Options To Sell a House That Needs Major Repairs

David Banks
Authored by David Banks
Posted Thursday, March 19, 2020 - 8:04am

The real estate business and the housing market is an industry that is booming with success, but sometimes it can get a little tough selling a home that needs a lot of repairs. Depending on how bad the damages are, the home might take several months until an interested buyer who is willing to do renovations themselves shows up. There are ways for homeowners to sell their damaged home as fast as they can and it's not impossible to achieve. So, here's a list of options for you that might help you sell a house that requires major repairs.

Deal-Hunting Buyers

Some homeowners calculate how much it would take to repair and renovate their homes, but the costs can get very overwhelming. So, they weigh in the advantages of selling the home as it is but at a lower price. They research and calculate their expenses, effort, and time spent on repairs would give them an X amount as profit; however, they could get close to that profit if they just sell it to a buyer that doesn't have a lot of money and just wants a house. You will need to negotiate and bring in an inspector to make sure that the damages aren’t severe and that your house is safe enough to sell. You can then target deal hunters that wouldn't care about the damages and would just want the house because they like the area.

Sell It to a Company

Some companies make a name for themselves by purchasing houses to flip later. These companies are regulated and there is nothing illegal about dealing with them. They can take your home as it is in the same condition. The professionals at SOCAL home repairs explain that these companies are beneficial as you won't have to worry about closing costs, renovations, commissions, listing fees, or going through the staging process for the sale. They can take the house out of your hands easily with the money paid upfront, allowing you to move on with your life hassle-free. This is probably one of the fastest options for you and the representatives of these companies would just need to visit the home and estimate the value of the house after inspecting all the damages. You will get a great deal and have an excellent sale transaction without any problems. 

Repair Some of the Damages Only

Even though it would be great if you manage to afford repairing and remodeling everything, leaving no damage behind, it can be extremely difficult to do that depending on time and budget constraints. So, sometimes you can manage to sell the home for a decent price by just taking care of the severe damages only, focusing on the items/parts of the house that inspectors and buyers would notice the most. 

This could be anything from removing hazardous material, replacing pipes, roofing renovations, getting rid of mold, exterminating termites, or updating your electrical circuit breaker box. You will save time and money if you leave the minor parts that might not be too noticeable or wouldn't be considered as a red flag by home inspectors. However, you should be honest with your buyers and disclose any of the remaining repairs. It would be in your best interest not to deceive or mislead any buyers during the sale process. Certain litigation or legal actions might be taken against you because of that. 

Getting Assistance from Real Estate Agents

You'd have better chances if you hire a real estate agent to help sell your home, even if it’s damaged. These professionals are well-trained, know the market inside out, and have impeccable negotiation and communication skills. They would do their best in convincing buyers to purchase your home; they can do steps to increase your chances of a sale. This can be anything from taking videos or pictures, listing it on several platforms, marketing it well online and through apps, negotiating deals, and staging it perfectly to make it look appealing and attractive. However, keep in mind that they will receive a significant commission after the sale. In some cases, they could ask for 6% of the home's final selling price. But overall, it would be worth it.

No matter how bad the circumstances are, you can always find a way to sell your home by following some of these tips. Your chances of finding buyers can be a lot higher than you expect, but it just depends on the time of year and the state of the market. Remember to try your best and you can always find the right buyer to purchase your home, you just need to be patient and hope for the best.


 

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