Selling a rundown property in Raleigh NC may feel impossible. You may be thinking to yourself, ‘who is going to want a property that needs so much work?” We love to buy houses that need a lot of work. Even if you don’t work with us, we will give you these tips to make the process easier, faster, and more profitable! Keep reading to learn more about how to sell a rundown house in Raleigh NC!
Are you stressed out because you’re stuck with an old rundown house? If you own a rundown house in Raleigh NC, or a surrounding area, and don’t to spend the time and money fixing it up, selling as-is will be the easiest option. At Mike Buys Houses, we can review your options with you so you can decide what’s best for you. Together, we can run the numbers so you can get a better idea of the selling options available to you!
Below are some ways you can sell your rundown property fast, without spending a lot of time or money on repairs and upgrade projects!
In North Carolina every home seller is required to fill out the North Carolina Residential Poperty Disclosure from. This is where you are required to answer questions regarding the condition of the home. There are 38 seperate line items. You have the right to check “No Representation” on any and all line items. If you’re selling a run down property, checking no-representation may be your best bet. Keep in mind that you don’t have to fix everything in order to sell your run-down house in Raleigh NC. Take the time to read over the form so you have an idea of what questions are on the disclosure https://www.ncrec.gov/Forms/Consumer/rec422.pdf
If you choose to list your home on the Triangle MLS you will be required to fill out this form. If you choose to sell directly to us, you will not have to worry about it. We are professional buyers and we always buy our houses as-is. And we accept the responsibility of fixing unforseen items.
Market The Property As a Fixer-Upper
Run-down houses will attract a certain type of buyer. Usually these buyers are looking for the following terms: fixer-upper, handy-man special, TLC, motivated seller, rehab project, etc. You can also highlight the benefits of the properties location. How close is the property to Downtown Raleigh? How far away is the closest shopping center? Don’t forget to list the school districts. Try to get your buyers to focus on what could be as opposed to the current condition the property is in. When you can help paint the vision for your buyers, they may ultimately enjoy being able to customize the house themselves.
List Your House As-Is
Marketing your home as-is means that you will not be making any repairs. The property will be sold in its current condition. It is normal for a buyer to use professionals to inspect the home and determine which items need to be fixed. The most common inspections are home inspections, pest & termite, radon, and at times an engineer if the home has cracks in the foundation, or there is bowing or sagging in the flooring. Not everyone is up for a home renovation when first buying a house. When selling a rundown property in Raleigh NC, you’ll need to be able to appeal to the right audience, and that audience isn’t always found on the MLS.
Discount The Property Appropriately
Keep in mind that people need to have incentive to buy a run down house that needs a lot of work. If the property has the potential to be worth $250,000 after renovations, referred to as “ARV” or after-repair-value, this is not what a buyer will pay you. For properties that are run down and need a lot of work renovations can cost anywhere from $30,000 – $100,000 depending on the scope of work. Generally speaking, the older the home, the more money it will cost to renovate. Houses built prior to 1960 may require electrical and plumbing work to bring it up to building code. This requires licensed contractors which can get very expensive.
Try and put yourself in the shoes of the buyer. If they are going to be putting a lot of money into renovating a house, and they will be taking financial risk, they are going to want some equity in return.
In our example above, for a house that has an ARV of $250,000, and needs approximately $50,000 worth of repairs, its not a reasonable expectiation to sell it for $200,000. There would be no incentive to do $50,000 worth of work, project management, financial risk etc. You will sell the house much faster if you price it in the mid to $100,000’s.
Photographs and Staging
When your house is old and run-down, your listing photos will need to communicate a different message. While you want to communicate an accurate picture of what type of work needs to be done, you also want to highlight the homes potential. Does the home have a large lot? Is is located on a quiet cul-de-sac? Are there nice mature trees in the yard? Is the home constructed from brick? Make sure to highlight features such as acreage, wooded landscape, and if the home is contructed of brick.
Once you’ve captured the interest of more people, you will be able to share with them what could be after the house is renovated. Getting them in the door both literally and proverbially will help you better your chances of selling your rundown property in Raleigh NC
Work With A Direct Buyer
A professional home buyer will be able to buy your house as-is. Not all buyers are the same, but when you work with a company like Mike Buys Houses, you will be able to sell without any commissions, repairs, or waiting. We can fix up the property efficiently and for a great price, allowing us to make you an excellent offer for your unwanted house in Raleigh NC. Unlike a traditional sale, you won’t have to be prepared to negotiate repair costs. What we offer you is what you will get.
Selling a rundown property in Raleigh NC can feel overwhelming. The key is finding the right audience and exploring all of your selling options to determine which is right for you. At Mike Buys Houses, we will run the numbers with you so you can make the right decision about how to sell your unwanted property in Raleigh NC and the surrounding areas. We will always be able to answer all of your questions without and hassle, cost, commitment, or pressure to sell!