Guess what the root word of ‘distressed’ is? You got it: Stressed! And that is exactly what owning a distressed property cause you to have! Trying can sell one can, too. It’s a good thing you are here reading this article because the following 8 tips for selling a distressed property in Chattanooga can help to reduce a ton of that stress. Let’s jump right in!
Tip #1: Avoid Costly Realtors
Listing your distressed home with an agent can be expensive and yield poor results. The time and cash it will take to have it fixed up to meet their marketing standard can be a tall order, especially for a house that you are looking to unload! By selling directly to a professional home buyer like Blackjack Real Estate, you can have your home sold for cash as it currently is! There are no long listing periods are no expensive commissions you have to pay out – just a cash offer for you home that can close in as little as 7 days!
Tip #2: Full Disclosure
Your property is distressed. Being upfront about everything you know concerning your property’s condition will go a long way to build trust in the person you are selling it to. They are walking into that arrangement knowing full well they will have to roll up their sleeves do some work. What is most important is that you do not mislead your buyer and set yourself up for a future lawsuit!
Don’t worry: There is a buyer out there who is looking for a project just like yours!
Tip #3: The Right Buyer for Your Property
There is a whole subculture of people who live to buy distressed properties! Find out where those people frequent and start a conversation. Investors and independent buyers are looking for properties just like yours so join some of your local online groups and call some local investors. It’s always better to pursue your ideal buyer rather than hope the right one finds you!
Tip #4: Patients is a virtue
When selling your distressed home, patients is important. People looking for a work-in-progress home are fewer than those looking to buy a move-in ready home so it can take some time to come across the right buyer. If time is a factor, don’t forget that reaching out directly to people and companies who specifically buy distressed homes. When you do, make sure that it is the right buyer for your needs – offers a reasonable price that is agreeable to you and can close the sale in a timeframe that you need. Cash home buyers like Blackjack Real Estate do just that!
Tip #5: Backup Plan
Being flexible with your expectations will go a long way when trying to sell your distressed home. If you are having trouble finding a buyer, renting your home can be a good way to have the house generate its own income in order to pay for some of the updates and repairs. Before exploring this option it is important to remember that being a landlord can present its own set of challenges.
Tip #6: Know the Value of your Distressed Home
If you base the value of your distressed home on the value of the surrounding area, you might be in for a bit of a shock. Be honest with yourself about the condition of the home: once you factor the cost of repairs and updates it needs, the value of the property might be less than you had anticipated.
Tip #7: Don’t Get Trapped by the Paperwork
Selling your home by yourself is more than just a sale. It comes with paperwork and legal documents that must be filled and filed correctly. Not doing so can put you at risk for legal trouble in the future. Working with Blackjack Real Estate can relieve you of having to deal with that extra paperwork. Because we specialize in home purchases, we have filling and filing down to a science to give you one less task to worry about.
Tip #8: Don’t be Over Eager to Sell
When you set a price for your home, potential buyers will see that price and offer you less. Every time. The more desperate you seem, the less they will offer. When you set a realistic price for your home, stand firm on it. If that price isn’t met, keep showing as long as you are able. At Blackjack Real Estate, we always pay a fair price – whether you are selling a distressed property in Chattanooga or a turnkey ready home that you need to sell fast!