How to Sell a House That Needs Repairs
Thinking of Selling a House That Needs Repairs?
Are you wondering how to sell a house that needs repairs in the Denver Metro Area without spending a lot of money on fix-up projects? The good news is that the current Denver metro area real estate market trends confirm that now is the best time for selling a house that needs repairs.
It’s easy to get behind on keeping a home updated unless you have a lot of time and money in the bank. Maintaining a home can feel like having a never-ending project list. if you are considering selling your home take a look at this free home-inspection checklist.
Small repairs like leaky faucets and larger-scale projects like interior paint, refinishing floors, or re-carpeting the entire house can consume free time and become financially impractical. In real estate terms, a home that needs repairs may be called an as-is sale.
Demand is High for Homes That Need Repairs
Trends in the Denver real estate market confirm that the demand for homes for sale—even those that need repairs—is high because of buyer interest and competition for homes on the market. Placing your house that needs repairs on the market today will likely garner substantial interest from home buyers and real estate investors.
Regardless of the type of repairs that a home needs, when demand for homes is high, selling a house that needs repairs can happen quickly. When selling a house that needs repairs, using Sam Wilson a knowledgeable realtor who has experience selling and negotiating real estate contracts for as-is homes is critical.
When you use the Sam Wilson Home Selling Team, you can rest assured that you and your financial interests are in good hands. Sam and his team will explain the home selling process every step of the way.
Entry-Level Home Buyers Are Looking for Fixer-Uppers
The search for entry-level homes for first-time buyers can result in home buyers looking to buy and fix up a home. Your older home in good condition that needs updates or a house that needs repairs may be the dream home for a single person, a couple, or a small family.
Home buyers who are aware of repairs can estimate the time, effort and establish a home improvement budget. In some cases, investors may pay cash for a house that needs repairs. If you’re looking for a home in the Denver Metro Area you can search here.
Renovation loans are available for home buyers to cover the cost of the home, plus minor and major home improvements. If you are a home buyer interested in an as-is home, ask your lender about an FHA 203(k) loan and the requirements to qualify.
How to Decide If Your Home Should Be Sold As-Is
Selling an as-is home means that a home is sold in its current condition, regardless of identified repairs. The goal of offering a home as-is makes it clear to home buyers that the home seller will not make any repairs.
A variety of considerations exist for home sellers to determine whether they should sell their home as is or make repairs. These factors include:
- Talking to a knowledgeable realtor who has expertise in selling a house that needs repairs to obtain real estate advice
- Ask a realtor to share a home value report with you so that you know how much your home might sell for versus the cost of repairs
- Paying for a home inspection to identify repairs
- Reviewing the list of recommended repairs
- Determining whether repairs are cosmetic like paint or major like a new roof
- Obtaining estimates for repairs
- Reviewing repairs and costs to determine the necessity and financial feasibility of completing the repairs
Estimated costs for large scale repairs can be hefty and depend on the size of a house. If it’s been some time since you updated your home or completed any remodeling projects, you might face sticker shock for some of the more common updates:
- A new roof $10-20K
- Foundation repairs $30K
- Interior paint $5K
- Exterior paint and repairs $10-20K
- The average to update a kitchen or bathroom $15k
- Refinishing wood floors $7500
- New carpet and padding $7500
After you have gathered and reviewed repairs and costs, you can decide to complete small home repairs or sell a home in as-is condition. Either way, Sam Wilson an experienced as-is realtor will be able to help you with the sale of your home.
Taking the Next Step to Sell a House That Needs Repairs
Talk with Sam Wilson about a unique marketing strategy to sell your home. The primary strategy may be to market the home to first time home buyers with a secondary real estate marketing plan to approach investors. Sam Wilson has an internal list of investors and home buyers waiting for homes to come on the market. He is also a real estate expert who helps home buyers find homes for sale that you can’t find listed on the Internet.
Being honest about the condition of your home can avoid real estate deals that fall through because of non-disclosed home repair issues. A real estate contract to sell includes a Sellers’ Property Disclosure form.
Realtors cannot offer legal advice on how a home seller should complete the form. When questions exist about information in a real estate contract, home sellers and home buyers are encouraged to contact an attorney.
Hire An Experienced As-Is Realtor to Guide You Through The Home Selling Process
There’s no need to hesitate to sell a home as-is when you work with a realtor experienced in negotiating the sale of a house that needs repairs. Sam Wilson is a knowledgeable realtor based in Lakewood, Colorado, who helps home sellers and home buyers throughout the Denver metro area.
Sam’s experience in probate sales lends itself to selling an as-is home owned by an elderly parent who was unable to keep up with home repairs. Short sales, REO properties, and foreclosures are other areas where home sellers and home buyers benefit from working with a knowledgeable realtor to guide them through the process.
For more information on selling or buying an as-is home in the Denver metro area, contact Sam Wilson.
© 2020 Sam Wilson All Rights Reserved. All Articles by Pamela D. Wilson MS, BS/BA