How to Sell an Old House that Needs Work
If you own an older home that requires extensive repairs or significant updates, selling your house can seem like quite a daunting challenge. Major renovations are often too expensive or highly time consuming, and when you need to sell your house fast, what do you do?
Although it might seem like you have little recourse in such a scenario, here’s the truth: It’s more than possible to sell your house fast, and there are a couple different ways you can do it. Read on to learn about the avenues you can take to sell an old house that needs work.
Sell Your House to a Cash Home Buyer
The first — and easiest — option you have to sell an old house that needs work is to get in touch with a reputable cash home buyer. Cash buyers are always on the hunt for new properties, and in most cases, they can buy an old house regardless of its condition.
So what exactly is a cash home buyer?
Typically, these types of buyers are real estate investors. They readily purchase houses that require minor to major renovations and use their vast resources to perform all necessary work on the property. When the renovations are finished, a cash home buyer typically flips the property for a profit, rents it out to a tenant, or sells it to another real estate investor.
If you opt to sell your house fast with the help of a cash home buyer, here’s how the process typically works:
You contact the buyer. To get started, you’ll need to contact the cash home buyer with a few basic details about the house you’re looking to sell. The buyer will then reach out to you to schedule a convenient time for a property walkthrough and assessment.
The buyer schedules a walkthrough of your house. During your property walkthrough, the cash buyer will perform a basic assessment of your home to determine its current market value in as-is condition. The walkthrough gives the buyer an opportunity to consider multiple factors that affect the value of your property, including any repairs that must be made, the value of other houses in your area, and the layout of your home.
The buyer puts together a fair cash offer for your house. After factoring in all necessary details, the buyer will present you with a fair cash offer for your home. This offer reflects current market conditions as well as the existing condition of your property.
You decide whether you like the offer and want to sell. As with any real estate transaction, it’s up to you whether you like the offer and choose to agree to the sale. Most cash buyers allow you up to 30 days to decide whether you’re ready to sell to give you ample time to arrange your relocation and tie up any last-minute obligations.
When it comes to selling a house that needs repairs, opting to work with a cash home buyer is typically the best route you can take. This is especially true if you need to get out of an overwhelming mortgage quickly or don’t want to undertake repairs yourself.
One very important thing to note is that cash home buyers do not charge traditional realty commission fees or any hidden fees. When you get an as-is cash offer for your house, the price you see is the price you’ll get.
Sell Your House As Is With a Realtor
If you’re on the fence about working with a cash home buyer, you can always opt for the services of a traditional realtor who can help you sell your house. If you don’t plan to make any renovations, you’ll need to list your home in as-is condition. Your agent will make it clear in the listing that no major repairs will be made to the property, which typically reduces your likelihood of finding an interested buyer.
If any prospective buyers are interested in the property, they’ll typically request a comprehensive inspection, which will reveal any existing issues with the house. Ultimately, you’ll likely have to accept a much lower sale price than you would if you were to undertake repairs or updates before listing your house.
In addition to accepting a lower sale price, you’ll also need to pay your real estate agent’s commission fees and closing costs. Commission fees typically amount to around 5% of the sale price of your property, and closing costs can vary depending on the situation.
Need to Sell an Old House That Needs Work?
If you’re looking to sell an old house that needs repairs or updates, get in touch with Frank Buys Houses today. We’re cash home buyers and we’re interested in purchasing your property, regardless of its current condition. To find out how much your house is worth, call our office today at (209) 650-3110.