Table of Contents
- Selling a house in poor condition is both possibility and relief
- Selling a house in poor condition – Ways to sell your house
- Selling a house in poor condition – There are no obstacles with selling a poor-condition house
You have decided to sell your home and you are selling a house in poor condition. Selling a home is often something we have very little experience of. It is a big deal that requires a lot of thought and planning, in order for it to go in the right way. There are several different ways to proceed when you intend to sell your home, but regardless of which one you choose, it is important to keep track of how the process goes.
The first thing you should do is decide if you want to renovate something in the home or if you intend to sell the home in its current condition. Renovating sometimes costs a lot of money and takes a lot of time, but it usually means that the market value of the home increases by more than what you put into investing to carry out the renovations.
With anything you sell, by rights, it should be in good condition. Usually, if something is in a run-down state, then people try to fix it up a bit before they sell it. Selling a house in poor condition has become the norm these days as many people simply do not have the financial means to repair their homes before they sell them.
Selling a house in poor condition is both possibility and relief
In fact, whatever the condition of your home, the whole idea of selling a house in poor condition is to spare the seller the responsibilities of having to fix a lot of things and parting with a whole lot of money they do not have.
Even if your house is in a run-down state, it is sure to have some attractive features about it that will appeal to someone, and maybe it is the home’s very location that is a drawcard for a buyer
Maybe your house is particularly old but if it is structurally strong there will be a buyer for it. There are even buyers for homes that are counted as being uninhabitable because it has roof damage, plumbing problems, and electrical wiring issues.
Neaten things up
If you do not have the financial means to do major repairs on your home, selling a house in poor condition can have your chances bettered by doing a few things that would not cost you much at all. If you have rubbish lying around, the least you can do is to bag it all and throw it away. Even if you do not have a lawnmower, you can borrow a scythe or shears and get your grass down to a decent level.
There are homeowners who do not even care about getting the best sale price for their poor-condition home. They do not have the time or money to do anything to the house and they will just be glad to take the money they can for the house.
But if you intend selling a house in poor condition, how difficult will it be and will you get a reasonable price for it? Those with dilapidated properties may well believe that a sale is all but impossible. They think that there just is not going to be anyone interested in purchasing such a property because ultimately they are going to have to spend a lot of money on it to fix it up.
Selling a house in poor condition – Ways to sell your house
Do it yourself
There is nothing stopping you from selling a house in poor condition by yourself. In other words, you will look at your place and decide on what your asking price will be.
You will no doubt be familiar with your neighborhood and be able to estimate the state of the real estate market. Also, real estate conglomerates such as Zillow are able to provide an idea of property sales in your area.
Selling a house in poor condition is something many people may be interested in – from your family to your friends. Word of mouth is still as powerful as ever and the more you get the word out about your house is up for sale, the better chance you have of selling it quickly.
Many people drive around neighborhoods over the weekends looking for homes to buy that they regard as a bargain.
You will still have to advertise your home and conduct all negotiations yourself. Write up an attractive advertisement, and take photos of your home in good lighting, and who knows, you may be surprised by what offers come your way. You can make use of the many real estate listing sites there are such as Craigslist.org. Homefinder.com and others.
When you take a look at some of these sites, there are even filters provided that allow people to particularly view houses that are being sold in their run-down state.
When selling a house in poor condition by yourself, as always, fixing one or two things around your place can boost its value. When listing your home, it is important to list the negative aspects of your home while highlighting the house’s attractive aspects.
As mentioned, there are some buyers who do not care much about the state of a property, it is the location that they are after.
Sell by Auction
Selling a house at auction is becoming more popular with homeowners looking for a quick sale. They know that their lack of money to correct the many problems the house has is beyond their financial means. They know that hiring people to fix all the various problems such a broken swimming pool pump, sagging ceilings, and cracked walls is going to cost a pretty penny.
You can sell most properties through auction, and the good news is that your house has every chance of being sold at auction when it is dilapidated. The reason these poor-condition houses do well at auction is that most of the buyers are not looking for a house to live in – they mostly want a ‘fix-me-up’ house project that they can work on and then sell at a profit.
