Do you need to sell a house now, but you feel overwhelmed by repair projects? Have you run out of time, feeling forced to sell because of certain circumstances? Are you unable to perform the work or afford the expense of completing the repair projects your fixer-upper needs before you sell it? This is all very overwhelming for the average homeowner. And why wouldn’t it be? It’s time for making some sound decisions.
There are other , like selling to a house flipper for a fair price or listing with a real estate agent to market to traditional buyers. Continue reading to become an educated home seller and learn more about how to sell a house that needs repairs in Los Angeles to a cash buyer with a quick sale process versus selling with a real estate agent with a traditional sale and paying the huge agent commission, going through all kinds of inspections,
A Guide to Sell Your House As-Is
To sell a house that needs major renovations, a fixer-upper, or even an ugly house, in Los Angeles, you could market the property in “as-is condition” to potential buyers. Selling As is means that no repairs or renovations will be made prior to the sale. Nor will any credit on the sales price towards the repairs be made as a contingency of the sale. Naturally, potential buyers expect a discount on the sale price when they look at homes that need major repairs so you must be prepared for that when reviewing offers.
As most buyers will request a home inspection, it would be wise to have your own pre-sale home inspection and appraisal done, so that you will be fully prepared with the facts at the negotiating table when reviewing offers. It’s better to know how much the repair items will subtract from the market value. Unfortunately, lenders have standards for homes and require inspections and appraisals, so your pool of buyers may be limited.
Most importantly, be transparent about everything, disclosure in real estate carries legal risks for you as the seller. Common issues around disclosures include prior water damage, foundation damage or other structural issues, leaky roof, safety issues, like an unsafe electrical panel – all expensive repairs.
You should know that most cash buyers are professional investors who do not ask for things typically included in a traditional sale. There are typically no contingencies on loans and cash buyers often pay for closing costs. That is why they are a viable option when a house is in poor condition and requires more than just a coat of paint and a new water heater.
Make the Repairs
Another way to sell a house that needs repairs in Los Angeles, in the hopes of selling at the full market is to have your home inspected by a professional, then get an estimate from at least three reliable contractors for the work. This way, you will have a realistic picture of what you’ll go through what may be highly time-consuming repairs. Categorize the list of repairs into major repairs, minor repairs, cosmetic repairs and curb appeal repairs.
If there are major repairs that will be a huge project and could cost a LOT more than anticipated, ie a foundation issue, please consider this before signing on to have someone do the work. You need to make a sound decision.
Because surprises may arise that could add thousands of dollars to the various projects, you should include padding for these unknown issues being discovered. You cannot simply add that to the sale price. Be certain to allow for a 10% overage for unknown items to avoid being caught off guard. You should also allow a buffer of time, when you are making your plans, it is very easy for work crew schedules to get off track, causing delays down the line like dominoes. While there may be an average number of days on the market, there is no way to know ahead of time when or if the property will sell, so be certain you can afford to hold the property as well.
Sadly, should you attempt to sell the home “as-is,” many buyers have immediately turned away, preferring homes in move-in condition, meaning even more time sitting on the market. After you have gone through the hassle, headaches, and expenses of making repairs, there is no closing date awaiting you at the end of it all. There isn’t even a guarantee the home will sell after completing all your projects.
Remember, the typical type of buyer these days is looking for an open floor plan, complete kitchen renovation, no inspection issues, a master suite, a deep cleaned home with fresh coat of paint in neutral colors, and designer light fixtures, beautiful wood floors, and in perfect condition – all at a reasonable list price. That’s why the easiest way of all to sell a house that needs repairs in Los Angeles is a direct sale.
Because professional buyers, like Jennifer Buys Houses, buy homes in “as-is” condition, you do not even need an inspection or any other typical sale items, like hassling with loans, closing costs. With a fast closing date, usually within a week, and a guaranteed sale, professional buyers like Jennifer Buys Houses help you solve your problems quickly. By making a direct sale to Jennifer Buys Houses, you won’t need to worry about offers with an insultingly low sale price. Jennifer Buys Houses takes all the risks, letting you forget all about the concerns of disclosures, the headaches of showings, or losing time and money on making repairs.
Are you ready to sell a house that needs repairs in Los Angeles right now to the right person at a fair sale price without going the traditional sale route? We are happy to be your guide through a simple sales process, from the initial visit and pre-sale inspection to providing additional resources, we can ultimately save you thousands of dollars from realtor fees and offer a quicker sale. We will do all of the work while you are enjoying the money from your fixer-upper! Why not make a wise choice and start working with the right person today? Call Jennifer Buys Houses. Just send us a message or call Jennifer Buys Houses at (424) 242-9304 today to talk to a local real estate expert!