Selling A Rundown House
Small blue gray mobile home with a front and side porch. It has a white porch railing out in the country on land shared by a larger siding house.
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It is pretty different to sell a house that needs repairs than the one that doesn’t. In the traditional real estate market, a rundown property will not be sold for much, and it would be better to avoid it. So, what other options do you have to sell a house that is not in good condition? Well, aside from selling the property yourself as FSBO, the better option would be to sell to a ‘we buy houses’ company.
How does a ‘We Buy Houses’ Company Works?
You may have come across different ads on the internet or boards in your neighborhood that have “we buy houses in any condition” written all over them. These ads are from legitimate real estate investors that buy houses for cash. Most cash buyers will purchase your house as-is, meaning you can sell your house without any maintenance, cleaning, or repairs done. Benefits of selling to cash home buyers include:
- Quick Sale: Selling a house for cash is among the fastest ways to sell it. Most cash buyers close within days of presenting the offer.
- No Hassle: Cash home buyers make sure that the process of selling your house is entirely hassle-free. You won’t have to worry about any paperwork or any other task related to the process of the sale.
- Sell As-Is: Cash home buyers are real estate investors that can buy a house from you without having you do any repairs or maintenance.
- Quick Cash: Going this route, you can get instant cash for your house. This is incredibly lucrative if you are in urgent need of some capital.
Besides these advantages of selling to a ‘we buy houses’ company; you should also expect some negatives as well. The main disadvantages of selling a home for cash are:
- Low Offer: When selling your house to a cash buyer, be prepared to receive an offer that is somewhat lower than the house’s market value. However, most offers will be pretty fair as cash home buyers don’t like to throw a low-ball offer.
- Scams: The risk of getting scammed is always there, but thankfully it is easy to avoid them. Just do your due diligence, and everything will be fine.
Is Selling As-Is Worth it?
Well, that mostly depends on you. If you say that I need to sell my house ASAP, then you will hardly find a better option than to sell to a cash buyer. Cash home buyers calculate the estimated repair expense based on the condition of the house, and that cost is deducted from the house value to present you an offer.
You don’t have to spend your efforts or your money on the repairs, and you don’t have to wait a long time for the repairs. You get instant cash for your property, and the cash buyers get to make a profit by investing in the property after the sale. In most scenarios, it is a win-win situation. But if you feel like a cash offer is not right, you can always use other ways to sell.
