean up as much as possible and make any cosmetic fixes you are able to if you decide to list your house. Try to showcase the property’s potential to help people see beyond its flaws.
Tip #3: Disclose Everything
No matter what is wrong with the property, you need to tell any potential buyer about it. This is Utah law. By not letting people know about property defects, you could be setting yourself for a lawsuit down the road. There are buyers out there for your property, and you will find them even if you list your property. It might take a while, but it will happen.
Tip #4: Find The Right Buyers
Think about the people who are actively looking for distressed properties. Market to investors and other buyers whom you think would have an interest in your house. It can help to join some local real estate or investment groups in your area to really get the word out.
Tip #5: Be Patient
There isn’t as large of a market for distressed properties as there is for homes that are ready to move into. It might take a while to find a buyer. This can be frustrating when trying to sell within a specific time frame. If time is an issue, your best bet will likely be selling it directly.
Tip #6: Be Flexible
It is important to have a plan B just in case you aren’t able to sell the property. Consider renting it out if you are able to or finding a loan to help you with repairs. It is important to think about the what if’s so you don’t find yourself foreclosed on.
Tip #7: Know The Value
You might think your house is worth a certain amount, but once you factor in the necessary repairs and upgrade it requires, the actual value of your property today might be much less than you had originally thought. Be realistic about what your house is worth in the condition it is in. Don’t expect to get retail prices for a house that needs repairs. Even in a strong seller’s market like Salt Lake City is currently experiencing as of this writing, most house buyers want a house ready to move into. In a slower market, it can be even harder to sell a house that is not in great condition.
Tip #8: Paperwork Done Right
If you choose to sell the house on your own, you will be responsible for taking care of all the paperwork. You will need to provide disclosure documents and create the contract. Everything must be legal and by the book as to protect yourself. A good title company can help you with some of these things if you are selling your house on your own. When you work with us, we handle all the paperwork, so you will have one less thing to worry about. We are a ZERO hassle home buyer 🙂
Tip #9: Don’t Appear Desperate To Sell
People are going to try to come at you with low-ball offers. If you are able to, stand firm until you are able to get a realistic offer on your house. You don’t have to jump at the first person who makes an offer unless this is your only choice. At Gary Buys Houses, we always pay fair prices for houses, distressed or not. And, we love to help people decide on selling to us or on your own. Just call us and ask us the questions you have.
Selling a Distressed Property Can Be Easy
Selling a distressed property does not have to be a difficult thing to do. If you have decided you want an offer on your house as is, we would love to talk with you today. We Buy Houses in all of Utah.