If your house is in a poor condition, with an auction you are likely to get more than were you to sell your home through traditional methods. Selling your home at an auction gives you the advantage of selling your home with no contingencies.
What this means is that your house would not be subject to surveys, radon testing, or home inspections. Real estate sales often fall through because of contingencies in the contract, but selling your home by means of an auction house means you do not have to worry about a sale not going through. When selling a property at auction, the condition of the house will be worked into the sale price.
Selling a house in poor condition can be the best option for a seller who just does not have the will to fix up their home. it is also a good idea for someone needing to liquidate or who needs to sell quickly because of a change in life events.
So whatever reason you have for selling a house in poor condition, there are ways to do it and still for the best market value.
Lots of investors on the lookout
Of course, there are many people with lots of money who simply love to buy an old, run-down place and restore it. They find it exhilarating and exciting buying a derelict house and repairing it.
Most times they get to love their restoration work so much that they decide to move in themselves while other people want to sell it and make a substantial profit on the sale. So in effect, there is the derelict property that represents a profitable opportunity for the investor.
Even if the home’s architectural style is outdated and unpopular, they have the financial means to chop and change the house and get it into a very saleable condition.
Homeowners that are badly wanting to sell their run-down homes will be pleased to know that it is possible and without much trouble either.
If you do research on the Internet you will find that there are investors who will gladly buy any kind of house. There are investors who will take your house when nobody else is interested.
Selling a house in poor condition is an opportunity for someone else with money to make something good of your home.
Make use of an estate agent
The sale of a dilapidated property through an estate agent is also possible and you can sell your place as-is. You will find a number of investors in the real estate market looking for what they consider to be a bargain.
In fact, in the real estate market, there will always be those looking for a poor-condition property. If you do not have the time or the money to fix up your place, you could well consider selling a house in poor condition to a real estate investor. It is best to provide full disclosure about any problems that you are aware of.
It is the buyer then who takes responsibility for repairs. Because there is no real estate agent involved, there are not any commissions and no closing costs. The real estate investor will pay off any outstanding tax liens for instance. Unlike traditional real estate transactions, with a cash buyer, the sale is quick.
Then again, an experienced estate agent will be familiar with the selling prices of old, run-down homes and they can help with setting a realistic asking price for your poor-condition property.
In fact, any local real estate agent worth your time should know all the specifics about selling a house in poor condition. They know the going price for houses in your area and you will want an explanation as to how they formed their view on the asking price for your home.
The estate agent may well provide you with tips on what improvements you can do to make your home more attractive to buyers. You may be adamant that your finances do not allow for you to fix up your place and that you are going ahead with selling it as-is.
When it comes to listing, a good real estate agent can get your property listed on property listing sites that are guaranteed to give your house a lot of exposure to a huge pool of would-be buyers. When a buyer is interested in your place and makes an offer, the agent negotiates on your behalf to ensure that you get the best possible deal.
Property Listing sites welcome poor-condition homes
Do research because you will find plenty of property listing websites that are specially dedicated to buying your as-is house from you. Even regular property listing sites would not have an issue with listing your property.
You have a ready buyer
In every city, there is an ebb and flow of new growth and construction and suddenly a neighborhood is out of favor as a residential area and it is rezoned.
When you buy a property one can never predict the possible intentions for future developments. People realize that their homes will soon have to be evacuated. Builders will likely bid on the property if they want to redevelop the area. If you are in such a neighborhood, you may already have received a notice informing you that your house will be sold soon.
Builders like this will make an offer on your home – often in cash – and this makes the whole process of selling your home quick and easy. In an instance like this, you do not have to test the market, as you have a ready buyer. Selling a house in poor condition is not an issue with you as you are offered a price for your home.
Selling a house in poor condition – There are no obstacles with selling a poor-condition house
If you are selling a house in poor condition, you have got a number of options to consider for when you put your old, run-down house up for sale, and you can see that having a poor condition house to sell need not be an obstacle.