Putting a fixer-upper on the market might not attract the highest offer, but it comes with unique advantages. It spares you the trouble of spending a lot of time and energy on major repair. Forgoing home improvement is especially convenient when you just want to turn your property into money fast.
Furthermore, you can attract buyers who are financially capable of closing within a week. Since many St. Louis, Provo, and Kansas City real estate companies are out there to flip houses in disrepair; you can get paid in no time. These buyers usually pay in cash, but they offer flexible payment options. If there’s an existing mortgage on your property, a fixer-upper buyer might agree to take over the loan.
Selling your house in “as is” condition can benefit you in many ways, but understand that there are certain practices you need to observe. Use these tips before listing your fixer-upper:
Set the Price Low Enough
Be realistic with your asking price. This way, you can attract as many buyers as possible. If you ask for too much, you might price out many serious buyers. But if you price it too low, you might not make the most out of its worth.
Setting a bargain price leaves more room in a buyer’s budget to absorb the necessary repairs. Considering that your fixer-upper is likely going to be subject to flipping, the other party needs to acquire it for a reasonably low price to turn a profit.
A good rule of thumb is to research the price of similar properties. Find out how other fixer-uppers are priced in your market to make a competitive offer.
Get Your Hands Dirty
Selling a fixer-upper isn’t necessarily similar to selling a dirty house. The poor condition of your property isn’t an excuse to skip cleaning. Ridding your house of trash, dust, bird droppings, and cobwebs can enhance leave a positive impression to a potential buyer.
If it would be obvious that you’re selling a fixer-upper, avoid vanity home improvements, like new painting. A buyer may interpret your gesture as a way to cover up damage.
When a buyer pays your property a visit, be straightforward about its flaws. Besides, nobody’s expecting it to be structurally sound. Don’t try to lie in any way in hopes of increasing your asking price because an experienced investor can find out when you’re bluffing.
Focus on the Good Stuff
Although your commodity is damaged goods, it doesn’t mean it lacks selling points. After all, a real estate company wouldn’t consider buying it when it has no great resale potential.
Emphasize what’s attractive about your fixer-upper. It probably has a dry basement ready for remodeling or has plenty of yard space for future additions. If your property is located in a good neighborhood, capitalize on that too.
There is more demand for fixer-uppers than you probably think. Yours won’t appeal to everybody, but all you need is to get the attention of the right buyers to generate interest and get favorable deals.