by Charles Mburugu April 22, 2020 modified for posting here
Selling a home in poor condition is a challenge that many sellers face. It is not easy to convince someone to buy a home with a cracked foundation, potholed driveway, dingy floor or a leaky roof. Buyers today want to move in and not have to immediately take on repairs. Fortunately there are businesses like Rapid Home Deals that buy homes in poor condition the Ocala area and the surrounding counties. These companies buy houses they can “add value” to and then resell.
So, What Exactly Do We Mean, We Buy ‘Houses in Poor Condition’?
Also known in the industry as a lemon, is a house that needs work beyond paint and carpet and minor updates like new lighting fixtures. These houses are just what we buy houses firms in the Ocala area like Rapid Home Deals are looking for. It could fall into one of the following categories:
- Fairly good, but in need of updates – This is a house that has some general repair issues, but is in generally ‘fair’ condition. You know what that looks like. How many “honey do’s” have you never gotten around to? A house like this would have one or more of the following: an outdated kitchen, cluttered interior, stained floors, outdated bathrooms, peeling paint, weathered exterior, and outdated light fixtures. This would also include roofs with less than five years of life and AC systems that are 10 years old or older. if your house fits into this category and you want to sell without an agent’s commission it’s a perfect fit for we buy houses firms like Rapid Home Deals.
- Visible repairs needed –You can live in it, but with more serious problems that could also be hazardous such as electrical issues, roof damage, plumbing problems, foundation issues, faulty HVAC, damaged flooring, and non-functioning faucets. In mobile homes that would include soft floors especially if they occur under windows. Although the extent of repairs is greater these are still a good match for we buy houses companies in Ocala and the surrounding area. Rapid Home deals buys houses like this and worse for cash.
- Totally uninhabitable – This house has multiple issues that make it uninhabitable. It will have one or more of the following issues: severe roof damage, black mold, termite infestation, serious foundation problems such as sinkholes, asbestos or lead issues and severe chimney damage. These items are well beyond the “honey do” list and would require a licensed contractor to correct. Tougher still but still a house a we buy houses company would buy. Think of it like a small version of what New Orleans saw after Katrina.
How to Sell a Home in Poor Condition
Wondering how to sell your house in poor condition? Here are some tips for selling a house that needs repairs:
1. Sell as-is to a real estate investment firm like Rapid Home Deals
You must have seen the handwritten signs on the side of the road that say ‘We buy houses cash’ or ‘We buy ugly homes for sale in any condition’. There are many savvy investors in the real estate market that are always looking for a distressed property that they can buy quickly for cash, add value to the house and then resell. These are the flippers you see on HGTV who buy houses in poor condition, fix the problems and resell them at a higher price.
If you don’t have the get up and go, money, time to fix up your house, you could consider selling a house as-is to a real estate investor like Rapid Home Deals. The investor will take responsibility for any necessary repairs. Since there is no real estate agent involved, there are no commissions to be paid. I am a real estate agent myself but am acting on my own behalf so I don’t charge any fees. Additionally , you will pay no closing costs. As part of our cash offer, Rapid Home Deals will typically pay off any outstanding tax liens, house payments, and other financial obligations.
Unlike traditional house sales, selling a house to a cash buyer is very fast. Since the real estate investor is buying in cash, you will not have to wait for the buyer’s bank loan to be approved. In addition, there is no real estate agent, home inspector or appraiser involved. There also is no parade of strangers wandering through your house without you knowing what their health status is. The Rapid Home Deals handles all the paperwork with the title company.
Usually, Rapid Home Deals will make a cash offer within 24 hours after meeting you. If you accept it, you will receive the full payment within a few days. This payment will not have any deductions for closing costs or hidden fees.
2. Sell by yourself (FSBO)
The other way of selling a house in poor condition is to DIY. This strategy is commonly referred to as For Sale By Owner (FSBO). Unlike selling to an investor, For Sale By Owner is a hands-on approach that requires your total involvement. You will be responsible for setting the asking price, listing your property, advertising, hosting open houses, negotiating, and closing. If you have experience in selling houses, this is the perfect option for you.