The roof of your house is leaking, the basement has mold, the electrical system is outdated, the water pipes are corroded, and the house has several other cosmetic and structural issues.
Now, after living in the house for years, you've finally decided to sell it – but you don't have the money or time to make any repairs that will increase the home's value.
So, you're wondering who would want to buy a crumbling abode.
In real estate, your type of property is known as a fixer-upper, which is a house that a potential buyer may still be able to live in but requires repairs, such as redecorating or reconstruction.
The good news is that not all home buyers want a modern house with top-of-the-line fitted appliances, solid hardwood floors, and so on. The housing market is flooded with people shopping for fixer-uppers to renovate and resell for a profit, or to customize to their tastes.
In this post, I'll share some tips for selling your fixer-upper house quickly to these types of buyers.
5 Tips to Help You Sell a Fixer-Upper House Fast
Doing the following things can fast-track selling your run-down house:
Work on Your Home's Curb Appeal
The curb appeal is the first thing that prospective buyers notice.
So, you must ensure that this area is attractive because it plays a significant role in determining how many potential buyers come your way and heavily influences their purchasing decision.
You can enhance the appearance of your curb yourself by cutting the grass, planting colorful flowers, repainting the mailbox, decluttering the outside space, pressure washing the walkways, among other things.
According to a Michigan State University study, doing this will not only help you sell your fixer-upper home faster, but it may also increase your home's value by 5–11%.
Once you've finished with the outside, declutter and deep clean your home's interior because it's a turnoff for potential buyers to walk into what could be their future house and find it cluttered and grimy.
Set the Right Price
Fixer-upper homes are obviously priced lower than other properties due to the repairs required.
I understand that you want to sell your home for the highest possible price, but if you overprice, you'll drive away many home buyers who find these types of properties worthy investments due to their reduced cost.
Looking at what similar homes in your neighborhood have recently sold for and then deducting the estimated repair costs the new homeowner will have to pay to arrive at a listing price is one method you could use to determine the right sale price for your house.
So, for example, if homes similar to yours are selling for $500,000 and repair works would cost $100,000, a listing price of $400,000 would make sense.
Regardless of how you arrive at your selling price, make sure it doesn't prevent you from receiving serious offers from legitimate buyers.
Shout about Your Home's Positives
Your home may have issues that you should be upfront with potential buyers about, but it also likely has some features that you could include in your listing to generate more interest in the house early on.
Prospective fixer-upper buyers may be interested in the following:
A potential high resale value: House flippers, for example, are constantly on the lookout for properties that they can purchase cheaply, renovate, and resell quickly for a profit.
If your home's value can massively increase after repairs, giving them a good ROI, you should include this information in the property listing.
Unique selling points: Does your home have desirable features such as a pool, large bedrooms, walk-in closets, original wood, etc.? These can get you more offers.
In-demand location: Also, if your house is in a desirable location, many buyers who would otherwise be unable to afford a home in your area may not mind that it requires some work. So, use this as a selling point to quickly attract potential buyers.
Hire a Local Real Estate Agent
Selling a turnkey home is stressful, so finding a buyer and closing a deal on a fixer-upper will be even more so.
Working with an experienced real estate agent in your area can help you avoid the hassle of selling a home and they'll probably be able to sell your house faster than you could.
The agent can assist you in selling a fixer-upper house more quickly by:
Changing the focus from your home's flaws to its strengths
Setting a fair price that is acceptable to both you and potential buyers
Immediately connecting you with buyers who regularly invest in houses in need of renovation
Some real estate agents may also lend you money to make minor repairs, such as repainting the house to make it more appealing
While you may not want to pay a real estate agent's commission, using an agent can help you get a higher price for your home, especially if you work with one who has experience selling fixer-uppers. Talk to our real estate solutions experts and we can help advise on whether a cash home sale (below) or agent is best for your particular situation.
Sell to a Cash Buyer in Your Area
This is the simplest and quickest method for selling your old house.
Cash buyers typically have the funds available to purchase your property and can make you an offer for it "as is", which means you don't have to make any repairs, on the spot or within a few hours of viewing it.
If you accept their offer, because there is no mortgage process, the money can be deposited in your account in a matter of days, providing you with the funds you need to make a down payment on your dream home.
Some cash buyers will also pay for the home sale closing costs, ensuring that you do not lose any money on the transaction.
The disadvantage of a cash home sale is that you receive a lower price for your home, but if you find a reputable cash home buyer, they'll make you a competitive offer for your home even if it is about to be demolished.
If you're wondering how cash buyers make a profit, they do so by renovating the property and renting or selling it for a profit.
Sell Your Fixer Upper House Fast for Cash to HomeBuyers of Pittsburgh: The #1 Professional Home Buyer
Is your house in poor condition, and you want to sell it quickly as is? Contact Homebuyers of Pittsburgh at 412-444-8914 or info [at] urbanpgh.com, and we will come to your home to inspect it and give you an offer soon after.
The offer will be competitive, and we can close the home sale in a few days or at a time of your convenience, should you accept it.
We perform our own house evaluations and buy homes in any condition, so you won't have to deal with appraisals, repairs, home staging, listings, real estate agent fees, and other stressful real estate sale processes.
When you work with us, you can expect a quick and stress-free home sale. Contact us today!