Selling a distressed property doesn’t have to be full of uncertainty or super stressful. We provide a little info about how to sell your distressed Madison house in our post below!
You might think that selling a distressed property will be difficult and time-consuming. We assure you it sure can be! It all depends how you go about the process. However, with our top 10 expert tips for selling a distressed property, you will be able to sell quickly and for a fair price. Keep ready to learn more about how to sell your distressed house in Madison!
Tip #1: Avoid Agents if Possible
Selling your distressed property to a professional house buyer such as Wisconsin House Buyers, LLC, will save you valuable time and money that can be wasted going through the normal channels. Listing your Madison house can be expensive and you will have no idea when it will actually sell. Also, you just never know what the new buyers are going to ask you to fix or pay for before you’re able to get rid of your distressed property. By selling it directly, you will be able to have your closing date right away and also avoid the expensive commissions an agent will charge you, repairs, or even cleaning the place up.
Tip #2: Clean It Up a Little
If your property is in need of major repairs or if it is going into foreclosure, you will likely want to sell it quickly. Taking some small steps to make it visually appealing will help buyers see it in a new way. Clean up as much as possible and make any cosmetic fixes you are able to. Try to showcase the property’s potential to help people see beyond its flaws. Even a house with a ton of work can benefit from a little cleaning (if that’s something you want to do yourself) and a good number of pictures.
Tip #3: Disclose Everything
No matter what is wrong with the property, you need to be upfront about it. By not letting people know about property defects, you could be setting yourself for a lawsuit down the road. Take the ethical approach. There is a buyer out there for your property, and you will find them!
Tip #4: Find The Right Buyers
Think about the people who are actively looking for distressed properties. Market to investors and other buyers whom you think would have an interest in your house. It can help to join some local real estate or investment groups in your area to really get the word out.
Tip #5: Be Patient
There isn’t as large of a market for distressed properties as there is for turnkey homes. It might take a while to find a buyer. This can be frustrating when trying to sell within a specific timeframe. If time is an issue, your best bet will likely be selling it directly.
Tip #6: Be Flexible
It is important to have a plan B just in case you aren’t able to sell the property. Consider renting it out if you are able to or finding a loan to help you with repairs. It is important to think about the “what if’s” so you don’t find yourself foreclosed on. Having an open mind and considering all the options can make all the difference.
Tip #7: Know The Value
You might think your house is worth a certain amount, but once you factor in the necessary repairs and upgrade it requires, the actual value of your property today might be much less than you had originally thought. Be realistic about what your house is worth in the condition it is in. Don’t expect to get retail prices for a house that needs repairs.
Tip #8: Paperwork Done Right
If you choose to sell the house yourself, you will be responsible for taking care of all the paperwork and getting an attorney involved if you need assistance (which you can also do when selling direct if it provides additional peace of mind). You will need to provide disclosure documents and create the contract. Everything must be legal and by the book as to protect yourself. When you work with us, we handle all the paperwork, so you will have one less thing to worry about.
Tip #9: Don’t Appear Desperate To Sell
People are going to try to come at you with low-ball offers. If you are able to, stand firm until you are able to get a realistic offer on your house. You don’t have to jump at the first person who makes an offer unless this is your only choice. At Wisconsin House Buyers, LLC, we always pay fair prices for houses, distressed or not.