You’ve come to the difficult decision to sell your house, but you realize there is some property damage. If you don’t have the extra cash to make the repairs before selling, here are 5 tips for selling your house with damage in Minneapolis St Paul.
When Selling Your House Withe Damage In Minneapolis St Paul, Minnesota
Fallowing these professional tried and true tips with bring you success in selling your damaged home, in the timeline you can deal with.
Tip #1: Include As-Is in Your Listing
One way to sell your house with damage in Minneapolis St Paul would be to include the term “As-Is” in your property if listing it with a local Minnesota agent. Placing a being sold As-Is signification on your listing will tell all buyers that you are not interested in doing any repairs or improvements on the property before it is sold. A real estate agent has a spot on the MLS Multiple Listing Service, where they can specify that this house will be sold As-Is, and can be written into the contract when it is being sold. Even with this signification on your listing, you will get buyers who ask their buyers agent to have you fix things as part of their inspection. If that happens, you have two options, and you can ignore the response from the buyers and continue with your original stance of selling it only As-Is. Or, you can talk with the buyers on and come up with an agreement that works for both of you. Both of these responses depend on how much traffic you are getting on your showings or if others are interested in putting in an offer. If you are getting a lot of traffic and maybe even multiple offers, sticking to your guns makes the most sense. While, if you are getting little buyer traffic and no other offers, you may consider this offer with its asking for a repair. It might be the only offer you get on your home.
Real Estate Investors are always scanning the MLS looking for fixer-uppers, houses sold As-Is, for ones with damage. They know that those houses are more likely not going to be sold to a retail customer, and they have a chance of buying it for a good value. Just know that investors make money on rehabbing properties just like yours, and they are always going to lowball you on price.
Tip #2: Inspect and Disclose Everything!
Another tip for things you should do when selling your house with damage in Minneapolis St Paul is to have the property inspected and to disclose any known damage to potential buyers. Some people may have a first response: Why would I ever tell the buyers all the issues we have with him home? That is why we are selling this Minneapolis St Paul home As-Is. Let me explain the wisdom behind this. When buyers see that you are not doing anything to cover up anything, they feel so much more secure than what they see on the house, is really what the house is all about. They come for a showing, and you offer a gift to them of a professional home inspection outlining everything they may consider doing to repair or update the house as they are walking around it. No surprises, full discloser.
When your real estate agent puts together the marketing material for you home have them take these inspections and disclosures and make them available on your listing. Do that will help the buyers determine how severe the damage is and if they are willing to repair it if they buy it. Some properties may be in such disrepair that it is less expensive to demolish the structure and build a new structure to the buyer’s taste. Some properties have such a great location that the land itself is worth most of the asking price. Some buyers have determined that it is worth buying and tearing down the structure, especially if it is an excellent waterfront property on Lake Harriet in Minneapolis or Lake Como in Saint Paul.
Tip #3: Visually Spruce it Up
Another tip for selling your house with damage in Minneapolis St Paul is to spruce it up visually. The damage might not seem so overwhelming if the rest of the property is taken care of. This may include a fresh coat of paint on the exterior, a few new flowers in the flower bed, or merely pressure-washing the property the driveway. First impressions are everything, so when someone drives up and their first impression, it looks great, while everyone knows the interior is going to need some work, it helps buyers feel more comfortable with the process. This will help make the property look more promising and more ready to be occupied. Keep in mind the repairs that will need to be made so you don’t waste your money improving the look of an area that will just be destroyed during repairs anyway.
Tip #4: Entertain “lowball” offers
Another tip for selling your house with damage in Minneapolis St Paul is entertaining all “lowball” offers. If you have added As-Is to your MLS listing, disclosed all known damage or issues, and visually spruced up your property for first impressions, you will most likely be receiving many offers that you feel are a bit too lower than you wanted. When you get those offers how do you review those offers and take one? You may need to entertain a few of these offers and consider them. With your house having damage, you will probably not receive many offers near the average market value or, as we call it, Retail price. Homes that need work because of the damage most of the time are going to sell closer to a wholesale price. Selling at wholesale means that right from the beginning, you will need to discount your property up to 30% off retail because of the damages. If the damages are substantial, then your discount may even be more. People tend to forget who sets the price for a home for sale. Many of us think that either the real estate agent or the homeowner sets the price. But that is not true. The market or the buyers set the price with what they will pay to purchase the property from you. That can be a hard pill to swallow when you think your place is worth more than it is. Or you make think that I should just wait to sell your Minneapolis St Paul home, but what it may cost you more to wait to sell.
Tip #5: Sell Directly to a Home Buyer
One of the easiest ways to sell your house with damage in Minneapolis St Paul is to sell directly to a professional home buyer. Most of these buyers search for any property they can get their hands on and are willing to purchase them with damage. Most of these home buyers will also make you cash offers with short closing time frames, and at times will even pay your closing cost. This would be the ideal buyer to go with because you do not have to go through the hassle of working with a real estate professional. Not listing it with an agent gives you the freedom to not deal with many of the showings that they require to sell your house. Also, selling to a home buyer, there are no home inspections or having to make any improvements at all to your property. With this ease of selling, be prepared to receive a lower than market retail value offer from these buyers since they are willing to put in all of the work while asking very little of you. Who are some of the home buyers in Minneapolis St Paul, well we are here at Minnesota Cash Home Buyers. We love to buy damaged homes with ease from home sellers just like you. Check out some of our reviews of happy sellers.