How do you sell a house that is in rough shape?
Inherited properties are often neglected, and can require repairs worth thousands of dollars. Selling such a house becomes a challenge because you cannot market that property in the retail market. Buyers don’t even want to look at such homes unless they are in the market to buy a fixer-upper.
In this article, we’ll discuss why it is challenging to sell a house that needs repairs. We’ll explain exactly how you can sell a house requiring repairs in Downers Grove, Illinois.
You can sell a home in the retail market by rehabbing. It is possible if repairs are affordable. Fixing paint or minor plumbing issues is not hard work. You can fix things yourself or hire someone to do the job for a small fee. You can inspect the house to see which repairs are needed.
Sometimes, you are dealing with a property that requires extensive repairs. The roof and electric component may need replacement. The rule of the thumb is not to make repairs if it is going to cost you thousands of dollars.
Making interior changes is not recommended. Buyers like to make the last changes so they can customize the property to their liking. Even after investing time & money, there is no guarantee of making a timely sale. The cost is not worth taking the risk. It would be best to sell your home as-is.
If you don’t have the time, patience, or money to handle repairs, then it’s best to sell the home as-is. You can sell the property in its current condition. You’ll need to disclose the current state of the house so that buyers can make an informed decision. They will evaluate the cost of repairs and will present you with an offer. It is not going to be a retail sale of your home, but it also means you don’t have to worry about repairs.
You have two options in this regard:
Conventional buyers are not interested in purchasing an old house, and for a good reason. Banks don’t finance properties that require extensive repairs. Even if the buyer is interested, it’s a headache to get approved for a mortgage. Lenders will require appraisals and inspections, and they can reject the application. Bank approvals also cause a delay.
Another option is to work with a direct buyer. It’s recommended to work with a cash buyer who can pay cash for the transaction. A local, house buying firm can help you here. They can pay cash, and they can buy your home as-is.
If you have a house that needs repairs, give us a call right now at 630-733-1001, and we can talk about your options. We’re a small, local home buyer in Downers Grove, Illinois.
Call now, and tell us about the situation. We’ll help you out. MJ Property Solutions is here to help homeowners like you. We can buy your home fast for a fair cash price. We’ll go over the numbers with you, and we’ll personally answer all your questions.