If you want to sell a house that needs repairs, you may wonder if anyone will buy your house in its current condition. Sellers are under no obligation to return their home to “like new” condition before selling, and buyers do purchase “fixer uppers.”
You’ve probably seen the (largely unconvincing) real estate ads for yourself:
- Charming fixer-upper, perfect for first time home buyer!
- Handyman special, sold as is!
- Great home with lots of potential.
All of these phrases are code for: this home has problems. And sometimes, buyers will bite.
How Much Work Does Your House Need?
If your home is outdated, but still in good condition with no major problems with the foundation, roof, A/C, electrical or plumbing, you may be able to make it look better with just a little work. Check out how to fix up a house to sell for tips.
However, if you are selling a house in poor condition, making the repairs needed will not be as easy and will likely require a hefty investment.
How to Sell a House that Needs Major Repairs
Selling a house that needs major work can be difficult on the traditional real estate market. The more repairs your home needs, the harder it is to sell. Attempts to pass repair costs on to buyers can stall negotiations and further reduce the price they are willing to pay for the home.
Naturally, home sellers don’t want to spend a lot of money repairing a home they will soon vacate, and traditional home buyers want their new home to be in as perfect condition as possible. These competing interests can create friction in the buying/selling process and negotiations between parties can drag on before a compromise is made and the transaction moves forward. When no compromise is reached, the deal falls apart.
Selling a home in need of major repairs to a trusted home investor is the best way to avoid this struggle altogether. But how do you decide if this is the right path for you?
Is It Worth the Investment to Repair a House Before Selling?
Repairing a house is expensive and requires a lot of time and work. Since you plan to sell the home, do your research before deciding to make those necessary repairs.
Know what work the house needs and what it will cost. Do you have an old, leaking roof that needs to be replaced? Is the home’s electrical system up to code or will an update be required? Does the home’s foundation need work? Does the kitchen and bath need a remodel?
You could easily spend tens of thousands of dollars or more on work that takes months to complete. If, in the end, you only recoup a little more than what you spent, will the return be worth the extensive investment of your time and money?
Can You Sell a Home As Is?
Whether or not you can eventually sell the home at a profit after making extensive repairs may not be the question you should be asking. You might instead want to find out whether you can sell it as-is, and how fast you can sell it, which will depend on a number of factors including, current market conditions in your area and the extent of the repairs needed.
If the inventory of local available homes is high, you might be waiting a long time before you sell an as-is home to a potential homeowner. And you might have to keep dropping the price to generate any interest.
If a home is in need of extensive, costly repairs, you can except it to sit on the market months longer than more up-to-date properties, even in markets with low available inventory.
How to Sell a House That Needs Work Fast
If you need to move quickly, selling to a home investor is an effective way to speed the process, avoid all of the headache-inducing work and eliminate dodgy negotiations. (Read Should I sell my house to an investor to learn more.)
When you work with reputable home buyers you get:
- Someone who will help you run the numbers in a straight forward fashion. For example, we put together a spreadsheet that will show you whether our offer is more advantageous to you than trying to pay for repairs or offer credits to potential homeowners.
- An all-cash offer that is delivered to you within 24 hours.
- The ability to close in as little as three days if you wish.
- A cash sale that puts guaranteed money into your hands.
The whole process is quick, easy, and straightforward, and you will not need to do any work on your house. Instead, you can focus all your effort on your next chapter.
Depending on the status of your mortgage and several other factors, selling your home as-is to a home investor for cash could be one of the smartest, most stress-free moves you ever make.
I Want To Sell My House For Cash… How Do I Get Started?
If you’ve decided to sell your house as-is for cash, it is important to partner with a local investor who understands the area and the true value of your home. Search for a home buyer in your area and, if you are selling a house in Texas, contact Big State Home Buyers.
We will welcome the opportunity to answer any questions you have and provide a no-obligation, all-cash offer on your house within 24 hours. All with no repairs or work required on your end required.
We make selling a house that needs repairs quick and easy. Contact us now and you could have cash in hand in just a few days!