Selling a distressed property in Chicago can feel like a challenge. How much should you spend fixing it? What’s is it really worth? Properties like this aren’t usually found on the MLS and are often avoided by many agents. This is simply because there isn’t a high market for homes like this. An investor will have to do the work before seeing the results. However, selling a distressed house can be very doable if you follow our tips below. Learn more about the easy way to sell now!
Tip #1 – Appeal To The Right Buyers
Not every buyer is looking for a distressed home. In fact, very few will be open to the idea. Think of who your potential buyers might be. Most likely it will be an investor or house flipper. You might find someone looking a fixer-upper themselves, but you can’t expect to get the same response as you would with a turn-key home. When selling a distressed property in Chicago make sure you are getting it in front of the right people.
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Tip #2 – Sell The House For Cash
Many people don’t know how easy selling a home can be. There are investors and home buying companies eager to purchase your fixer-upper home. This is an extremely beneficial alternative to a traditional listing. One thing to watch out for are inexperienced and unethical buyers. Make sure you are dealing with a reputable company such as Heartland Funding Inc.. We make things straightforward, simple and transparent from start to finish. A good homebuyer will never pressure you to sell. Rather we will work together to find a solution that works for you!
Tip #3 – Don’t Over Spend On Repairs
So many people will spend money on repairs, only to set off a chain reaction of costs. Many times, people will repair the house as if they are going to continue living there. While fixing the house up can have a positive effect on your final sale price, now is not the time to spend your money on big-ticket items. They say kitchens and bathrooms sell homes. Try to make inexpensive improvements to these areas that won’t cost an arm and a leg. If there are repairs needed that can be fixed at a reasonable price, it might help you to attract more buyers. However, you can’t always expect to see a dollar for dollar return on your investments.
Tip #4 – Have Everything in Writing
A distressed house will often require many repairs be made. Make sure you have a detailed contract with the buyer, clearing yourself from all repairs that come up down the road. Set the terms of the deal and be as detailed as possible. You don’t want a buyer to come back after the sale attempting to collect money for an unexpected repair. When you sell directly to Heartland Funding Inc. we buy as-is, fully taking ownership of the house and repairs within.
Tip #5 – Show The Potential
When showing the home to potential buyers, help them imagine what the home could be. You could opt to work with an interior designer or carpenter to help create renderings of what the house would look like after improvements. Add some comforts of home such as lawn chairs in the yard or fresh fruit on the table. It might seem strange in a run-down house, but it will serve as a subtle reminder that this could be an amazing house for the right person.
Tip #6 – Accentuate the Positive
Have a great view? Showcase the window to accentuate it. Play up and great features the house has so people are able to see beyond the chipped paint and soiled carpets. Instead, direct their attention to the fireplace by adding some flowers on the mantle, or show just how great the location is by creating maps of the area, featuring different attractions and restaurants.
Tip #7 – Price to Sell
You need to be realistic with your price if you are selling a distressed property in Chicago. Many times sellers will have an inflated price in there head because they believe the property to be worth more than what people are willing to pay. Take a look at what other similar properties are selling for and price the house accordingly.
Tip #8 – Offer A Credit
Including an incentive will capture the attention of many buyers you might not have otherwise. The idea of a fixer-upper seems a lot sweeter if the new owners have some capital to make improvements their way. You can sell people on the idea that they will have the power to fix up the house for themselves however they want. Being able to choose cabinetry, bathroom fixtures and so on can be very appealing to potential buyers.