In theory, your property could be purchased by anybody, even if it warrants repair. Sellers aren’t obligated to restore their houses to the conditions they bought it in. Actually, “fixer uppers” are often bought.
You’ve likely noticed realtor claims in ads like:
- Sold as is – contractor’s special!
- Ideal for new homeowners – an elegant fixer-upper!
- Wonderful property with an abundance of possibilities.
Each of these phrases all lead to the same road: the property has issues. At times, buyers will succumb to the pitch.
With that in mind, the more repairs warranted by the house, the more difficult it will be to sell it on the conventional real estate market. Endeavors to delegate repair expenses to buyers can postpone negotiations. Sellers of homes would rather refrain from fixing a home they’re ready to leave. Buyers of homes want a move-in ready home.
Generally, sellers and buyers work towards a mutual agreement that advances the transaction. However, at times, the buyer may believe all homes should come like-new, whereas sellers don’t feel as if they need to repair anything. During such crossroads, it’s something that needs to be negotiated, and the deal might fall through in the midst of a disagreement.
Fixing a house you don’t intend to reside in is costly and hard to get reimbursed. Even if you break even, you won’t get back the time spent coordinating the process.
Many sellers of homes think it’s a good idea to spend $8,000 on a kitchen renovation if they add $8,000 to the asking price. However, if you’ve spent all that time to justify the raised selling price, in addition to the pain, effort, dust, neglected costs (emails, durations talking to the contractor, leaving work early to manage these tasks, paying people, etc.), the only thing you’ll get back is the money invested.
At times, these problems can be mitigated by having things refurbished instead of repaired. A carpet cleaning and paint job might be all that’s required to prepare a home for sale. However, if the roof is decades old and warrants replacement, or if your electrical system is outdated and needs to be updated, there are ways around it.
This is assuming you have the finances to fix things up, of course. If you lack the money to restore the house to a seller’s expectations, you’ll diminish your negotiation stance while substantially raising your pressures.
At times, you can bypass such problems by providing credit for fixtures rather than repairing things directly. This will reduce your profits, but may advance the deal.
That said, it isn’t really a question of whether or not you can get the house sold based on the repairs you’re willing to put into it. It’s really a question of how quick it can be sold, and if you’ll come out with a profit or loss during negotiation time. Your endeavors to have the house restored to a market-ready state plays a huge role in that outcome.
You might be waiting a while if the selection of local houses available is extensive. The price might need to be dropped to generate attention.
The initial problem is obtaining sufficient qualified buyers to see the property.
Based on our experience, it will take about 20 QUALIFIED buyers to visit the home prior to getting an offer, and few offers prior to the close of a deal.
If the right price is attached to your home and comes with all the features, layouts, space, condition, renovations, views, light, location, and amenities that many people desire, you will have an abundance of buyers coming your way within 30 days of being on the market.
You can get a fast sale through sheer volume of visits to the house if it’s reasonably priced, typically within 30 days based on how much traffic you’re getting. If any of these aspects don’t meet buyer expectations, you lower your buyer pool, and therefore raise how much time it will take to get it sold, regardless of the price.
If you must move fast, getting a home sold to an investor might be the best way to expedite the process, bypass all of the hassles that come with the work, and get rid of sketchy negotiations. You get the following when collaborating with investors:
- An individual who will aid you in assessing the figures in a simple manner. For instance, we will reveal if it’s more beneficial to cover repair costs or provide credits to potential buyers instead.
- An offer sent to you within a day.
- The option to close within 72 hours, if desired.
- A cash sale that gives you guaranteed funds.
The entire procedure is fairly simple and no extra work on your home is warranted. You can concentrate your negotiations on the property you intend to live in. Based on your mortgage status, among other aspects, getting an investor to purchase your home could be a stress-free and smart move on your end.
Contact Home Buyers MA and learn what choices are available to you. If you decide that selling your home is the best option, Home Buyers MA will be happy to help you through the entire process.