Putting a home on the market usually means spending weeks cleaning, painting, and repairing it before opening it up for viewing by prospective buyers. Occasionally, however, situations arise when time, financial issues, or other obstacles make it difficult or impossible for sellers to do some or all of the preparations needed to get the home into pristine, show-worthy condition. If you have a home that you really need to sell but lack the time or financial means to fully prepare it for the market, here are some options to help.
Setting the price below fair market value to attract buyer interest
If you need to sell an as-is home quickly for a specific reason, such as avoiding a foreclosure or making it possible to relocate quickly for work or family reasons, you may be willing to unload the house at less than fair market value. Marketing a home in this manner immediately attracts buyers who can see the potential in purchasing an as-is home and are willing to overlook condition issues in order to have a lower mortgage payment.
Homeowners who choose to advertise their home below market value to attract a quick sale should always be careful to ensure that any purchase offers they receive clearly specify that the sellers will not be responsible for making any repairs and that the home is being sold in "as-is" condition.
Consider an owner-finance arrangement
If the home has significant condition issues that will affect a buyer's ability to get it financed via the traditional mortgage route, offering an owner-finance arrangement can be possible option for getting it sold. When considering any owner-finance arrangement, sellers should always make sure that the potential buyer has been thoroughly vetted, with a good credit history and a positive income-to-expense ratio that will allow them to meet their contractual obligations to purchase the home.
In addition, sellers who choose to offer owner financing should consider engaging the services of a reputable real estate attorney to ensure that all documentation is correctly worded to help reduce the risk they will face as mortgage holders.
Look for a cash buyer
The fastest way to sell a home with condition issues is to find a investor who has made a business of buying homes for cash. In most cases, these buyers are prepared to close very quickly, and most will accept homes with even major issues. Investors who routinely pay cash for homes will usually do only a cursory inspection of the home before making their offer, sometimes within hours or days of learning about a home being offered for sale. For information on finding a cash buyer for your home, contact someone like Jed Gwynn LLC.