Selling A Problem House
Selling a problem house can be well, a problem. There are a lot of things that can go wrong when trying to sell a problem house and it can become an ugly situation. Many homeowners these days do not want to buy a house with any issues, even the smallest things. When you have a problem house it can quickly become two, the problem and selling it. In this short article, we will go over different problem properties and how to sell your house fast when selling a problem house.
What Is A Problem House
Before we go into detail about selling a problem house let's first discuss, what is a problem house? A problem house is a property that has one or more issues that will need to be fixed before it can be sold. These houses are generally in poor condition and will need repairs, which can range from cosmetic to major structural damage. The problem with these types of properties is that they can be very difficult to sell, as most homeowners do not want to deal with the hassle and expense of fixing them up. Other types of problem properties can be issues outside of the property but attached to the property.
A House That Needs Work
The main issue that homeowners have when selling a problem house is a house that needs work. These homes are generally in poor condition and will need repairs, which can range from cosmetic to major structural damage. The problem with these types of properties is that they can be very difficult to sell, as most homeowners do not want to deal with the hassle and expense of fixing them up. In some cases, it may be necessary to hire a professional to inspect the property and give you an estimate of the repairs that will be needed. This can be a very costly process, as most professionals will charge a fee for their services.
A Vacant House
Another problem property can be vacant property. These properties can be difficult to sell as they may have been vacant for a long period of time and have fallen into disrepair. In some cases, it may be necessary to hire a professional to inspect the property and give you an estimate of the repairs that will be needed. This can be a very costly process, as most professionals will charge a fee for their services. You will also need to manage the property carefully from afar and ensure no one moves in without you knowing.
A House with Liens or Code Violations
Another type of problem property can be a house with liens or code violations. These houses can be difficult to sell as the liens or code violations will need to be addressed before the sale can be completed. In some cases, it may be necessary to hire a professional to inspect the property and give you an estimate of the repairs that will be needed. This can be a very costly process, as most professionals will charge a fee for their services. Often times the city will require you to fix these issues before you can even consider selling a problem house.
A House With Squatters
Selling a problem house is tough with a house that's in disrepair but, probably one of the hardest to sell is a house with a squatter. A squatter can be one of two things. Typically the squatters are unpaying tenants or someone who just moved in without permission. These types of people are tough to get rid of and the process to evict them can be long and costly.
In some cases, it may be necessary to hire an attorney to evict the squatter from your property. This can be a very costly process, as most professionals will charge a fee for their services and attorneys will require a retainer so make sure to budget for this when selling a problem house. Whomever you sell to will have to take into account evicting the tenant including their time, hard costs, holding costs (taxes, insurance, mortgage payments), as well as headaches. Most people do not want to deal with this, especially in tenant-friendly states like Illinois, so only professional buyers will even think about buying these. It is very important to consult an attorney if you are going to be doing an eviction so they can correctly guide you as you start the process of selling a problem property.
A House You Can’t Afford
A house you can't afford to sell can quickly become a problem house especially if you are underwater on your mortgage. In this situation, you may be unable to sell your home for the amount you owe on the mortgage. This can create a number of problems, the first being that you will have to come up with the money to pay off the balance of your mortgage. The second problem is that you may have difficulty finding a buyer for your home, as most people will not want to take on a property that is worth less than what is owed on the mortgage. There are a few solutions like a fire sale, short sale, and subject to sale, which we dive into more detail in our blog post, How To Sell Your House In Foreclosure Even If You Owe Too Much.
How To Sell A Problem House
Now that we have discussed what a problem house is let's discuss solutions. Selling a problem house can be difficult but, it's not impossible. Here are some ways to sell a problem house:
Get Rid Of The Problem
One way to get started selling a problem house is to just get rid of the problem before you sell it. This may mean making the necessary repairs to the property, paying off any liens or code violations, or evicting any squatters. This can be a very costly process, but it will make it much easier to sell your house. Often times they are costly and time-consuming but if you get the right help and put your mind to it you can solve it quickly.
Sell to Someone Who Will Take On The Problem
Another way to sell a problem house is to find someone who is willing to take on the problem. This may be a professional buyer who specializes in buying homes with code violations or liens. These buyers will often times pay less for the property than it is worth, but they are willing to take on the hassle of fixing the problems. This can be a good option if you are unable to fix the problems yourself. These professionals, such as ourselves, work full time and specialize in these types of houses. We have a data-driven process and a team of people who help solve these types of issues so you can sell your house fast without even thinking about the issues at hand. Investors know how to handle these situations and can take care of all the issues when selling a problem house.
Finding Someone to Sell A Problem House To
So how do you find someone who will buy your problem house for cash? You can start by looking for a professional home buyer who specializes in buying homes with code violations or other problems, like us. If this is something you are interested in contact us or fill out the short form below and someone will reach out to you. Utilizing an experienced home buyer can make selling a problem house smooth and not even a problem. Make sure to contact us in the beginning when you start considering selling a problem property.
Selling A Problem House Wrap Up
Selling a problem house can be difficult, but it is not impossible. There are a few ways to sell a problem house, including getting rid of the problem before you sell it, or finding someone who is willing to take on the problem. If you are unable to fix the problems yourself, you can always sell to a professional home buyer who specializes in buying homes with code violations or other problems. If you are interested in selling your problem house fast for cash, contact us today, we are local cash home buyers and we buy houses with problems all the time fill out the short form below and someone will reach out to you.