Basics of Property Management: Screening Potential Tenants

Wondering What To Do With Grandma's House? Helpful Tips For A Faster Sale

22 June 2021

Jesse Obrien

To the casual observer, owning any property can sound like a great idea. Unfortunately, some properties can be more burdensome than beneficial, leaving the unwilling owner with the desire to sell the home as quickly as possible. This is often the case when someone inherits a property that is in poor condition or one that is in an inconvenient or unattractive location. 

If you have just inherited this type of dilapidated home from your grandmother or another relative, the following tips can help you get it sold faster with minimal effort or monetary input on your part. 

List the property below appraised value

When condition issues and the overall appearance of a property are not appealing to the majority of active buyers, property owners must be willing to set a price that will help overcome objections and increase buyer interest. Investing a few hundred dollars in an appraisal is an excellent way to gain more insight into the value of the property and assist with pricing decisions. Once the appraisal is completed, property owners may want to consider marketing the property at a figure below the appraised value to maximize buyer interest. 

If the property appraisal comes in very low, consider asking the appraiser to provide additional information on the value of the lot or acreage, with the home removed. In some cases, a cleared lot can garner a higher selling price and faster sale than one with a heavily damaged structure on it. 

Seek out distressed property buyers

Homes that are in poor condition due to age, neglect, or some type of unrepaired damage may not be able to attract the average buyer who is looking for a home for their family. Luckily, there are buyers interested in distressed properties, even those that require significant repairs or renovations. 

Distressed property buyers, such as those who buy dilapidated homes for the purpose of renovating and reselling them, will typically accept properties in as-is condition. In addition, this type of buyer usually pays with cash or has approved financing, giving them the ability to close within days of placing the home under contract. 

Work with agents or companies who offer proven plans to sell your home fast

Real estate agents and companies who have experience with selling distressed properties often have a proven plan for marketing this type of home. This plan often includes exposing the property to an established network of agents who represent real estate investors and other types of distressed property buyers. 

For additional help in selling an unwanted home fast, take time to discuss your situation with a real estate professional who specializes in distressed homes and investment properties. To learn more, contact a company like Jax Cash Buyers.

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