We all have an image in our minds that when we sell a house it’s in pristine condition and primed to make the most of the housing market. Of course, that’s not how it works in reality. There are always issues, problems, and special situations that have to be taken into account when you decide to sell your house. There may not ever be a perfect time or perfect version of the property.
That’s especially true when you need to sell your house quickly but it’s in need of serious repairs. That might be because they are too time-consuming, too costly, or perhaps both. Plus, you’re likely busy dealing with other issues, so you have to think critically about your options if you need the sale to happen fast. Your options include completing minor repairs, completing specific repairs, or selling your home as-is. Let’s take a look at each as we figure out how to sell a house that needs repairs.
Sell Your House That Needs Repairs As-Is In Arkansas
You may take one look at all of the necessary repairs, tally up the costs in your head, and think there’s no way I’m going to be able to do any of this and get a return on my investment. Plus, if you want to sell fast, you don’t have the time to order supplies, make the fixes, bring in experts, and check that it’s up to code. The housing market is not going to be kind to your fixer-upper, so you need another option.
Selling your house as-is to a cash buyer is the solution. The process is simple. You call up a real estate investor like 365 Property Buyers. You tell them the situation about your house and the repairs needed. They’ll review the details and make an appointment to meet you and tour the home. Once they’ve seen the situation first-hand, they make you a fair cash offer. If you accept, you tell them how soon you want to close, often in a matter of days. They give you the cash and take possession of the house, leaving you free to move forward while they deal with the repairs.
Make a Few Big Repairs
If you’d rather take your chances on the open market, then you’re going to want to do some kind of repair work on your house before listing. This is where it’s really important to make smart decisions about what’s worth tackling and what’s worth leaving for the buyer.
Make a list of all the repair needs based on a hierarchy of importance. The most important things you need to fix are the things that could be flagged by an inspector and fail their report, thereby nullifying the sale. These can include big fixes such as replacing your roof, electrical panel updates, installing a new water heater, dealing with termite or mold damage, replacing pipes, updating septic tanks, and updating an HVAC system.
If there are other obvious items in need of repair that could either be safety issues or potential hazards, those need to go on the list as well. Think about foundation damage and rotted wood around the house. These are the things a buyer will be noticing, so you have to consider if you want them to be seen or already dealt with. You’re going to be leaving a lot of minor repair and cosmetic issues for the buyer to deal with, but that will be part of the deal. It will certainly cut into your profits but concessions are part of the selling process.
If you’re trying to maximize your profits, however, this is the way to go. Buyers are going to put a large percentage of their available cash towards the down payment, so they’re likely not looking to set aside a lot more to make improvements right out of the gate. If you take care of the bigger fixes, you can ask for more for your house, which also makes the house more appealing to a certain group of buyers. You’re also heading off those pesky post-inspection price cuts that you know are coming.
Make a Few Small Repairs
The other way you can go when it comes to making repairs before selling your house on the open market is to make that same list but start at the bottom. Look for the cost-effective fixes that won’t take a lot of time. This can be everything from cleaning up the yard to fixing a board in the deck to updating the blinds. This is less about trying to fix everything and more about improving the curb appeal of your home.
If you want to take it to the next level, there are some relatively easy repairs and upgrades you can do inside the house as well. They won’t cost too much and, as long as you know what you’re doing, you can improve the value of your house significantly without too much work. These include a new coat of paint in main rooms, fresh caulk in bathrooms and kitchens, new lighting fixtures or bulbs, and professionally cleaned carpets.
Yes, you’re still leaving some major repairs on the table for a buyer to deal with, but it helps your case if you can explain that you did what you could and you’re willing to negotiate on the price in order to offset the bigger concerns.
Know How to Market
Whatever choice you make, if you’re going to sell a fixer-upper house on the open market, you need to know how to market properly. Don’t shoot yourself in the foot before you’ve even met the buyer and had a chance to explain the situation.
First, find a real estate agent with experience working on fixer-uppers. Make sure they understand your specific requirements as well as how the local market will react.
Keep the focus on the positive aspects of your house. Even if it needs significant repairs, talk about all of the great selling points that make your property attractive. Whether it’s location, proximity to schools, lot size, square footage, or sunset views, there’s always an angle you can push.
Price it right. It can be tricky to price a house correctly even under the best conditions. In this case, you’re going to have to take into account not only the local market demand but also how the needed repairs affect that demand. Look to your agent for advice and consider scouring recent sales in the neighborhood to find properties like yours and how much they sold for.
Selling a house that needs repairs is sometimes a difficult process unless you’re willing to make some of the repairs yourself or hire a contractor. If you want to skip the headache and sell your house fast in as-is condition, contact 365 Property Buyers. Our team has bought hundreds of houses all over Arkansas and they can make you a fair offer on your home in any condition. (501)369-0365
Cities in Arkansas where We Buy Houses
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|North Little Rock – We Buy Houses North Little Rock|
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