Are you selling a distressed property in Lawton? You might have already experienced the challenges we are going to talk about. When a home is sold in the retail market, buyers expect a brand-new property. They want a house that’s recently renovated and has all the amenities. Basically, the buyers are seeking a house that is move-in ready. That’s true for most families, as they want to relocate and enjoy family time together in the new place.
That means you might have a hard time selling a distressed property in Lawton. A distressed house has one or two issues. Either the home’s condition is not great or there is some legal issue. Some homes are okay in terms of appearance but have title issues or code violations. Most of the time, both issues are interlinked. Like a house, it can be underwater and also require some repairs.
Life happens. It’s okay if you’re selling a distressed property in Lawton. The question is: how do you go about this transaction?
What are the steps you need to take? And what are some of the things you need to know about selling a distressed property in Oklahoma?
Fair Market Value of Your Property
So what’s the fair value of your house? The best way to determine this is through a CMA, also known as comparative market analysis. You need to look at similar homes in your area. Also, find out the cost of upgrading your home to match the other houses on the market.
Consider the final selling price of similar homes and calculate the cost of renovation. Those two numbers can give you an estimate of your home’s fair market value.
Please note that the fair market value of your home is different from the retail price. The buyers are not going to pay the full listing price minus repairs. They will consider the risk, hassle, and time that go into renovating a house. If you renovate your house today, you will save both time and money. You will get building permits. You will need warranties and ensure that an insurance plan is in place. You will need to ensure that the renovation is done to match market standards.
That’s why, when selling a distressed property in Lawton, your home can sell for a low price.
Repairs
If you don’t want to sell at a reduced price, you’ll need to invest in completing any necessary repairs. However, you should be aware that discovering further and more serious issues as you dig into the home while making repairs is always possible. If you’d prefer not to fall into the bottomless financial pit that repairing a house can open, you can leave your concerns about what lies hidden up to the pros by selling your property to direct buyers like those at DHS Realty Group.
Disclosure
Before selling a distressed property in Lawton, you should fully understand the laws about disclosure. Now is the time to advise your buyer of all information relevant to the property and hold nothing back; otherwise, you may face a legal battle in court. Your real estate consultant can advise at this step. You will need to fill out legal disclosures and ensure that all information is provided in detail.
Timeline
Days on the market are different for every house. When you list your house, typically, the count begins on the first day. The final sales price depends on how quickly you receive offers. You have to reduce the price when a listing lingers on the market.
Sadly, for distressed properties, the days on the market are long. Buyers often scroll right on by these listings because they prefer move-in-ready homes, causing the days on the market to begin to add up. While rare, some buyers may make ridiculously lowball offers, which can highly insult sellers.
Another option is to work directly with a cash buying firm like DHS Realty Group. You can sleep well and relax if you set a closing date today. We promise you a fair cash offer.
Our team calculates your home’s value by comparing recently sold properties in your neighborhood. We look at your home’s condition to determine a fair price. By working with us, you skip the listing fees and hassles. You don’t have to face inquiries from uninterested buyers. You don’t have to sell your home for a low price. You can skip the stress, tension, and the fact that the sale is delayed. You can sell confidently on your timeline.
Cash
Most distressed homes don’t qualify for traditional mortgage financing. That’s why you need to ensure that the buyer can get financing. If you’re choosing a cash sale, look for proof of funds. Ensure the buyers you’re working with have the financial backing to carry through with their cash offer. Additionally, for those facing a possible foreclosure, you cannot afford to tie up their property with a buyer only to have the deal fall through and run out of time to complete the sale. When you work with a direct buyer like those at DHS Realty Group, we buy homes for cash, and there are no hefty commissions to pay and no hidden fees coming off the top at closing.
DHS Realty Group
Selling a distressed property doesn’t have to be a stressful experience. With years of experience, direct buyers know everything you need to make it easy to sell a distressed property in Lawton. They are happy to answer your questions and address any concerns about the process, with no obligation. The direct buyers at DHS Realty Group live and work right here in Lawton; we are your neighbors, and we want you to feel good about your deal long after closing, so we make an offer that you will agree is fair. Contact DHS Realty Group today at 940-249-5752 to learn more!