Need to sell a house now but you feel overwhelmed by repairs? Have you run out of time, forced to sell before facing foreclosure and eviction proceedings? Unable to perform the work or afford the expense of completing the repairs your home needs before you list it on the real estate market? There are other options, read on to learn more about how to sell a house that needs repairs in Philadelphia.
To sell a house that needs repairs in Philadelphia, you could market the property “as-is,’ meaning that no repairs will be made. Nor will any credit towards the repairs be met as a contingency of the sale. Naturally, buyers expect a bargain price when they look at homes that need repairs so you must be prepared to take a loss. As most buyers will request an inspection, it would be wise to have your own inspection and appraisal done, so that you will be fully armed with financial facts at the negotiating table, about how much the repairs should subtract from the market value. Regrettably, lenders have standards for homes and require inspections and appraisals, so your pool of buyers is limited. Above all, be honest about everything, disclosure in real estate carries legal risks for you as the seller.
Make the Repairs
Another way to sell a house that needs repairs in Philadelphia, in the hopes of selling at the full market is to have your home inspected by a professional, then get an estimate from at least three reliable contractors for the work. In this way, you will have a realistic picture of what you’ll go through what can be highly time-consuming repairs. Because surprises may arise that could add thousands of dollars to the process, you should include a padding for these unknown issues being discovered. Be certain to allow a buffer of 10 percent more than the known work estimate to avoid being caught off guard. You should also allow a buffer of time, when you are making your plans, it is very easy for work crew schedules to get off track, causing delays down the line like dominoes. While there may be an average number of days on the market, there is no way to know ahead of time when or if the property will sell, so be certain you can afford to hold the property as well.
Sadly, should you attempt to sell the home “as-is,” many buyers are immediately turned away, preferring homes in move-in condition, meaning even more time sitting on the market. After you have gone through the hassle, headaches, and expenses of making repairs, there is no closing date awaiting you at the end of it all. There isn’t even a guarantee the home will sell. The easiest way of all to sell a house that needs repairs in Philadelphia is a direct sale. Because professional buyers, like Mike Buys Houses, buy homes in “as-is” condition, you do not even need an inspection. With a fast closing date, usually within a week, and a guaranteed sale, professional buyers like Mike Buys Houses help you solve your problems quickly. By making a direct sale to Mike Buys Houses, you won’t need to worry about insultingly low offers. Mike Buys Houses takes all the risks, letting you forget all about the concerns of disclosures, the headaches of showings, or losing time and money on making repairs.
Are you ready to sell a house that needs repairs in Philadelphia right now? We will do all of the work while you are enjoying your earnings! Why not make the wise choice and start working with Mike Buys Houses? Just send us a message or call Mike Buys Houses at 267-984-4765 today!