6 Things You Need to Know About Selling a Distressed Property in Lees Summit

When homes go on the market, they are typically prepped and ready for buyers to come through and inspect with a fine-tooth comb. However, life doesn’t always go to plan, and not all homeowners are in a position to get their property into the condition that most buyers prefer. For some, as they have aged, they just have not seen the need to spend money keep the home decorated in the latest style. Then health issues have forced them to spend money on care and medications instead of home maintenance. Over time, the house has declined as its owner has aged and now it’s time to sell, and the signs of the home’s age and its disrepair are starting to show.

As minor repairs were left unattended, they grew into significant problems. And facing health issues, that take priority, makes it very overwhelming to think about getting a home ready to sell. Often times it’s not the aging homeowner making all these decisions, but rather a loved one. Often a son or daughter, who have put their own lives on hold, while they help mom or dad with health care and selling a house that needs a lot of attention.

Here at kcmoHomeBuyer we work hard to help eliminate the stress and hassle of selling a distressed property. We have outlined six things you need to know.

Value

One of the most important things you need to know about selling a distressed property in Lees Summit is how to determine the value. It’s rather simple, but still an art. We look up other homes in the area that have recently sold, working to find homes that are of similar size, style, and age, to see what they are selling for. Next, we review the subject property and estimate what it will cost in repairs and holding costs to bring it up to a similar condition to the recently sold homes. We take the sold value, less real estate commissions being charged, less our holding costs, less our repairs. Then we can determine the value.

We would be happy to review your home and give you a rough idea of what other homes in the area are sold for and a rough idea of what it would cost to fix it up and how long it would take. We can also give you a cash offer with you doing nothing, as well as an as-is listing option. Then you can decide, fast cash close in a few weeks? List and sell it for a bit more, but take a few more weeks and paying out a commission. Or making the repairs and listing it to sell in a few months. Then you decide what works the best for you.

Repairs

Another thing you need to know about selling a distressed property in Lees Summit, if you don’t want to sell at a reduced price, you’ll need to invest in completing any necessary repairs. However, you should be aware that discovering further and more serious issues as you dig into the home while making repairs is always possible. When we estimate repairs on a home, we usually factor in $5,000 to $10,000 for things we can’t see. How much depends on how old the house is and how big it is.

If you’d prefer not to fall into the bottomless financial pit that repairing a house can open, you can leave your concerns about what lies hidden up to the pros, by selling the house as-is.

Disclosure

Before selling a distressed property in Lees Summit, you should fully understand the laws about seller disclosure. Now is the time to advise your buyer of all information relevant to the property and hold nothing back; otherwise, you may face a legal battle in court. 

Timeline

When you list a home for sale, a count begins tracking the number of days on the market, and the effect this tally has on your final sales price is another thing you need to know about selling a distressed property in Lees Summit. The bottom line when it comes to days on the market, the longer the listing lingers, the lower the sales price is likely to be. Unfortunately, buyers often scroll right on by these listings because they prefer move-in-ready homes,  causing the days on the market to begin to add up. While rare, some buyers may make ridiculously lowball offers, which can highly insult sellers. On the other hand, you could be sleeping well again tonight by selling your home directly to a direct buyer like those at kcmoHomeBuyer who offer a guaranteed closing in just days. If that’s rushing you, at kcmoHomeBuyer, we can set a date for closing at your convenience.

Cash

Often, financing is not an option which is another thing you need to know about selling a distressed property in Lees Summit. Interest rates are rising, so the cost to finance has gone up, eliminating many would-be buyers. Leaving the market to the cash buyers. For this reason, you’ll need to ensure that the buyers you’re working with have the financial backing to carry through with their cash offer. Many cannot afford to tie up their property with a buyer only to have the deal fall through at the last minute, when the proceeds from that sale are paying for the next house or in some cases senior care. When you work with a direct buyer like those at kcmoHomeBuyer, we buy homes for cash, and there are no hefty commissions to pay and no hidden fees coming off the top at closing.

kcmoHomeBuyer

Selling a distressed property doesn’t have to be a stressful experience. With years of experience, the direct buyers know everything you need to make it easy to sell a distressed property in Lees Summit. They are happy to answer your questions and address any concerns about the process, with no obligation. The direct buyers at kcmoHomeBuyer live and work right here in Lees Summit; we are your neighbors, and we want you to feel good about your deal long after closing, so we make an offer that you will agree is fair. Contact kcmoHomeBuyer today by filling out the form below.

---