Are you thinking of selling your distressed property? Traditional listings for this type of property are not suggested as they don’t attract most buyers, take far too long, and are too costly for most owners.
Life can bring unexpected changes that leave you searching for solutions. Homes can fall into states of disrepair that are far beyond the owner’s capacity to handle. There could have been a death, divorce, illness, or job loss, leading to lost income or a forced relocation at play.
In this blog post, we’ll discuss some of the options to sell a distressed property in Raleigh. So whether you’re just starting to think about putting your home up for sale or are already in the process of doing so, read on for helpful advice!
There are always two sides to everything and this holds true when considering how to sell a distressed property in Raleigh. Let’s explore using the service of a professional cash buyer when you’re selling. Due to the nature of cash sales, you’ll benefit time-wise because of the ability to perform extremely quick closings.
Additionally, the sale is as-is and there won’t be any downtime waiting for the right buyer. Nor will you be required to make the investment of your precious time and money in repairs. Another advantage is you’re not carrying any legal risk, as with selling on your own and since most professional buyers pay all of the closing costs, you’ll save even more.
Now, because the professional buyer is taking all of the risks, and offering the advantages of cash sales, their offers are below the prices being realized in the current real estate market. A word to the wise, do your research on who you’re dealing with. Regrettably, there are unscrupulous buyers who may try to take advantage of time or financial constraints they learn you’re up against.
There are a lot of benefits to selling a distressed property on your own rather than through an agent or auctioneer. You’ll be in charge, so there’s no chance for any mistakes and you can save money by handling everything yourself – especially if marketing is something that interests you!
The drawbacks? The process may take more time and can get overwhelming – especially if they are new into the game or don’t have any experience with marketing and legal details of real estate transactions. Not only will they not realize the highest profit on their property through their errors, but they could also end up in a legal nightmare with no way out because issues aren’t considered beforehand.
Property auctions have many advantages. They avoid the headaches of showing your property, and these properties close within 30-40 days so you can sell it as is without having to invest time or money into repairs!
While there are advantages to using a professional auctioneer, keep in mind the usual fee for their service is a rather high 10 percent of the final purchase price. Should the bidder be responsible for the auctioneer’s fee, lower bids overall are incentivized. Otherwise, you’ll be responsible for their fee, absorbing additional costs.
Due to the nature of auctions, the outcome isn’t guaranteed, you may be up against the issue of low attendance. There is also the innate competition when a high volume of properties is up for auction at the same time, leading to lower bids.
No matter which you choose, make educated decisions by taking the time to understand all of your options.
Would you like to learn more about how we can help you sell a distressed property in Raleigh? Just call Present Day Properties today at 984-689-9785 or send us a message any time!