If you’re thinking about buying a house in Memphis, there’s a good chance that you have to sell your current house first. You might have a problem, however. Your current house might be in need of some serious repairs. Perhaps there is roof or basement damage. Perhaps you’re still dealing with the effects of mold, termite, or flooding damage. Your home might have been lived in by hoarders or squatters. Or the house may have simply fallen into disrepair.
Many buyers on the open market are wary of fixer-upper homes, so it’s important to follow specific steps if you decide to sell your house to them. While you can also choose to sell your house as-is to a cash home buyer, here’s how to sell a house that needs repairs in Memphis.
6-Steps to Sell a House That Needs Repairs
Repair What You Can in the House
If you are selling a house that needs repairs on the open market, you need to know most buyers aren’t going to want to buy a house they have to do work on. Only some people want to buy a house with broken pipes or flooded basements. Even the idea of buying a house with minimal repair needs can send many buyers running for the hills.
Costs can add up fast in a house in need of repairs. It’s very important that you prioritize your repairs based on cost and value, then figure out what you can afford to fix. You should also consider what you’re willing to pay for upfront based on the hope that you’ll be able to recoup that cost later on in the sale.
Don’t take on more than you can handle as you could end up making the damage even worse. If you’re dealing with mold, water, or termite damage, you’re probably better off having an expert come in and deal with those kinds of thorny issues. And if you’re no expert on structural issues or landscaping design, don’t get in over your head trying to help. You might end up putting yourself in a much worse position than when you started.
Get Inspected and Appraised
If you plan on selling your Memphis house with a licensed real estate agent, they can give you an analysis of your home’s market value based on the recent sales of similar houses. Depending on where the house is located in Memphis, plus the current state of the market, the value will differ.
With a home in need of repairs, you should also consider getting a professional inspection and appraisal done before you list it on the open market. The potential buyer, and more importantly their lenders, are going to require third-party assessments in order to approve the loan and move forward with the sale. Inspections and appraisals also provide peace of mind for buyers who are worried about getting stuck buying a house that will fall apart. That’s not just bad business on your part, it can also lead to you being taken to court if they discover they’ve bought a money pit.
Consider Your Curbside Appeal
As soon as you list and that “For Sale” sign goes on the front lawn, potential buyers are going to start showing up when you least expect it to get a first impression. Don’t give them any reason to keep driving.
It’s the little things as well as the big things. Make sure the lawn is mowed, the garage looks clean, the landscaping is tidy, and you’ve got a fresh coat of paint on fences. You want to show off the full potential of your Memphis house in need of repairs. You can add accents to the exterior of the house as well but don’t add anything that clashes with the style of the house. You don’t want modern features in front of your Victorian-style home.
The Price is Right
Whatever you might think about the value of your house, buyers don’t really care. They want the house that exists in their mind and they want a great deal on it. Because you’re selling a house in need of repairs in Memphis, you’re competing against a lot of newer homes with modern features. You’ll need to pull out all the stops.
Setting your price correctly is the most important step you can take. Go too high and you’ll scare off most of your potential buyers. Go too low and you’ll make people think there’s something wrong. It’s part-science and part-art. This is where all of that local research is going to pay off.
Hire a Photographer & Home Stager
The home buying process usually begins online these days. So it’s imperative to hire a professional photographer who knows how to make your house pop. You also want to consider a stager to come in and remake the house in a vision that many buyers will appreciate.
Staging often requires the house to be depersonalized, which means saying goodbye for now to family photos, memorabilia, and keepsakes. You’d also have to do some decluttering and move around furniture. Consider renting a storage unit to keep these things in, as you don’t want to overflow your closets and then find out they’d like to see what’s in them.
Sell Your Home As-Is
Trying to sell a home in need of repairs on the open market in Memphis can often feel impossible. You’re competing against so many houses in great condition and buyers will be wary of any repair needs that they find in yours. There are so many costs to consider and even if you do everything by the book there are no guarantees you’ll sell on the market.
Another option you have is to sell your home that needs repairs as-is directly to a cash home buyer like Fair Cash Deal. The best part about doing this is that you won’t need to bother with any repairs. You can sell the house exactly as it is and you don’t have to sort out any financial issues or entanglements. They’ll take the burden off your shoulders.
All you have to do is reach out to Fair Cash Deal and they’ll start the process for you without any obligation. They’ll take a look at your Memphis property in need of repair and give it a thorough assessment. Then, they’ll make you a fair, no-obligation, cash offer. If you choose to accept the offer, you move forward and close the deal, often within days. You get cash in your pockets and, more importantly, don’t have to deal with your house in need of repair any longer. Give them a call today to get started.