How To Sell A Home That Needs Repairs Quickly In Philly
While houses throughout the country have different pricing points, regardless of your location, when it comes to getting your home off the market, the ideal scenario is to close the sale as quickly as possible while still selling at a high price. Sadly, the real estate market can be gruesome, and property owners have to work extra hard to sell their houses quickly for the full asking price. That’s why you see homeowners looking for ways to enhance their home’s attractiveness to stay ahead of the competition. So if you don’t want to do the repairs you probably going to ask how to sell a home that needs repairs fast.
But what happens when you have a rundown home and no money for repairs?
Sometimes, a property owner can find themselves stuck with a house that needs repairs for various reasons: Maybe you inherited the house or had terrible tenants. Whichever the case, a house that needs repairs prompts price reduction and could languish on the market for up to 12 months before you get an offer. Such scenarios can be exasperating, especially when you want to sell fast and maybe relocate, purchase a new house, downsize, and so on.
The Best Way To Sell A Philly House That Needs Repairs Quickly!
While some property owners choose to pull their houses off the market and try to raise some cash for repairs in order to fix their home to sell at a different time and a higher price, that may not be an option for others.
With that said, there’s an excellent way for homeowners to sell houses that need repairs quickly – selling to a distressed home buyer.
If you’re trying to sell a house that needs repairs, companies that buy homes for cash are your go-to! Generally, these distressed property buyers are local real estate firms (owned by real estate investors) interested in investing back in their communities. With a reputable company that buys houses for cash, you can sell your house that needs repairs quickly and conveniently without the hassles of a traditional sale.
Although each cash home buying company works a bit differently, the process of selling your house to such companies is generally the same. Here’s what to expect from a typical cash-for-home transaction:
– Step 1: You reach out to a real estate investing/buying firm via email, phone, or online form. The firm will ask you general questions about your property, its condition, type, specifications, and whatnot.
– Step 2: The company sends a local representative to complete an onsite inspection and make an offer for your house. These companies are usually flexible, which means you may have some room to negotiate the offer.
– Step 3: Once you accept the initial or revised offer, you sign a purchase agreement and specify the sale’s closing date.
The Benefits Of Selling To A Cash House Buying Company
Selling your home that needs repairs to a cash house buying firm is an excellent idea! Here are the benefits:
1. Faster Speed: Perhaps the most significant advantage of companies that buy houses for cash is the speed and practicality of their process. With a cash home buying company, expect to close significantly faster than you would through the traditional realtor route. Typically, most companies will close in just 14 days compared to 70 days for the average sale through an open-market sale. Besides, no home staging, improving curb appeal, open houses, and other traditional elements that can take months.
2. No Repairs: Most reputable “we buy houses” buy home as-is. You don’t need to bother with costly repairs and renovations that may take weeks or months to complete. Some houses are so ugly, old, and rundown, it would take tens of thousands of dollars to bring the house up to snuff to get the asking price.
3. Higher Certainty: With a real estate agent, the likelihood of selling a house that needs repairs is pretty slim – you end up waiting for years! With a cash house buyer, the chances of selling your home are close to 99%. Plus, you don’t have to worry about the sale falling through at the last minute because of a lack of funds or changing their mind.
4. No Commissions, Fees, Or Closing Costs: With the traditional realtor route, on top of the realtor’s commission (usually ranges between 5-6% of your home’s sales price), you can expect to pay closing costs that range from 2-5 percent of your home’s selling price. However, with “we buy homes” companies, you don’t have to pay realtor commissions, brokerage fees, or closing costs. Most cash house buyers will cover closing costs for you.
5. Cash Payment: As a seller looking to offload a house that needs repairs, the chances are you’re either short on cash or time, or both. Whichever the case, you probably don’t want to wade through traditional house-selling aspects that cause delays and financial concerns. With a “we buy houses” company, not only don’t you have to worry about the buyer not qualifying for a mortgage, but you also get paid in cash!
The traditional realtor route has its merits but may not serve homeowners wanting to sell a house that needs repairs or dealing with other unusual circumstances. Review your priorities and needs and weigh them against each solution before you decide how to proceed.