Things to Know When Selling a Distressed Property

December 18 22:24 2019
Things to Know When Selling a Distressed Property

Selling a house can be a scary scenario for homeowners. No one wants to feel like someone is taking advantage of their need, but every month a house is on the market means another month’s mortgage, utilities, taxes, and other carrying costs. Fortunately, there are some things that homeowners should keep in mind when selling a distressed property to assess whether an offer is fair. 

Is the Seller Buying the Property “As-Is?”

An “as-is” sale means that the buyer is purchasing a house as it is. Usually, when a seller puts a house on the market, the buyer has the opportunity to have the property inspected after making an offer to purchase the home. The inspector takes the time to look at the house and determine whether any problems would not have been visible to the potential buyer when looking at the home. The buyer and the seller then try to reach an agreement on whether to have the seller fix those items or drop the price of the home. Depending on the condition of the home, it can make a huge difference in the price of the offer and the actual sales price of the home.

What Are Local Commission Rates? 

Another thing to keep in mind is that a property’s sales prices are not what the homeowner gets from the transaction. The price for realtor commissions comes out of the home’s sales price, and is usually six percent, though commission rates vary. Also, the sellers may be asked to pay for closing costs. Selling a home to an organization that specializes in buying distressed properties means keeping more of the sales price, you can visit https://www.kindhousebuyers.com/ for more information.

Does the House Have a Major Issue? 

When selling a distressed property, it is not uncommon for the home to need some repairs.  Sometimes houses are a little run-down and just need a few cosmetic changes. Other times, the issues are more serious. Foundation work, a house that is not up to code, plumbing issues, and electrical issues are just a few of the things that can complicate an average home sale. Not only are many buyers unwilling to take on a home that needs serious work, but private buyers may also struggle to find a lender that will offer them a mortgage on a home with certain issues. If you are finding that your home needs more repairs than you are willing to take on, you might consider selling to a we buy houses company.  

What Is the Timeline for Sale?

One of the worst things about selling a distressed property is that sellers are almost always pressed for time.  Being in a rush to sell can put a seller at a disadvantage, not only with prospective buyers but even with their realtor.  The problem is prevalent enough that it is even recommended that, in normal real estate transactions, sellers do not disclose any pressing time deadlines to prospective buyers.  

Another Solution

Kind House Buyers specializes in buying houses for cash. They purchase homes “as is” and provide fair cash offers to sellers.  They are a great option for sellers of distressed properties, but also a convenient option for anyone who wants to avoid the time, expense, and hassle of traditional real estate sales.

Media Contact
Company Name: Kind House Buyers
Contact Person: Owner
Email: Send Email
Phone: (253) 216-2497
Address:24718 52nd Ave E
City: Graham
State: WA 98338
Country: United States
Website: kindhousebuyers.com

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