9 Tips for Selling a Distressed Property in Wichita Falls
Selling a distressed property doesn’t have to be stressful. Learn more about how to sell your distressed Wichita Falls house in our latest post!
You might think that selling a distressed property will be difficult and time-consuming. In some cases, it is! However, with our top 10 expert tips for selling a distressed property, you can sell quickly and for a fair price. Keep ready to learn more about how to sell your distressed house in Wichita Falls!
Tip #1: Avoid Costly Real Estate Agents
Selling your distressed property to a professional buyer such as TruTex Properties will save you time and money. Listing your Wichita Falls house can be expensive, and you will have no idea when it will actually sell. By selling it directly, you can choose a closing date immediately and avoid the expensive commissions an agent will charge you.
Tip #2: Spiff it up
Is “spiff” a word? Anyway, if your property needs major repairs or is going into foreclosure, you will likely want to sell it quickly. Making small steps to make it visually appealing will help buyers see it in a new way. Clean up as much as possible and make any cosmetic fixes you are able to. Show the property’s potential to help people see beyond its shortcomings.
Tip #3: Disclose Everything
No matter what is wrong with the property, you need to be upfront about it. By not letting people know about property defects, you could be setting yourself up for a lawsuit. Take the ethical approach. There is a buyer out there for your property, and you will find them!
Tip #4: Find The Right Buyers
Think about the people who are actively looking for distressed properties. You may want to market to investors and other buyers who take run-down properties and put in the hard work to transform them into market-ready homes. It can help to join some local real estate or investment groups in your area to get the word out.
Tip #5: Be Patient
The market for distressed properties tends to be limited – certainly less than the demand for turnkey homes. It might take a while to find a buyer. This can be frustrating when trying to sell within a specific timeframe. If time is an issue, your best bet will likely be selling it directly.
Tip #6: Be Flexible
It is important to have a plan B just in case you aren’t able to sell the property. Consider renting it out or finding a loan to help you with repairs. It is important to think about the what if’s so you don’t find yourself foreclosed on.
Tip #7: Know The Value
You might think your house is worth a certain amount, but once you factor in the necessary repairs and upgrade it requires, the actual value of your property today might be much less than you had originally thought. Be realistic about what your house is worth in its current condition. Don’t expect to get retail prices for a house that needs repairs.
Tip #8: Paperwork Done Right
If you choose to sell the house on your own, you will be responsible for taking care of all the paperwork. You will need to provide disclosure documents and create the contract. Everything must be legal and by the book to protect yourself. When you work with us, we handle all the paperwork, so you will have one less thing to worry about.
Tip #9: Don’t Appear Desperate To Sell
People are going to try to come at you with lowball offers. If you are able to, stand firm until you can get a realistic offer on your house. You don’t have to jump at the first person who makes an offer unless this is your only choice. At TruTex Properties, we always pay fair prices for houses, distressed or not.