So you’re ready to sell your old house that needs a bunch of work? Whether your property is severely dated or requires considerable repairs to be fully livable, selling on the open real estate market may prove challenging. That’s because most traditional buyers aren’t looking to purchase a home only to sink thousands into repairs and updates immediately after the sale.
But don’t despair quite yet. Selling an old house that needs work isn’t out of the realm of possibility. When you know how to approach the sale properly and position your house to attract the right prospective buyers, even a house that needs significant repairs can sell.
Read on for a few of the tactics you can use to sell your old house that needs work.
Sell Your House to a Cash Home Buyer
If your house needs major repairs or updates, a cash buyer will purchase it regardless of its condition. Since these types of buyers have considerable resources to draw from, they can easily handle any necessary repairs after they buy the property.
It’s important to note, however, that the cash price the buyer is willing to pay will reflect any repairs your property needs. Here’s how the process typically works:
- You contact the cash home buyer. You reach out to the buyer with a few preliminary details about the house you’re looking to sell. The buyer contacts you back within a few hours at most to discuss your property and your needs surrounding the sale.
- You schedule a home walkthrough. You and the buyer set up an appointment for a home walkthrough, during which the buyer will assess the current condition of your house. Since the condition of your property is a major factor in determining its fair market value, the buyer needs to perform this brief in-home assessment before they can extend a cash offer.
- The buyer gives you a no-obligation offer. After the buyer gathers all the information they need to assess the fair market value of your home, they’ll finalize their fair cash offer and deliver it for your review.
- You decide when you’re ready to sell. Given the no-obligation nature of the offer, it’s up to you whether you decide to accept or decline it. If you like the offer, you can choose to sell right away. If you need to take some time to decide, you can do that too.
Ultimately, a cash home buyer is simply looking to help out a distressed homeowner in their time of need. Given the straightforward and simple nature of this type of transaction, it may be an attractive option depending on your needs and current situation.
Not ready to sell your house for cash? Take a look at the other tactics you can use below.
List Your House “As Is”
If you’re interested in selling with a realtor and don’t want to invest in major home improvements or repairs, listing your house “as is” is likely your best option. When you include as is in your listing, you’re basically telling prospective buyers that you don’t plan to do any work to fix the place up.
When you post this type of listing though, it typically requires an inspection contingency. That means that if your property inspection unearths some serious issues, you might run into difficulties. If the prospective buyer isn’t crazy about dealing with those repairs, he or she can walk away from the contract with no repercussions.
Use Full Disclosure
Another option for encouraging a sale on a house that needs work is to get a property inspection and disclose everything it reveals. This is an excellent way to position the property in front of prospective buyers who may be looking for homes that need work. Unlike traditional buyers, real estate investors, flippers, and do-it-yourselfers are often looking to buy houses that need repairs or updates.
Keep in mind though that if your inspection exposes a few serious problems, you should be prepared to get offers that are lower than the asking price you may be hoping for.
Need to Sell an Old House in Colorado Springs?
If you own an older home that needs work, our team at We Buy Houses Colorado Springs is ready to take it off your hands. As cash home buyers, we buy houses in any condition, and we can close on your sale in just a couple of days if that’s what you need. To find out what we can offer you for your Colorado Springs house, give us a call today at 719-602-8769 or request a cash offer, and we’ll be in touch right away!