How to Sell Property with Structural Damage
Louisville, Kentucky’s real estate market is currently a seller’s market. This makes it a great period for homeowners looking to sell their home for the best price. However, there’s no guarantee that your house will fetch a lot of offers. A house in a good location that’s ready to move into can receive multiple offers, but houses in Louisville that are sold as-is with some need for repairs may take time to receive a good offer.
Houses with outdated wallpaper or old plumbing fixtures may still be a competitive property on the market since it entails very minor renovations that won’t drastically affect a buyer’s move-in date. But what about houses with structural damage that aren’t safe to live in? These can be a trickier sell. Here are your options when selling a house with damage in Louisville, KY.
Repair Your Home
Your first option is to repair your home and make it safe to live in before putting it on the market. This means spending your own money on repairs and renovations before you can make money. If your home has structural damage due to events like a fire or flood, check if you can file an insurance claim and then use that to pay for the repairs. Otherwise, consider taking out a loan to pay for the repairs.
One of the advantages of repairing your home before listing your property is that you don’t have to lower your asking price because of property damage. Your property can fetch a competitive offer, especially if factors like location are in your favor. However, the disadvantage can be the costs, especially if you don’t have the funds to pay for repairs. Another disadvantage may be how much you have to spend on repairs before it costs more to repair your house than what you can profit from the sale. If your entire home is totally damaged, it may be more practical to sell your home as-is.
List Your Property As-Is
If it is impractical to pay for repairs or you don’t have the means to pay for it, you have the option to list your property as is. You may need to sell at a fair price that is below market value, since buyers will have to spend on repairs and renovations themselves. While you may not be getting offers from buyers who want homes they can immediately move into, you could attract buyers looking for more affordable fixer-uppers to either build into the home they want or investment properties they can flip for a higher price.
The downside is that some buyers may be deterred from buying your home when they see the repairs needed to buy your property. Also, some lenders do not provide home loans for fixer-upper properties.
Sell to a Cash Homebuyer
Instead of listing your property on the real estate market and waiting for an offer, you can opt to sell your home directly. A cash homebuyer can provide a fair price to homeowners selling their property. Professional homebuyers buy properties as-is, so no repairs or renovations are needed before you can receive an offer. On top of this, cash homebuyers do not charge commission fees like real estate agents do. They also cover all closing costs, which further reduces your expenses for selling your property.
Depending on the homebuyer you contact, you can receive a fair cash offer in as little as 72 hours or less after a property viewing. This makes homebuyers a good option if you’re also looking to sell your Louisville, KY house fast.
Should you decide to accept the offer, homebuyers can pay in cash in as little as 14 days after acceptance. Homebuyers pay with their own cash, meaning you don’t have to wait for a loan approval from a lender (which can be difficult to get for fixer-upper properties).
Need More Info?
If your home has significant damage, you have three potential solutions: repair your property, sell it as is, or sell to a cash homebuyer in Louisville, KY. For a stress-free sale without having to spend on repairs or wait for below-market offers, selling to a cash homebuyer can give you a faster selling experience and a fair cash offer for your property.
Contact Rylo Homes today for more information and to schedule a property viewing.