One of the biggest misconceptions of Bay Area homeowners is that selling a distressed property requires a lot of time and effort. Fortunately, this type of sale is often fast, fairly priced and efficient. If you intend to sell a home, there are 10 tips outlined below to help make the process of selling your San Francisco or Oakland house smooth and easy.
Traditional Real Estate Agents are Not Recommended for Distressed Properties
When you decide to sell your home, you will most likely consider a traditional realtor first. For typical sales, the property is advertised by the realtor. Potential buyers see the ad, then are invited to view the home. Distressed property sales are different for Alameda, Contra Costa, Solano and Napa counties. The market for this type of property is a lot smaller. This means traditional advertisements are generally not effective. There are better options if you want to sell your property quickly, and without unnecessary stress.
Your best possible option is a realtor specializing in selling distressed properties. Experience is vital for selling this type of property. You will discover the process is faster, resulting in your property selling sooner. The need to persuade potential buyers, or upsell your property, is completely eliminated. Realtors experienced with distressed properties understand the best way to classify your property. This means the length of time necessary to sell your home is substantially decreased.
The Critical Importance of Full-Disclosure
When you sell property, you need to disclose all relevant information to enable potential buyers to make an educated decision. Buyers require full disclosure from the seller to determine if the property is right for their specific needs. You need to disclose a wide variety of information including structural issues, neighborhood issues and natural hazards, whether the home is distressed or not. Disclosing these details is not only required, but is also vital.
Since the requirements for disclosure are slightly different for every state, your best option is consulting with a realtor specializing in selling distressed properties and homes. If you do not disclose this information, you may find yourself dealing with legal issues. Being both upfront and honest is in the best interests of both yourself and potential buyers. No matter how much information regarding your home you need to disclose, you can still find a buyer.
There are numerous people and companies in the Bay Area that purchase distressed homes on a regular basis. Complete and honest disclosure will not surprise the buyer or impact their decision to purchase your property. When you offer transparency, you are giving potential buyers the confidence they require to make a purchase. The result may be a faster sale.
Understanding the Value of Your Property
A distressed property does not have the same value as a home in perfect condition. For this reason, you should conduct research to determine the value of your home prior to running any advertisements. You should determine the cost of repairs, then factor this amount into your home’s value. Using the value of homes in the area that have sold recently is a useless endeavor. These properties will have a higher value. You can determine a realistic value through multiple professional valuations.
Determining Your Time Frame
Patience is critical once you decide to sell your home to a we buy houses Bay Area company, if you intend to receive the best possible price. If you have a deadline in the near future, you need to consider decreasing the price a little to help ensure a fast sale. Prior to conducting any negotiations with potential buyers, you need to determine if a fast sale or a better price is more important. Allowing your home to remain on the market longer may provide you with a better price. If you require a fast sale, determine the minimum amount you are willing to accept.
Completing Your Paperwork Correctly
If you decide to sell your home without the help of an agent or realtor, you will be responsible for ensuring all the paperwork is completed correctly. You will need to prepare all the correct papers to make certain the proper standards are met by your contracts. This is a critical part of the sales process. You need to be certain you do not make any errors. If your contracts are irrelevant or incomplete, you may remain liable for what happens on the property.
The result can be serious future complications. Consider having an attorney help you with the sales contracts for your home. This will ensure your contracts are legal and binding. If your home is being purchased by a company, or an individual familiar with buying distressed properties, they will most likely have the paperwork you will require to complete the sales process.
Improving the Condition of Your Property
A lot of distressed properties are simply homes in disrepair or with considerable damage. You do not need to spend a lot of money on improvements to enhance your property. A few simple cosmetic changes can make a big difference, such as cleaning out the yard or even mowing the lawn. Anything that improves the appearance of your property without requiring a big investment is worth considering. The idea is to improve the visual appeal of your home to entice potential buyers.
Looking at Different Options
Your initial instinct for a distressed home or property may be to sell. Prior to making this decision, take a good look at the options available to determine the best one for your needs. Selling your home is the simplest way to eliminate any extra effort and receive funds. If you are qualified to receive a loan, think about renovating your home to increase the market value. Once in good condition, you can sell the property or keep it.
You can contact San Francisco builders, Oakland electricians, landscapers and plumbers to receive repair estimates. You can then determine the expense necessary to completely renovate your home. The value of your home on the current market, including the cost of repairs, may result in receiving more money than simply selling your home as a distressed property. You need to decide which option makes the most sense for your circumstances before you decide to sell.
The Option of Selling Your Home for Cash
There are numerous issues with distressed properties that can prevent an appraisal. A good example is significant water damage to the home. If the purchaser intends to get a mortgage, they may not be able to locate a lender willing to provide one. If this happens, you still have the option of selling your home in the current condition for cash. There are numerous reputable firms purchasing distressed properties quickly. Selling for cash means you can sell your home without a lot of stress.
If you are unable to have your home appraised, the sales market is very small. Your best option might be selling your property for cash. You need to decide if the funds and effort to complete a renovation, making an appraisal possible, is appropriate for your needs. If you decide you do not want to make any repairs, selling your distressed property for cash is an excellent option.
The Issues of Postponing a Sale
While taking the time you need to think about your options is recommended, you should not delay selling your home for too long. Postponing a sale often has negative repercussions. During the period of time you are thinking about your options, your home could be damaged even more. The result is a decrease in value. Taking the steps necessary to ensure your home remains secure is expensive. You will need to continue paying all of the bills for your home.
Selling your distressed property quickly can save you a lot of money as time passes. If there are issues with the structure of your home, or you do not have enough security, you may discover trespassers and squatters inhabiting your property. If they refuse to leave, you will have legal issues to contend with. If they do leave, you may find additional damage to your property. You need to find the middle ground between considering your options and selling your property to achieve the best possible results.
Locating the Ideal Buyer for Your Home
No matter what type of home you are selling as is, locating the ideal buyer is important. If you are attempting to attract the wrong demographic, your property may require years to sell. If you are unable to have your home appraised, running advertisements for potential buyers intending to secure a mortgage is pointless. The potential buyers will not be able to do so. If you are interested in a fast sale, running ads intended for the open market is not your best option.
Yes, you may have a lot of people interested in viewing your home. The issue is you will most likely receive extremely low offers, and have to answer numerous questions. You will most likely be wasting your time, increase your level of stress, and not sell your distressed home or rental property. Decide what you want upfront, such as a fair price or a fast sale. You can then figure out the buyers your home is going to appeal to. Once you understand your options, selling a distressed property can be fast, simple and straightforward.