Do you own a distressed property in Chicago or the surrounding suburbs, and you have no idea how you’re going to get it sold? Maybe you’ve inherited a house that hasn’t had any updates or upgrades in decades. Maybe it’s even a hoarder house with junk and debris everywhere and you don’t even know how to get started with cleaning it out. For homeowners who need to know how to sell a distressed house, a traditional listing just isn’t going to work. Think of all the time, money, and energy needed to transform an old, outdated, unsightly house into one that attracts buyers! While TV shows make rehabbing a house look like a lot of fun, the reality is very few homeowners have the luxury of being able to remodel a house to get it ready for listing.
Real life events can bring unexpected changes that have you searching for solutions. Death, divorce, illness, job loss, or even the need to move closer to aging loved ones can all force a homeowner to have to sell quickly. In those situations, there’s just no time and often no budget for a remodel. For those who received a house from a loved one, inheriting a property may seem exciting at first but it might be in a state of disrepair, leaving you stuck figuring out how to sell a less than desirable house. In fact, more often than not people who’ve inherited a house are extremely surprised to discover just how much work it actually needs before it can be listed and show-ready. There might even be violations or complaints that need to be taken care of. Getting work done and the house cleared out can take a lot of precious resources, and all the while holding costs such as insurance, property taxes, and utilities are still accruing until the very day it sells. So when you reach your limits and you decide to sell a distressed house, how do you do it and what’s the best way to get it done quickly? Below we review a few options.
Sell Your House Fast for Cash
You may have seen signs along the road that read “we buy houses” or “cash for homes” and you’ve wondered if those types of businesses are for real. There are many home buyers out there, and a professional cash home buyer can be a great solution for selling a distressed house quickly. A professional company like Kendall Partners will purchase your house using cash — there are no banks involved, so you skip the hassles and time it take to sell a house to a buyer who is trying to get approved for a loan. When you are ready to sell a distressed house to a cash home buyer, you benefit from an as-is sale — you skip the money and time it would normally take to make all the repairs and upgrades! You also won’t have to spend a lot of time waiting for the right buyer to come along, all the while paying the bills of just owning an empty house. Lastly, because you’re selling on your own and we pay your customary closing costs, you don’t carry any legal risks associated with disclosures and you save even more on the transaction.
Because a professional cash home buyer takes on all of the risks associated with the property and offers sellers the benefits that come with a cash sale, their cash offer will be under market value. Sellers should always research and understand the reputation of the cash home buyer they’re working with. If you’re speaking to a cash home buyer, make sure you know whether or not you’re working with a wholesaler. A wholesaler wants to get your house under contract and look for a third party to buy your house at a higher price. The wholesaler will then ‘reassign’ the contract to that third party and take payment from the profit at closing. These types of deals often fall through when the wholesaler has a difficult time securing a third party buyer.
When you’re working with a professional cash home buyer, that buyer will actually purchase your house with cash and take title to the property, closing in their name. There’s no risk of the deal falling through, because there are no third parties — no banks, no lenders, no appraisers, no inspectors, no third party buyers. You can have more control over the transaction, because the contract remains between you and the cash buyer who closes on the deal. If you’re ready to sell a distressed house in as-is condition and you want to sell quickly, you should speak with a professional cash home buyer like Kendall Partners. Give us a call today at (630) 389-8232 and speak with one of our friendly, professional team members who can help you see if we’re a good fit to sell a distressed house. Don’t forget to check out our great testimonials and Google reviews from satisfied sellers.
Do-It-Yourself
Selling a distressed house as ‘for sale by owner’ might sound like a good option, because you’re in charge of the sale. You also won’t have to pay any agent or auctioneer fees, which will come out of the proceeds of the sale. As long as you’re knowledgeable on the marketing and the legalities involved, you can save money by handling everything yourself. Oftentimes, sellers inexperienced in marketing and the legal details have trouble selling a house on their own. These types of errors can lead to less profit and even possibly legal nightmares with no way out. There are other expenses that will still cut into your profit, such as cleaning out the house for showings, staging, photography and/or videos. You’ll also still be paying for various maintenance, cleaning, and lawncare or snow removal while you own it. Lastly, there are holding costs that still accrue until it sells, even though the property sits vacant. These include the mortgage (if there is one), insurance, interest, property taxes, and utilities.
Professional Auctioneers
Properties sold at auction usually close in about 30-40 days and they sell as-is. They also help eliminate the parade of showings walking through the house. Sellers will save time and money. There are a few things to keep in mind, such as the auctioneer’s fee which can be as much as 10% of the final purchase price of the house. Make if you choose to auction off a house, make sure you know who pays the auctioneer fee. If the bidder is responsible for the fee, then the bidder is incentivised to keep the bid lower. If the seller is responsible for the fee, then even when you receive a higher price you might end up absorbing all the auctioneer costs and paying a lot out of your proceeds. Another thing to keep in mind is that the outcome of an auction is never guaranteed. Low attendance might be an issue, or there may be so many other properties being auctioned at the same time, leading to lower bids.
Want to learn more about how you can sell a distressed house quickly? Give us a call today at (630) 389-8232 or submit your information below. We’d love to speak with you and discuss your unique real estate situation to see if selling your house directly to a professional cash home buyer like Kendall Partners is a good fit for you.