Selling a distressed property in Salt Lake City Utah can feel like a challenge. How much should you spend making all the repairs? What is the house you want to sell really worth as compared to the fixed up house value? Will you get the money back that you put into the property? Properties like this aren’t usually found on the MLS and these kinds of houses are often avoided by many real estate agents. This is simply because there isn’t a high demand from buyers with families for properties that need repairs. Most people want a property ready to move into. An investor will have an interest in the property for a rental or to fix up and resell. Selling a distressed house can be very doable if you follow our tips below. Learn more about the easy way to sell a house now!
Tip #1 – Appeal To The Right Buyers
Not many buyers that want to live in a house with their family are looking for a distressed home. In fact, very few will be looking for a house that needs a lot of repairs. Think of who your potential buyers might be for a distressed property; most likely it will be an investor or a professional house buyer. You might find a buyer that wants a fixer-upper themselves, but you can’t expect to get the same response as you would with a house that is all ready to move into. When selling a distressed property in Salt Lake City make sure you are getting it in front of the right people. Yes, you can list on the MLS as is and maybe find a buyer, or you can consider selling to a We Buy Houses company. In some markets, like a seller’s market, you might be able to get a fair offer on the MLS on a house that needs repairs, but that will involve finding an agent, listing the house, many showings with people walking through your house, inspections, requests for repairs, loan approval and finally closing 6 to 12 weeks later. A house buying company will buy as is and close fast. Many times you can stay in the house after the sale for a while.
Tip #2 – Sell The House For Cash
A lot of people do not know how easy selling a house can be. There are investors and home buying companies that purchase fixer-upper homes. This is a very beneficial alternative to a traditional listing on the MLS. One thing to be concerned with is the inexperienced buyers. I am sure you have seen all the ads on places like Facebook offering to teach anyone and everyone how to flip houses. There are brand new “investors” trying to start businesses every day. Make sure you are dealing with a reputable company such as Gary Buys Houses. We make things straightforward, simple and transparent from start to finish. A good home buyer will never pressure you to sell and will always tell you exactly how much money you will get at closing BEFORE you sign any contracts. We want to work with you to find a solution that works for you!
Tip #3 – Don’t Over Spend On Repairs
So many people will spend money on repairs, only to see each repair make the non repaired items stick out even more. Where does one stop making house repairs while getting a house ready to sell? Many times, people will repair the house as if they are going to continue living there. While fixing the house up can have a good effect on maybe increasing your final sale price, now is not the time to spend your money on big projects or big-ticket items. They say kitchens and bathrooms sell homes. Try to make inexpensive improvements to these areas that won’t cost an arm and a leg. If there are repairs needed that can be fixed at a reasonable price, it might help you to attract more buyers. However, you can’t always expect to see a dollar for dollar return on your investments. Most of the time you get very little of the money back that you spend on cosmetic repairs, and the biggest return comes from a total remodel. Sometimes repairs like a leaky pipe or broken window need to be done, but try and stay away from large projects. Besides, unless you want to remodel the entire house, most new owners want to pick the colors of paint and carpet.
Tip #4 – Have Everything in Writing
A distressed house will often require many repairs be made before or after the sale. Make sure you have a detailed contract with the buyer, a professional buyer or from a listing, clearing yourself from all repairs that come up down the road. Set the terms of the deal and be as detailed as possible. You don’t want a buyer to come back after the sale attempting to collect money for an unexpected repair. When you sell directly to Gary Buys Houses, we buy as-is, fully taking ownership of the house and repairs of the house and put it in writing for you.
Tip #5 – Show The Potential
When showing the home to potential buyers, help them imagine what the home could be. Add some comforts of home such as lawn chairs in the yard or fresh fruit on the table. It might seem strange in a run-down house, but it will serve as a subtle reminder that this could be an amazing house for the right person. People that may want to buy the house need to imagine themselves living in the house after the repairs. Many buyers from the MLS if your house is listed, will want to ask lots of questions if your house needs work. Just be patient to help the process.
Tip #6 – Accentuate the Positive
Have a great view? Is your yard really big? Is your house next to transit or public parks? Play up the great features of the house so people are able to see beyond the chipped paint and soiled carpets. Instead, direct their attention to the fireplace by adding some flowers on the mantle, or show just how great the location is by creating maps of the area, featuring different attractions and restaurants. Every buyer is different, so accentuate everything you can.
Tip #7 – Price to Sell
You need to be realistic about the price you offer your house for if you are selling a distressed property in Salt Lake City. Many times sellers will have an inflated price in there head because they believe the property to be worth more than what people are willing to pay. Take a look at what other similar properties are selling for and price the house accordingly. At Gary Buys Houses, we will give you the price we will pay for the house and what we think you will NET from the sale of your house if you list the house. Simple and never any pressure.
Tip #8 – Offer A Credit
Including an incentive will capture the attention of many buyers you might not have otherwise. The idea of a fixer-upper seems a lot sweeter if the new owners have some money to make improvements their way. You can sell people on the idea that they will have the power to fix up the house for themselves however they want. Being able to choose cabinetry, bathroom fixtures and so on can be very appealing to some potential buyers. Taking the time to talk with a lot of buyers might help you get the best price for your house. We hope to be one of the people you talk with.