Foreclosure rate is one of the most daunting things you can face when trying to sell a home.
Nationwide, the sale of distressed properties accounts for half of all home sales, so those sold for below market value or out of foreclosure can be make the market tough – but not impossible.
As anyone who has ever looked at a foreclosed home can tell you, there may be benefits in the price tag, but there’s a trade off. Sparing potential buyers from repairing everything will put your home ahead.
Foreclosure rate is one of the most daunting things you can face when trying to sell a home.
Distressed properties make up about half of all home sales.
The prices of foreclosed homes can be appealing. Making it so the new owners will not have to do anything else will put your home ahead.
The sense of disrepair is the biggest problem with foreclosures. Houses deteriorate over time if they lack attention. Not only will the dust and dead insects accumulate and the lawn get overgrown or be damaged by a contract mower who wants to limit his trips, but there could be broken windows or exterior damage from storms or vandals that wouldn’t have happened or would have been repaired quickly had the home been occupied.
Also if a home needed repairs to leaky plumbing, broken fixtures, or anything else, a homeowner facing the possibility of foreclosure wasn’t likely to do that work. Updating appliances would not be bothered with. Stained carpets would not be bothered with either.
While the home may then come with a big reduction in its price, a home buyer has to know they’re taking on all that undone work. You can put your listing in the lead by keeping your property landscaped and clean. Make sure to retouch and clean anything that looks dull or dusty.
Remodeling bathrooms and kitchens will be the ones that add to the home value.
Another advantage you’ll be able to offer over a distressed property is the possibility of a quicker closing. Paperwork can take months to go through on a foreclosed home. So the buyer can move quickly, prepare a 30 day closing date.
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