The average American spends 13 years in each home they own. That means that selling a house is something we don’t do very often. As with any skill you don’t practice that much, it’s easy to fall into some common mistakes!
Selling a distressed home presents its own particular challenges. If you need to move fast, how can you get a fair price and get your home off your hands?
Let’s take a quick look at common mistakes you should avoid in this process.
Pricing It Too High
Let’s clear up one question first: What is a distressed home?
There are a couple of definitions. The term distressed home can refer to a home going through the foreclosure process or one that is already owned by the bank or government. Another meaning is a home that has fallen into disrepair or whose owner needs to sell fast.
In this article, we’re focusing on the second definition. Without a quick sale, foreclosure can quickly follow for many homeowners.
Selling a home is an emotional process, but pricing distressed homes needs to be done in the cold light of day. Otherwise, you will end up in foreclosure.
Homes that are listed for too high a price will not sell. You need to work with a professional real estate agent who knows the area and condition of your property to price it right. That will make it attractive to cash buyers, who are in the best position to help you achieve a fast home sale.
Waiting Too Long to Sell
If you’ve got a distressed home to sell, now’s not the time to play it cool. Most sellers of distressed houses are up against a deadline from the bank to avoid foreclosure.
If you’re not living in the property, its condition can quickly deteriorate. The worst-case scenario is receiving code violations from the city for safety issues. Squatters may also make it their home.
The best thing to do is find a buyer who can pay in full, in cash, and move on.
Forgetting Home Buying Services
Have you heard of those companies that will buy a lemon, whatever state it’s in? They exist for homes as well!
I BUY SD is an example of a company that will buy your home in any condition. There’s no need to worry about making repairs. They give you quick access to the equity in your home so you can move on with your life.
This could be perfect when you need a quick home sale, maybe for payment of back taxes, during a divorce, or after a relative passes away. This service could even help you avoid foreclosure.
How to Successfully Sell a Distressed Home
If you need to sell a distressed home, you need to find a cash buyer as soon as possible. Price your property realistically and act fast. Don’t forget to explore home buying services, which could close on your property in just a couple of weeks.
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