Are you struggling with the stress of owning a distressed property and need to sell quickly? Traditional listings for this type of property are not suggested as they don’t attract most buyers, take far too long, and are too costly for most owners of a distressed property. If you need to know how to sell a distressed property in Louisville, we will cover your available options below.
Life can bring unexpected changes that leave you searching for solutions. Homes can fall into states of disrepair that are far beyond the owner’s capacity to handle. There could have been a death, divorce, illness, or job loss, leading to lost income or a forced relocation at play.
Let’s dive into some of the options to sell a distressed property in Louisville. We also recommend checking out our Foreclosure Survival Guide.
There are always two sides to everything and this holds true when considering how to sell a distressed property in Louisville. Let’s explore using the service of a professional cash buyer when you’re selling. Due to the nature of cash sales, these deals close quickly so you will benefit time-wise.
Additionally, when working with a professional real estate cash buyer, they are buying the property “as-is”. Which means you are not required to make updates and renovations to increase your properties curb appeal. You also will not have downtime waiting for the right buyer. Professional home buyers move quickly. At FairSquare House Buyers, we will send an offer within 24 hours. And we will pay all closing costs, saving you even more money.
Since the professional buyer is taking all of the risks and offering the advantages of cash sales, their offers will be below the prices being realized in the current real estate market. A word to the wise, do your research on who you’re dealing with to make sure you are working with a reputable home buying company. At FairSquare House Buyers, we value our good reputation and years of experience. You can learn more about us first hand from our clients here.
Do-It-Yourself – Selling a distressed property
Selling a distressed property in Louisville on your own may sound appealing because you’re in charge. Additionally, you won’t be responsible for an agent or auctioneer fees, which can negatively impact your bottom line on the sale. If you’re knowledgeable on marketing and all of the legalities involved, you can save money by handling everything yourself. Although it will require you invest a great deal of time.
Conversely, if you are inexperienced in real estate marketing and the legal details, selling on your own often leads owners to failure. You can end up losing out on money and entangled in a legal nightmare with no way out.
Avoiding the headaches of showing your property is one of the favorable aspects of auctions. Additionally, these properties close within 30 to 40 days and sell as-is, so you won’t need to continue to pour time and money into repairs and upkeep of your distressed property in Louisville.
While there are advantages to using a professional auctioneer, keep in mind the usual fee for their service is a rather high 10 percent of the final purchase price. Should the bidder be responsible for the auctioneer’s fee, lower bids overall are incentivized. Otherwise, you’ll be responsible for their fee, absorbing additional costs.
Due to the nature of auctions, the outcome isn’t guaranteed. You may be up against the issue of low attendance. There is also the innate competition when a high volume of properties are up for auction at the same time, leading to lower bids.
No matter which you choose, make educated decisions by taking the time to understand all of your options. Would you like to learn more about how we can help you sell a distressed property in Louisville? Just call FairSquare House Buyers today at 502-289-6166 or send us a message any time!