Selling a house that needs repairs

Should I Fix Up My Home or Try to Sell My House As Is?

Selling my Home in As Is Condition

Is the house is need of major repairs?  Can you afford to fix up your house and still have room to sell without being under water and requiring to short sale my house?  These are questions you have to ask yourself.  If you cannot afford or don’t want to fix up your house, you can usually contact a “we buy houses” company in your area that will make a cash offer and take care of all the repairs.  These companies specialize in buying ugly houses or handyman specials, fixing them up, and reselling them in brand new condition.  This is a great way to sell my house fast.

Do Home Buyers Want Fixers or Fixed Up Homes?

Some buyers are looking for a fixer upper that they can put their own finishing touches on, while other buyers are looking to find a home that they can move into and have no work needed.  It depends on your area and real estate market conditions.  Most fixer buyers are willing to do simple repairs such as paint the walls, put in new carpeting or replace light fixtures. They typically don’t want to rebuild a foundation or move walls.

Before Fixing Up Your Home

Weigh the cost of  improvements against the home’s market value after the repairs or upgrades are completed. If an upgrade won’t return the investment, such an improvement might not be worth it. Before you decide to lift the roof and install skylights in the master suite, realize that kitchens and baths are where most buyers spend their time.

Here are 10 minimum improvements to make before selling your home:

• Patch all holes and cracks in walls and ceilings.
• Fix all broken appliances and HVAC systems.
• Repair leaky faucets.
• Replace worn carpeting.
• Repaint dark or marred walls with neutral paint (not white).
• Replace broken windows.
• Repair the roof.
• Change out dated light fixtures / ceiling fans.
• Replace old linens / window coverings.
• Fix code violations.

Why Isn’t My Home Selling?

I can’t sell my house!

In a buyer’s market, it is especially important to make your house stand out from the rest.

Here are some tips

• Look at the pending and sold properties in your area.  These are the properties that are attracting buyers.  How does your house compare?  Do you need to paint or put in new flooring?
• Photographs – make sure that the photographs of your house that are used in any marketing are complimentary and shot in good light.  Reduce any clutter and make your home appear spotless and roomy.  Don’t take pictures of small areas, focus on the kitchen.  Remember to include your backyard and garden area.
• Marketing and advertising – send postcards to area neighborhoods, put out open house signs on the weekends, get your house listed on the internet.
• You hired the wrong real estate agent.  Make sure to choose a real estate agent that is professional and experienced in selling houses in a buyers market.
• You home is not price to sell.  You don’t want to give your house away, but you need to price your house right in order to sell.  Don’t inflate your price so that you can show price decreases, price it to sell right from the start.  Consider putting your list price just below the last sold house in your area that is comparable to your house.

If you need to sell your house fast, consider contacting a we buy houses firm that can buy your house for cash.  We buy houses firms can be very creative and help you with all the costs associated with selling your house.  In most cases, they can close the transaction in days and you won’t have to pay any money out of pocket.  They can also help short sale my house.

Can I sell my house back to the bank?

Can you sell your house back to the bank?

The short answer is no.  The bank does not want your house.  They want to loan money, they are not in the business of owning real estate and they are not looking to buy your house.  If you need to sell your house fast, contact a we buy houses investor in your area.

If you are thinking about selling your house back to the bank, you’re probably behind on your payments and facing foreclosure or the value of your house is less than what you owe to the bank.  In either case, you have options available to you.  Contact a local real estate agent or investor that can talk to you about your foreclosure options.

One option is a deed in leiu of foreclosure.  Basically the bank will accept the property back.  Most times these are hard to do and most banks are not willing to take the property back.  Again, they do not want your house.

Another option is a short sale.  A short sale is when the bank allows you to sell your house for less than you owe.  Depending on your state and your specific situation, you could owe money to the bank after the sale.  Talk with a local real estate attorney that is familiar with your state’s laws.   If you are interested in an Arizona short sale, contact us to discuss your situation.  We have a team of attornies, real estate agents, and investors that can guide you through the process.

If you are unable to get a short sale completed, you have the option of letting the house go into foreclosure, filing bankruptcy, renting out the house, or continuing to make the payments as long as you can.  The choice is yours but before making a decision, make sure you get all the facts.

Should I sell my house now?

Choosing the right time to sell your house

If you can choose when to sell, it’s best to do it in a “seller’s market” — when the number of available homes is low in relation to the number of buyers. Here are some indicators that the market is good for sellers:

• Mortgage interest rates are low, allowing buyers to finance larger mortgages.
• The economic climate of your region is healthy and people feel confident about the future.
• There’s a jump in house buying activity, as often occurs in the spring.
• Your area is considered especially attractive — because of the schools, low crime rate, weather, proximity to a major city, or other factors such as employment opportunities.

Of course, not everyone gets to choose when to sell. If you have to move immediately — for example, because of financial reasons, a divorce, a job move, or an imperative health concern — and you don’t have any of the advantages listed above — you may have to settle for a lower price in order to make a quick sale.  Another option would be to contact a local professional real estate buyer.  Real estate buyer and investors are looking to buy houses in sellers markets and buyers markets and can be especially helpful when you need to sell your house fast.  Just look search online for “We Buy Houses” in your local area, craigslist.org, or try your local newspaper classified ads.

In most areas of the country, now is not a sellers market.  Prices are dropping, mortgages are hard to qualify for and foreclosures are at an all time high.  For most people, if you can stay in your house and weather the storm, this is not the time to sell your house.

How can I sell my house quickly in today’s real estate market?

Tips to Sell Your House Quickly

In many areas of the country, it’s very hard to sell your house fast.   There seems to be a glut of homes for sale, and fewer buyers willing to buy them.  You might have plenty of “lookers”, but no one willing to make you a reasonable offer. This may be due to mortgage interest rates, or simply due to the nature of real estate, which tends to have spikes and cooling off periods.

Be Creative, set your house apart from the rest

There are several creative options you can do to help sell your home quickly. You can offer to pay certain closing costs which the buyer would normally pay, such as closing costs. You can offer to “pay down” the interest rate on their loan. You might offer to pay for the buyer’s moving fees, or offer a gift card to a local home improvement store. You could agree to pay for the inspection report. Be creative. You could offer a flat screen television or leather furniture.  While these expenses may run from a few hundred to several thousand dollars, they may save you money in the long run. Not having to reduce your asking price significantly, and selling your house quickly, will equate to a bigger savings to you.

Location, Location, Location…emphasize the selling points of your location

Additionally, if you know of any planned improvements for your area, be sure to point those out. If buyers have children, point out any advantages of your local school system, or special schools which may also operate in the area.  Find out what the buyers interests are, and point out how those interests can be enjoyed in your area.

Contact a professional

Alternatively, to sell your house quickly, contact a local real estate investor.  Real estate investors, we buy houses companies, are looking to buy houses and do not require long closing periods, inspections, repairs, or any fees.  Many investors can give you an offer within 48 hours and close within 10 days.