Selling a house is not something that you decide overnight. It’s something that’s been probably cooking in your mind for quite a while and now, after some serious thinking and assessing, you have finally concluded that it’s time to “part ways”.
And that’s completely fine. Now, what some people perceive as an issue is when their house cannot exactly be defined as a “premium choice”. And it can be for different reasons, like it’s been severely neglected, or you’ve missed mortgage payments, etc.
It can literally be anything and you most likely think you won’t be able to easily sell your house. But don’t worry. You’re not alone in this! Luckily, there are several things that you can do to sell even “the most unwanted” home on the market. Let’s see what needs to be done!
Sell It “As Is”
If you’re not planning on investing any time or cash into “upgrading” your house in any way, then all you have to do is simply move forward and sell it as-is. Of course, this doesn’t mean that you can simply sweep the house’s problems under the rug in front of the buyer.
What do I mean by that? I mean that you must enumerate all the issues that your home comes with because the homebuyer is going to be the one (most likely) who will have to repair them or any other potential problem that may arise during the inspection.
You can still negotiate with a buyer in case he has certain demands concerning the repairs. Now, I know that you may think that doing absolutely nothing about your property is a smart and cost-effective idea.
But I would like to remind you that it would still be smart to invest some money into your house before you decide to list it for sale. That’s if you want to accelerate this whole process, which I assume is the case.
You Can Clean It Up A Bit
If you decide to sell your house to a real estate investment company, then it’s highly likely you’ll avoid the entire process of showcasing your home. However, bear in mind that most investors have a tendency to execute a digital or potentially an in-person walkthrough of your home. You can never predict whether the investor is going to send somebody who is going to execute a thorough evaluation. Therefore, I would advise you to do whatever it takes to leave a good impression and avoid turning this experience into a total waste of time.
And it doesn’t need to be anything that’s too time-consuming. For starters, you can clean all the dirty dishes, throw the dirty sheets, run the vacuum, etc. You get the gist, right? Just because you’re selling your property as-is, it doesn’t instantly mean that you shouldn’t invest a little bit of effort into sprucing up.
Now, if by any chance your home is flooded with junk, then it would be recommendable to arrange for a dumpster, which you can do for roughly $300 per week, which includes also removal fees, and a company’s drop-off.
Another thing that’s worth mentioning is the smell. Even if you accentuate the fact that your house is in poor condition, it still isn’t advisable to sell a home that smells awful. That’s something that’s going to push anyone away, so ensure it smells nice or at least clean.
Find An Investor Who Would Like To Purchase Your House
I know that a vast majority of homeowners tend to turn to realtors once they decide to sell their home and although there’s nothing wrong with it, if I were you I would definitely select an investor over a realtor. Why is that? Well, there are a number of reasons why that’s a far better decision. For example, most investors are in the mood to buy unwanted homes which is rarely the case with realtors. Even if they decide to do so (referring to realtors), they will most likely demand to repair a bunch of things inside your household before they decide to sell it.
That would never be the case with investors. These people are normally aware of the situation and would most likely give you an offer that reflects what they’ll be obligated to spend on repairs. And that’s a fair deal.
Not to mention the fact that they will obtain a house that’s in the worst possible condition because they’re simply not bothered by these things, they’ve seen so many horrific cases, that it’s highly likely they’re used to literally anything. Plus, do I need to remind you that investors have their own cash, which means that you won’t need to wait for an eternity for them to get a loan from the bank? And there’s no doubt that every cash purchase is so much simpler and faster than any other option.
Now, the question is, where can you find a reliable investor? Well, since I do not have the slightest idea where you live I cannot recommend you any investor that’s in your area. I recently came across a company that stated “we buy houses in Wilmington North Carolina”, and after thorough research, I concluded that they obtain homes in Raleigh NC, Charlotte NC, Durham NC, Fayetteville NC, Jacksonville NC, and Wilmington NC. Since this company had a great rating I decided to recommend it to a couple of my friends who live in this state.
So that’s what you should be focusing on when trying to find a good investor. First, move around your neighborhood and pay attention to see if you’ll notice this sign and if that’s the case, then do your homework a bit just to see if that particular company is reliable.
What Is The Value Of Your Home?
In these instances, knowledge is everything. If you want to get the best possible offer, you first must determine the value of your property. For starters, you should contact a real estate agent and ask him to compile a complimentary comparative market analysis, also known as CMA.
