Selling Distressed Properties in Kansas City, Missouri
Typically, homeowners who sell distressed properties find it to be incredibly time-consuming, stressful, and challenging. The fact is, it’s easier than most people realize.
Distressed properties can be sold quickly and efficiently for a fair price. If you’re trying to avoid the hassles of selling a property in Kansas City, we have ten tips that may help you.
Never Use Real Estate Agents for Distressed Properties
You’re probably used to contacting agents in Kansas City to sell your property. Real Estate agents typically advertise a person’s property for them and invite potential buyers to view the home. Distressed property sales, however, work differently. The distressed property market is much smaller, which is why advertising them with traditional properties doesn’t work very well. There are other options you can use to ensure that your sale is as fast and stress-free as possible.
Rather than using a Realtor, you should work with people who specialize in distressed property sales. Make sure you go with a company that has years of experience handling distressed home sales. You’ll be able to quickly secure your capital and speed up the selling process at the same time.
Besides, you won’t have to worry about upselling the house or trying to persuade potential buyers to give you an offer. Firms that purchase distressed properties regularly will know what to look for when they’re classifying homes as distressed, which can lead to a faster turn-around on sales.
Disclose All Relevant Information
No matter what type of home you’re selling, you must disclose relevant information about it to the firm so that buyers will have the opportunity to conduct any research that will help guide them through the decision-making process. For instance, possible natural hazards, structural problems, or irritating neighbors should be disclosed to the buyer when you’re selling a home in Missouri.
While you’re selling distressed homes, you must disclose all the required information on the disclosure sheets. Disclosure requirements vary in every state, but in Kansas City, Missouri, BestOfferKC.com knows the exact information you need to include on your disclosure sheet.
Property owners who don’t disclose information that’s relevant to the sale of their property could be liable, so you should be as upfront and honest as possible about what you’re selling. There are many things you need to report when you’re selling a distressed home, but don’t worry – there are buyers out there.
Investigate Property Values
Move-in ready homes have more value than a distressed property. Before advertising your home, you should obtain a realistic value first. Updates and repairs must be factored into the value of your distressed property. Don’t expect your home to be as valuable as properties that are in pristine condition.
In order to give you a more realistic idea of how much your home might be worth, we recommend you get a range of professional appraisals.
Develop a Timeline
Whenever you sell any house or property, patience is critical if you want to make top dollar on it. If your deadline is tight, you may want to drop the price a little to get a quick sale. Before you negotiate a sale with a potential buyer, you must decide what’s more important to you: making top dollar or selling your house quickly?
If you’re not in a hurry to sell your home right away, you can wait until you find a buyer who will give you the asking price for it. On the other hand, if you want to sell your property quickly to release capital, you may want to think about what price you’d be willing to take for the home.
Fill Your Paperwork Out Correctly
When you sell a property without using an agent or a Realtor, you’ll have to make sure that you complete the paperwork correctly. This includes making sure the contracts meet all the standards set forth by the state and ensuring that you have the right papers prepared. This element is crucial for selling a property, so you must make sure you’ve done everything right. If your paperwork is incompetent or incomplete, you could be held liable for the property or face legal consequences down the road.
Having an attorney assist you in filling out the contracts for your property may give you some peace of mind. But, if you sell a property to a company that purchases distressed properties routinely, they’ll have the knowledge and expertise to provide you with paperwork that’s relevant to the sale of the house.
Make Small Improvements to the Property
Typical distressed properties include damaged homes or homes that have fallen into a state of disrepair. You should never spend excessive amounts of money on the property, but a few small fixups here and there could increase the value of the home.
Clearing the yard or mowing the lawn can dramatically improve the appearance of a home. It’s worth your time to make sure that the property looks visually appealing to potential buyers.
Take All Options into Consideration
When you’re in a situation where the property you’re selling is in a distressed condition, your first inclination is to sell right away. You should investigate all of your options to figure out what will work best for you.
- If you’re trying to save yourself a lot of work and are looking for an easy way to release capital, you should perform some repairs to the home.
- If you can secure a loan for the property, you could renovate the property and breathe new life into it.
- If you want to hold onto the property, you should obtain some quotes from plumbers, electricians, landscapers, and builders first. This will give you an idea of how much it might cost to bring the property back to life.
You’ll be able to decide whether selling the home in distressed condition or investing additional time and money in refurbishing it is the best choice with this information.
Selling Distressed Properties for Cash
Distressed properties have a wide variety of issues that can prevent them from being assessed. If the property has suffered significant water damage, for instance, a buyer who needs a mortgage may not be able to find a lender who’s willing to give them a loan on it.
This should not deter you from selling the property as-is. If you sell a distressed property for cash, you can go through a trustworthy firm that can secure the funds for you quickly.
The market for properties that can’t be appraised is relatively small, so selling the property as-is may be a wise choice. You could invest a lot of time and money renovating it to get an appraisal, but in most cases, it isn’t usually worth it.
Selling a distressed property for cash without financing or carrying out repairs is an excellent option if you decide to engage in selling these types of homes.
Never Delay a Sale
While you weigh your options on what you should do with a distressed property, you should never delay a sale, as that can have significant consequences. If you postpone the sale of a property for no reason, the property could sustain more damage while you’re trying to figure out what you should do with it, which will likely decrease its value even more.
Additionally, if you’re paying to secure the property, that will increase your costs. Bills will eventually build up. The quicker you take action, the more likely you’ll be able to minimize any outgoing payments going forward, which could save you money.
Depending on the type of security that’s in place along with the property’s structural integrity, there could be trespassers or squatters who may also try to occupy it, which can cause a lot of problems if they cause more damage to the home or they refuse to leave.
Rushing into a distressed property sale too quickly is never a good thing, but taking too long to sell it is even worse.
Looking for the Right Buyer
It’s important that you find the right buyer when you’re selling any property. Your property could sit on the market for months or years if you appeal to the wrong demographic.
- If the house can’t be assessed, it’s pointless to advertise it to buyers because if they require a mortgage to help pay for it, they may not be able to secure one.
- If you’re trying to sell a property quickly, we advise against putting it on the open market. Multiple parties may be interested in it, but they’re going to have a lot of questions if the property isn’t what they thought it was. Some may even cancel or miss appointments or give you a low-ball offer. This could waste your time, and you’ll likely wind up not making a sale.
Identify your priorities with a fair price and a quick sale. If you’re able to do this, you’ll be able to determine who the property might appeal to. With a wide variety of choices available, distressed home sales can be as straightforward or as innovative as you like.
We are a reputable cash buyer. Best Offer KC is only one of a few companies that have experience with purchasing distressed homes. Our positive reputation ensures that you’ll be able to sell your Kansas City house, rental property, or home quickly and efficiently.
For more information about selling distressed properties in Kansas City, Missouri, contact us through the form below, or call us at 816-281-5269.