Owning a Peoria fixer-upper property can be a burden. With many buyers searching for homes they can move into immediately, properties needing repairs often get overlooked. This reality means the odds are stacked against you when listing a home that requires extensive work. Add to that the stress of awaiting inspection results, which can lead to buyers backing out or demanding repair credits, cutting into your profits. For many, the cost of keeping up with repairs on a fixer-upper only escalates, leading to more distress.
Selling a Peoria fixer-upper property doesn’t have to be a never-ending headache. The key lies in choosing the right exit strategy. Whether you decide to sell the property as-is, make repairs, or try listing it on your own, your decision can significantly impact how much cash you walk away with after closing. Below, we explore several potential strategies for dealing with a costly Peoria fixer-upper property.
FSBO
Selling your Peoria fixer-upper property on your own is an option if you want to avoid agent commissions and handle everything yourself. However, FSBO listings often come with risks. Many buyers shy away from properties that need work, and homes listed by owners typically sell for 26% less than agent-listed homes. Add to that the stress of setting the right price—too high, and your property will sit on the market, too low, and you’ll lose money. In Peoria, FSBO sales represent just 7% of the market, so it’s essential to weigh the pros and cons carefully. For a more hassle-free experience, consider reaching out to a local real estate investor who can provide a fair cash offer and skip the complications.
Make Repairs
The most profitable way to sell a Peoria fixer-upper property is by completing necessary repairs, but home renovation shows often make it look easier than it is. Major fixes, like structural repairs or updating systems, can be costly and time-consuming. It’s important to hire licensed professionals to ensure everything meets local codes and to avoid causing more damage. Before starting, research the After Repair Value (ARV) to see if the investment is worth it, as over-renovating can lower your return. Consulting a transparent direct buyer can help you assess repair costs versus selling as-is, allowing you to make an informed decision.
Traditional Listing
If you choose a traditional listing, be prepared for buyers to view your Peoria fixer-upper property as a money pit, likely offering low bids to account for potential unseen repairs like structural issues, outdated wiring, or plumbing. Inspections and appraisals can lead to further delays and negotiations over repair credits. Selling as-is requires full transparency to avoid future legal disputes over undisclosed problems. Alternatively, selling directly to a local buyer saves you time and money on repairs, commissions, and closing costs, and you’ll benefit from a guaranteed closing date, often within weeks, making the process faster and more straightforward.
Selling As-Is to a Local Buyer
Perhaps the simplest option is to sell your Peoria fixer-upper property as-is to a local buyer. This eliminates the need for repairs, inspections, and dealing with traditional listing complications. Companies like Heartland Funding Inc. offer cash for properties in any condition, relieving homeowners of the financial burden. You’ll get a fair offer and won’t have to worry about paying commissions or covering closing costs. Plus, you’ll have a quick closing, often within weeks, allowing you to move on without delay.
When it comes to selling your costly Peoria fixer-upper property, consider all your options. Whether you sell through FSBO, make repairs, list traditionally, or sell as-is to a local buyer, each approach has its benefits and drawbacks. At Heartland Funding Inc., we aim to make the selling process as simple as possible, offering fair cash offers and a smooth, stress-free experience.
Reach out today at (800)-255-8250 or fill out the form below to explore how we can help you sell your fixer-upper property and move on with peace of mind.