There are millions of Americans struggling to keep up with their mortgage or their rent. Those who own their homes risk defaulting on their loan. However, there are ways to deal with a house that is on the verge of foreclosure. Selling a distressed property isn’t easy, though. So we’re here to help. Flash Realty Solutions is going to give you tips on how to sell a distressed property, so read more to find out how you can sell yours.
Defining Distressed Property
First, you should know what a distressed property is and what qualifies as a distressed property. A distressed property is any dwelling in which the owner is unable to keep up with their financial responsibilities. This could mean they have defaulted on a loan or can no longer afford the mortgage and taxes. Distressed property could also refer to the structure itself being harmed, run-down, or vandalized.
Selling Options for Distressed Property
Depending on how much time you have, there are a few different options you have for selling distressed property. We’re going to explain those options in the following sections.
There are organizations such as We Buy Ugly Houses that buy distressed properties. They offer you cash for your property, no renovations necessary, but the catch is that they usually don’t offer you the fair market value of your home. Additionally, offers are rarely negotiable and they can take a while to close, leaving you waiting for your money.
If you’re not on a time crunch, you can always sell your home yourself. You’ll need to start with a house inspection to reveal things that need repair or renovation. If these repairs and renovations will cost you a lot, this might not be the best option for you. However, through self sale, you’ll save money on agent fees. You’ll need to do all of the leg work yourself of course, including advertising, open houses, working with potential buyers, and filing paperwork.
The Traditional Route
If your home is a distressed property in the sense it’s just run down or old, you can go the traditional route by working with a real estate company like Flash Realty. This will require inspections and safety regulation checks, and you’ll need to spend money on renovations to get it out of the distressed state. However, you’re likely to get a higher offer on your home by going this route.
If you have a distressed property on your hands and need help figuring out what to do with it, contact Flash Realty Solutions in Houston, Texas, today! We can help you decide which way of selling your distress property is right for you and help you do it.