Reality Of Selling A House That Needs Repairs
Selling a house that needs repairs can be a difficult proposition for any homeowner. Do you have the cash to make the necessary repairs to the property so that you can get fair market value? What repairs do you need to make, and what can you do without? What repairs will add value to your home? The condition of every property is different; your approach to getting your property into sellable condition can be too.
Types of Repairs to Consider
Cosmetic repairs that are easy to do and may cost little to no money can help you increase the curb appeal of your property. Painting the interior of the house to a neutral/beige color will appeal to a vast audience of folks. Warm tones and hues make the property feel homey. Cleaning the carpets is less expensive than replacement and can give it a real face lift.
Finishing your basement can not only add additional square footage and livable space, but add to the bottom line. An average return on your investment could be up to 70% depending upon the total square footage and floor plan.
More serious repairs, however, need extra attention and thought. Let’s say your roof needs to be replaced, and you know the exterior needs to be painted. You had bids come back six months ago around $20,000 for both, but you simply didn’t have the cash. You can deduct $20,000 off the listing price of the house, but If you are not able to deduct the repairs from the sale price, you may need to reconsider your approach.
Don’t Forget the Appraisal and Inspection
If the potential homebuyer is getting a mortgage, many lenders require a home appraisal and inspection, ensuring their money is going to a property that is in good condition. Should the appraisal come back less than what the buyer is paying, bad news. The buyer will have to either come up with the money to cover the shortfall in the loan, try and renegotiate with you, or simply walk away from the deal.
Then there is the hurdle of clearing inspection and buyer objections. In many cases, lenders will demand that certain repairs be made before the loan is approved. Do you have the cash to make these necessary repairs?
Sound like a lot of hurdles to clear just to sell your house? Most certainly, selling a home that needs repairs can be a risky proposition. Fast track the sale and contact Summit All Cash instead for a FREE, no obligation property assessment. Our local team of experts will conduct a thorough home inspection, determine the amount of repairs we will make after purchasing the property, and make you a cash offer on the spot.
What are the benefits of going with an all cash offer if you’re selling a house that needs repairs?
- You receive a no obligation ALL CASH offer the same day for your property.
- You DO NOT have to make ANY repairs to the property…we buy AS-IS!
- Appraisals and inspections…not required for an all cash offer.
- We can close in as little as 7 days, putting cash in your pocket and your worries behind!
If you are stressed about selling your house when it’s in bad condition, take a deep breath and give Summit All Cash a call at (719) 394-3573!