Selling a distressed property can be taxing, but it doesn’t have to be this way. Learn more about how to sell your distressed New Jersey house in our latest post!
You may believe that selling a distressed property will be burdensome and time-consuming, and in some cases it is. However, with our top 10 expert tips for selling a distressed property, you will be better equipped to sell fast and for a fair price. See those tips below to sell your distressed house in New Jersey!
Tip #1: Avoid Costly Realtors
Selling your distressed property to a professional buyer such as Halo Homebuyers, can save time and money. Listing your New Jersey house with an agent can actually be redundant if your home already needs a lot of work. The reason why is a Realtor will be bringing the same cash buyers to you that you can find online via a couple of Google “we buy houses” searches. You’ll just be paying them a commission to do this. By selling it directly, you will be cutting out the middle man and avoiding the expensive commissions an agent will charge you.
Tip #2: Make It Pretty
More than likely, if your property is in need of major repairs or if it is going into foreclosure, you want to sell quickly to avoid paying anymore carry expenses. However, if the property is not totally dilapidated, taking some small steps to make it visually appealing will help buyers see it in a new way. Clean up as much as possible and make any cosmetic fixes that can comfortably take on yourself. Try to showcase the property’s potential to help potential buyers see beyond the very noticeable flaws.
Tip #3: Disclose Everything
No matter what is wrong with the property, you need to be transparent about it. This is the right thing to do at least. By not letting people know about property defects, you could be setting yourself for a lawsuit down the road. Take the ethical approach. There is a buyer out there for your property, and you will find them!
Tip #4: Find The Right Buyers
Think about buyers who are actively looking for distressed properties. Reach out to investors and other cash buyers who you think would have an interest in your house. By simply conducting some Google searches, you can easily find reputable home buyers. Just look out for the companies that have the best reviews from prior sellers in similar situations!
Tip #5: Be Patient
There isn’t as large of a market for distressed properties as there is for turnkey homes. It might take a while to find a buyer. This can be frustrating when trying to sell within a specific timeframe. If time is an issue, your best bet will likely be selling it directly.
Tip #6: Be Flexible
It is important to have a plan B just in case you aren’t able to sell the property. Consider renting it out if you are able to or finding a loan to help you with repairs. It is important to think about the what if’s so you don’t find yourself foreclosed on.
Tip #7: Know The Value
You might think your house is worth a certain amount, but once you factor in the necessary repairs and upgrade it requires, the actual value of your property today might be much less than you had originally thought. Be realistic about what your house is worth in the condition it is in. Don’t expect to get retail prices for a house that needs repairs.
Tip #8: Paperwork Done Right
If you choose to sell the house on your own, you will be responsible for taking care of all the paperwork. You will need to provide disclosure documents and create the contract. Everything must be legal and by the book as to protect yourself. When you work with us, we handle all the paperwork, so you will have one less thing to worry about.
Tip #9: Don’t Appear Desperate To Sell
People are going to try to come at you with low-ball offers. If you are able to, stand firm until you are able to get a realistic offer on your house. You don’t have to jump at the first person who makes an offer unless this is your only choice. At Halo Homebuyers, we always pay fair prices for houses, distressed or not.