Sometimes being the owner of real estate property in MI can be a hassle. If you’ve been searching for quality information about selling a distressed property quickly in Detroit or the surrounding suburbs, keep reading. In this post we will highlight some helpful tips that you can implement if you are selling a house that’s in rough shape. The more we focus our attention on solutions and not the problems, the quicker we can resolve these issues and move on. In general, it’s always a good idea to have a game plan in place before putting your house up for sale. Let’s discuss more details about selling a distressed property.
Deal With Cash Offers Only
I’m sure that at some point in your life you may have heard the phrase “cash is king”. When selling a distressed property quickly, that phrase is probably the most relevant term ever created! The reason for this is because a cash sale is very cut and dry. There is no waiting period for a potential buyer to be approved by a bank. In other words either the buyer has the cash or they don’t. So when selling a house in poor condition, be upfront that it’s cash only!
What They See Is What They Get
If the property needs a lot of repairs, it’s best to sell as-is and allow the next owner to deal with it. Worrying about fixing up the house will just eat up more of your time and money so don’t even think about it! All you will need to do is be very clear with the buyer that you will be selling the house as-is and make sure that it’s written into the purchase agreement before signing it.
Clean Up And Throw Out The Garbage
This is a must-do when selling a distressed property in Detroit. Although we had just gone over selling as-is, it’s still important to clean up the property as much as possible prior to putting the house up for sale. The first impression is everything and cleaning up or decluttering will make a difference when selling your property. You don’t necessarily need to remove all of the trash but definitely should get rid of as much as possible or at least organize the clutter to create a better appearance. Also depending on the time of year, keep the lawn mowed, leaves raked or remove snow or whatever applies to the current season. These minor details can actually make a major difference in the end.
Price At A Reasonable Discount
Would you go to a store and expect to pay full-blown retail price for damaged goods? Probably not, especially when you could buy another item that’s in good condition for the same price. The same theory applies when selling your house. The goal here is to sell your property fast even though it’s not in good condition, so it’s important to be realistic. Typically the steeper the discount the quicker it will sell.
Other Important Details For Speeding Up The Process
There are also some other tasks you can do as a seller to speed up the process and close faster. The first thing is to verify your property taxes and find out exactly how much you owe if anything. The second thing you should do is to order a final meter reading for the water bill. The sooner this is done, the quicker the closing can be completed. Within a few days of signing a purchase agreement with a buyer, it’s a good idea to verify with the title company directly to make sure that the buyer has ordered the title search. The sooner the title report comes back, the quicker the sale will close.
The Method Of Selling
You will need to decide whether you are going to hire an agent or attempt to sell your property on your own. If you sell it yourself, you might save some money on the backend however the process might take a little longer. An agent already has the proper paperwork and marketing resources in place to help sell your house. The downside is that some agents won’t list a house that needs a lot of repairs. In most cases the buyer of a distressed property in Detroit is an investor and only a handful of real estate agents will work with investor clients. That is a topic in itself beyond the scope of this particular blog post. Another alternative would be to sell directly to a local company who buys houses. This method of sale can save you the headaches that come with listing or selling on your own. You could save yourself a lot of time and avoid paying closing fees altogether!