How to Sell a Distressed Property to a Cash Buyer

Many people find themselves in circumstances where they need to  sell my house fast Nashville. Buying or selling a property is one of the stressful experiences and that’s why there are companies that purchase distressed properties. 

In this guide, you will learn how to sell distressed property to a reliable cash buyer. 

What is considered distressed property 

When you come across the word distressed property, you might think it is the physical condition of a property. Even though physically neglected houses are one kind of distressed property, the term refers to homes caught up in legal disputes or those properties whose owners have financial hardships. Some of the major principal reasons a home might become distressed include: 

• The property is left in disrepair after natural disasters or neglected due to the owner’s financial issues. If the owner can’t pay for repairs, they might want to sell the property first. 
• The property owner has died and the home is stuck in probate. 
• Because of the financial instability, the property owner can’t pay their mortgage and might want to sell fast to dodge foreclosure. 
• If the homeowner has been fined because the home isn’t to code, they might want to sell it as a distressed property. 
• If the real estate market is slower and the owner wants to move fast, they might want to sell their property as a distressed one. 

The advantages of selling to companies that purchase distressed properties

Selling and buying homes can be an emotional experience. It gets more tense when individuals are forced to sell my house fast Nashville TN under unexpected circumstances. Some property owners find the concept of selling their home as distressed property shameful or sad, but it is not true. These are the benefits of selling your home this way. 

• Simplicity and speed: selling and buying property is always one of the most stressful experiences of one’s life. In some cases, that experience might take months. Selling a distressed home as-is to firms that buy distressed homes is a fast and straightforward option. 
• No need to remodel: if you own a home that is in bad condition, for instance, if you have an interest in a relative’s house, you might not have enough resources to remodel. Selling the home as a distressed home allows you to dodge this huge task. Additionally, you might walk away with money in your pocket. 
• Avoid foreclosure: if you think you can’t pay your mortgage in full, the lender might repossess the property. Make sure you sell my Nashville house fast as this  is the best way to avoid foreclosure. This might give you cash to pay off the debts and safeguard your credit rating. 

Tips to distressed property at the best price

Every property owner selling their home wants to sell at the best price to honest cash buyers. Based on the real estate market, that can be a daunting task. Here are the tips to follow if you want to get the best sale and need to sell my house fast Nashville. 

• Make a few improvements: one of the effective ways to get the highest offer on your distressed property is to do some repairs. Based on your budget and time, you can handle large structural issues or give the property a facelift with a new coat of paint. Determine the amount of value the repair work will add to the home with the amount of cash and time it needs. 
• Presentation matters: you will likely attract many distressed home buyers if the property is clean, inviting and uncluttered. If the inside or outside of the home is unkempt and messy, potential buyers will have a bad impression. Staging the property well is important. 
• Set a fair asking price: conduct your research and do not price the house for more than it’s worth. When investing in real estate the first question to ask yourself is ‘Do I want to get dirty?’” says Andrew Waite, publisher of Personal Real Estate Investor Magazine. If you have either building skills or a knack for managing contractors, you could pick up a cheap fixer-upper, rehab it and sell it or rent it out. This is harder than it sounds, although the dearth of new construction means you can probably get quality workmen at reasonable rates in most markets. Vercollone suggests paying a general contractor $200 to $300 to walk through a property you’re serious about buying. (He did.) Take the contractor’s estimate, factor in other costs (taxes, marketing, etc.) and then add 20%, since something unexpected is sure to crop up.(1)
• Honesty is always the best policy: make sure you are upfront with the buyers about any problems with the property, whether legal, financial or structural. This will prevent the buyers from dropping out of the deal last minute or even taking some legal action against you. 
• Have thorough written records: note that verbal agreements have never been binding and you can’t prove them in court. 

How to sell your distressed property

When you want to sell your distressed home, you have three options. Get a real estate agent, sell yourself or sell it to cash home buyers Nashville. 

Realtors are the owner’s point of contact when selling a property and this is understandable as it comes with several advantages. Real estate agents have vast experience and come with several contacts of prospective buyers. They conduct most of the work for the seller, from marketing to organizing open homes. Nevertheless, the real estate market is fickle and it might take months to sell the house through real estate agents. Besides, you must pay the realtor some commission fee. 

Selling your distressed property yourself means you don’t have to pay an agent fee. Many property owners like it when they are in charge of when, how and whom they sell. Nevertheless, this approach involves a lot of work. To sell the house successfully, you need knowledge about real estate laws and time. 

Since you don’t have the time to go through all that stress of listing the property and you want to avoid agent commission fees, selling to cash home buyers is the best thing to do. Besides, you want to sell my house fast in Nashville and get a new place. Companies that purchase distressed homes, like Olive Tree Homes will complete the sale in 30 days. Since they will purchase the home as is, you don’t need to convince them with any selling tactics.