Should I Sell My Damaged House As-Is or Try to Repair It?
Whether you have an older property or your house was recently damaged by a natural disaster, It can be tough trying to sell your damaged house on the market. In today’s real estate market, there are plenty of move-in-ready houses that are more attractive to buyers. In addition, you may not have the time or money to fix your house and get it ready to sell.
One alternative to a traditional house sale is to sell your house as-is for cash. A company that buys houses can assess your property’s current market value, make a fast cash offer, and buy your house as-is. If you are in a situation where you need to sell your house fast and move on, a cash sale can be your best option.
Why Is a Damaged House Hard to Sell?
There are several reasons why it can be difficult to sell your damaged house fast.
High Repair Costs
If it costs too much for you to repair your damaged property, it also costs too much for the average buyer. The average cost to repair a damaged property is $12,000 to $15,000. Basic repairs like fire damage can cost more than that. The average buy does not want to spend that much to restore a property.
Too Labor Intensive
Even if a buyer pays someone to repair your house, the project can be labor-intensive and require more time and energy than they are willing to give. Most buyers today don’t want to spend that kind of time fixing up a house before or after moving in. They would rather move into a house that is already in good condition.
Hidden Problems
A damaged house may have hidden problems not seen in an appraisal or inspection. These problems compromise the integrity of the property. If a storm damaged the house, water leaks might have damaged the walls, ceiling, or floors. These problems can go undetected for several years, causing the house to decay.
No Financing Available
Unless the buyer is willing to take out an additional loan for home improvements, a bank is not likely to approve a loan for a damaged house. A lender will see a damaged house as too high a risk. In addition, you may not be able to find an insurance company that is willing to insure the house to secure the loan.
How to Sell Your Damaged House As-Is
If you don’t want to deal with the hassle of a traditional sale or you can’t find a buyer for your house, you can still sell your house as-is to a company that buys houses in Wichita, Kansas. The transaction is a cash sale and is much simpler than listing your house on the market. You can sell your house to a professional home buyer in just three easy steps.
Step 1: Schedule a Walkthrough with the Buyer
The first step to selling your damaged house fast is to contact the company that buys houses and schedule a quick walkthrough. You show the house as-is to a single buyer. There is no obligation to sell the house and no risk to you. Plus, it’s quick and easy. There is no need to prepare the house to show.
Step 2: Get a Fast Cash Offer in 24 to 48 Hours
If the buyer likes what they see, they will call you and make a fast cash offer. Most buyers will get back to you within one to two days. They typically submit an offer based on a healthy percentage of your property’s current market value - damaged included. A professional, honest buyer will never lowball you - instead, you can expect a fair offer.
(H3 Step 3: Accept the Cash Offer
Once you receive the offer from the buyer, you decide if you want to take it. If you accept the offer, you schedule a convenient closing date. You and the buyer meet to sign the paperwork. The buyer hands you a check and pays up to 100 percent of the closing costs. You do nothing else - simply walk away with no strings attached.
How Does a Cash Sale Help Me in My Situation?
There are several benefits to a cash sale.
- No closing costs
- No realtor commissions
- No repairs or upgrades
- No inspections or appraisals
- Sell when you want
- Close in seven to 21 days
Once you decide to sell your house, you will run into numerous problems if you list it on the market and hire a real estate agent. A cash sale eliminates the problems and gives you a quick exit from the house and the mortgage.
Sell Your Damaged House Right Now to Blue Sky Properties
Regardless of the condition of your property or your current situation, you can still sell your damaged house as-is for cash. Blue Sky Properties buys houses as-is in Wichita, Kansas. To find out more about how to sell your house fast, call 316-202-4249 to get a fast cash offer.