Disaster can strike at any time. And when it does, it usually ends up leaving a home is a condition that can’t be described as great. This is certainly the case when it comes to recent natural disasters. Unexpected property damage can occur as a result of so many sudden problems. Fires, hurricanes, earthquakes, floods… The list goes on.
But it’s not only the natural world that can damage your property. What if you’ve had a problem tenant? What if someone has come along and vandalized the place? What if the people you hired to do some maintenance on the place messed up in a really big way?
Basically, what I’m trying to get at here is that houses are pretty vulnerable. And there are actually more houses on the real estate market in such a condition than you may think. Sometimes, people simply don’t have the ability to sort the house out before putting it up for sale. Maybe they don’t have the luxury of time on their hands. Maybe they don’t have the funds necessary to fix the place up. Does this mean their hopes of selling the place at all are misguided? Is the house doomed never to be bought?
This isn’t actually the case. If your home is in such a condition and you need it sold quickly, your hopes are doomed to be unfulfilled. It is important, however, that you remain realistic. As you must know, the vast majority of people are going to want a house that looks all but brand new. Heck, you’ve already invested in property, so you must know this already!
Some will assume that you have to take a massive hit when it comes to the value. In many cases, this ends up being true. But this is often because people aren’t aware of all their options. There are investment companies out there who can confidently claim “we buy houses in any condition!” (Unless, presumably, the property has literally burned to the ground.) Many of these buyers are willing to take on the costs of repair themselves. You can still get a good price if you work with the right company.
There are also a lot of people out there who are looking for these sorts of properties. They tend to be the more adventurous type. They’re looking for a project. They don’t mind getting their hands dirty and fixing the place up.
However, you have to consider the fact that these people often have a tougher time financially when it comes to getting a house. The vast majority of banks won’t lend on a severely damaged home. If the property ends up being foreclosed, they’d be unable to liquidate the asset in the case that the borrower can’t pay them back.
These risks are probably why so many people go to professional buyers and investors. It’s important that you explore all your options and don’t give up hope. Ideally, you should do whatever you can to try to get the house in a better condition. But a home in perfect condition isn’t a prerequisite for a sale. You just have to be realistic.
