In the United States, there are about 1.5 million abandoned homes, many of which are in poor condition. Selling distressed property can be difficult, but it’s not impossible! We’ve put together this short guide to show you how to sell a distressed property in the best way possible.
It is termed a distressed property when the owner is unable to pay their bills. This could mean they have fallen behind on a loan or are unable to pay their mortgage and taxes. The structure itself can be considered distressed property. If a house is in disrepair, neglected, or vandalized, it is considered a distressed property.
How to Sell a Distressed Property
You may believe that selling a foreclosed home will be difficult and time-consuming. It is in some circumstances! You can sell a distressed house quickly and for a fair price if you follow our top seven expert advice for selling a distressed property.
1- Make It Pretty
If your house needs extensive repairs or is about to go into foreclosure, you’ll probably want to sell it as soon as possible. Small changes to make it more visually appealing will help purchasers see it in a fresh light. Clean up as much as you can and make any superficial repairs you can. To help people see past the property’s shortcomings, try to highlight its potential.
2- Disclose Everything
Whatever is wrong with the property, you must be honest about it. You could be setting yourself up for a lawsuit if you don’t let people know about property defects. Consider the ethical standpoint. There is a buyer for your house out there, and you’ll find them!
3- Avoid Costly Agents
You will save time and money by selling your distressed property to a professional buyer like CashBuyersNY. It can be costly to list your New York home, and you will have no idea when it will sell. You’ll be able to get a closing date immediately quickly if you sell it yourself, and you’ll save money on commissions if you use an agent.
4- Find The Right Buyers
Consider the people who are actively hunting for foreclosed homes. Market your home to investors and other buyers that you believe would be interested in it. To really get the word out, join some local real estate or investment groups in your region.
5- Know The Value
You may believe your home is worth a specific number, but once you take into account the necessary repairs and upgrades, the true value of your home today may be significantly lower than you initially believed. Be realistic about the value of your home in its current state. For a house in need of repairs, don’t expect to get retail pricing.
6- Do Paper Work Correctly
You will be responsible for all of the paperwork if you decide to sell the house on your own. You’ll have to construct the contract and furnish disclosure paperwork. To protect yourself, everything must be lawful and done according to the rules. When you work with us, we handle all of the paperwork, so you won’t have to worry about it.
7- Don’t Be a Sale-Hog
People will try to take advantage of you by making low-ball offers. If you can, hold your ground until you receive a reasonable offer on your home. Unless it’s your only option, you don’t have to accept the first offer that comes your way.
How CashBuyersNY can Help you?
For over a decade, our company has been purchasing homes in the New York market. So you can trust us if you want to sell a house fast in New York City (NYC). CashBuyersNY specializes in assisting New York residents with simple property buying procedures on their own schedule.
CashBuyersNY can buy your house quickly and make you a full cash offer within 24 hours, or we can buy it when it’s convenient for you. You’ll love dealing with us because we’re investors and issue solvers who can buy houses and fix problems at the same time. You can contact us now or also can get an offer if you are ready to sell the house fast in NY for cash.