So what does it represent? Namely, it’s a real estate agent’s assessment based on the latest, comparable house sales in your neighborhood. Now, if by any chance you do not want to rely on a real estate agent or you would like to have a more formal estimate of your house’s value, then you can always turn to a professional appraiser.
Pay Attention To The Scammers
Just like in any industry, there’s always a risk of stumbling upon someone who may try to trick you. That’s, unfortunately, the case with the real estate industry as well. Therefore, whenever you decide to review all-cash offers, first make sure that the company/individual is reputable.
As I’ve told you above when I was discussing investors who buy houses for cash, I first did my homework to see if a company was trustworthy before taking any further steps. Although there are a plethora of cash buyers who are full of integrity, don’t forget that scams are also a common thing and that not every single cash buyer has good intentions.
So how are you going to be able to determine if someone is being honest or is trying to trick you? If you want to be sure everything goes smoothly, then pay attention to the following:
- Do not send money to anybody else besides the title company
- Only opt for wire instructions that were provided to you by the title company
- Steer clear of homebuyers who do not want to see you face-to-face when it’s time to acquire the house
- References are always welcome
- Demand proof of funds
- Ask for a sizeable, nonrefundable deposit
- Always rely on your gut. If it’s trying to tell you that something is off, then that’s probably the case
Accentuate The Positive Things About Your Property
Even though I know that you’re aware of the fact that your property is not the most appealing one on the market, it doesn’t mean that you shouldn’t emphasize all its positive sides. Keep in mind that there are houses that are so-called unwanted that actually look much better in person than on paper.
Now, is not a good time to focus solely on the negative aspects of it, otherwise, no one will ever be interested in it. So be sure to highlight the most positive things about your home and be sure that your copy is written in a relatively charming way so you can attract as many investors as possible.
Even if your house is not in an admirable condition, it doesn’t mean that you shouldn’t focus on other things, such as the neighborhood, or other aspects that might make your property more appealing.
In these types of situations, it’s also recommended to do your homework and try to figure out what most homebuyers are searching for. That’s going to help you focus on improving certain things in your household.
For example, if you’re able to, you can replace the current HVAC system and opt for energy-efficient appliances. This surely isn’t something that’s going to blow your budget, yet it will positively impact your home. Whatever is positive about it, be sure to make these things front in the listing description. Another thing that you can do, is to consider hiring a real estate photographer because real estate pictures that were taken by professionals can help you shine a light on all the positive things about your house.
If You Received Any Offers, Review Them Carefully
If by any chance you received some offers from the cash buyers, that’s certainly great news, however, I would like to remind you that you must be cautious during this process too. This means that you should carefully take into account each term that’s received from the buyers.
In case you didn’t know, a buyer’s written offer (which is also known as a purchase agreement) must contain several important details, such as the earnest money deposit, the sale price, contingencies, and the closing date.
Once a buyer sends an offer, he must include proof of funds as well to prove he has enough money to purchase your property. Cash buyers who are serious about this whole thing would usually put down a bigger escrow deposit that is normally up to ten percent of the purchase price.
While you are reviewing all the offers that you received, please pay attention to every single aspect of the contract and do not solely focus on the purchase price. Although that’s important too, it shouldn’t be the only thing that you’ll cast your eyes on. If you would like to speed up this entire process because you’re tired of wasting any more time on this, then be sure the terms of this agreement align with all your goals.
Consider A House Inspection
A vast majority of homebuyers love to inspect a property before they make any final decision just to be sure that there aren’t any significant defects that could potentially break the bank. So what’s the main duty of an inspector?
Namely, this person is here to properly investigate your house, which includes its foundation, along with the exterior, just to see if there are some issues that could potentially cause serious problems.
A lot of offers are going to include an inspection contingency, but even if that’s not the case, it’s highly likely that the homebuyer is going to demand an inspection. Now, since you’ll be selling your home as-is, then maybe you won’t need to go through this whole process.
Have An Attorney By Your Side
It’s always advisable to have a legal expert by your side whenever you’re doing these things because these people can protect you from potential scammers and various other issues. Even though selling your property to a cash buyer is quicker, it still doesn’t mean that you shouldn’t have a lawyer before and during closing.
As you can see, there are a lot of things that must be taken into consideration when you are trying to sell a house that’s perceived as unwanted. So be sure to follow some of these tips in order to execute everything the right way.
