For those who need to know how to sell a distressed property in Little Rock, we’ll cover the the many different routes that you can take to accomplish this. Going to traditional route of selling real estate for this type of property is not the best choice as they typically are not in a condition to interest most buyers, can take longer than expected, and can be a financial burden for the owners.
We know life is not always predictable and we can be thrown curveballs for time to time. That leaves a lot of people looking for solutions to their problems. Houses can become in need of repair and be in an unrepairable condition for homeowners. There could have been a death in the family, divorce, diagnosis of an illness, job loss or job relocation, which all leads to a decrease in income or a relocation.
Let’s dive into some of the options to sell a distressed property in Little Rock
There are always two sides to a coin and there is no exception when evaluating how to sell a distressed property in Little Rock. Let’s explore using the service of a professional cash buyer when you’re selling. When dealing with cash transactions, there will be a significant amount of time saved due to the buyer not needing to use traditional financing.
In addition to this, the property is bought as-is and there won’t be any waiting around for the right buyer. Most importantly, the seller will not be required to make the financial investment of repairs or staging. Another great advantage is that there are no legal risk on you, as with selling on your own and since most professional buyers pay all of the closing costs, you’ll save even more.
Keep in mind, because the cash buyer is taking all of the risks and offering a 100$ cash offer, their offers will typically fall below the prices in your current real estate market. It is recommended to do your own research on who you’re dealing with. Unfortunately, there are unethical buyers out there who may try to use your time and financial constrains against you. Please make sure you are working with a professional buyer is looking to provide a solution for you first.
Selling a distressed property in Little Rock on your own may sound appealing because you are the person who is calling the shots. Not to mention, you won’t be responsible for an agent fees and commissions – which takes away from the total amount you will be receiving. If you have some marketing knowledge and can handle to legal processes of a real estate transaction, doing it yourself may not be a bad option.
Now, on the other side of that, individuals who are inexperienced in marketing and the legal processes of real estate may lead to the inability to sell on their own. They can potentially harm the potential profit that they can earn and also fall into a legal nightmare if they do not follow the correct legalities of real estate transactions.
News flash: property auctions are not like the car auctions you see in the movies. Avoiding the headaches of showing your property is one advantage for an auction. What is also great is that real estate closes within 30-40 days and the property sells as-is (no repairs or cleaning out), so you won’t need to continue to spend time and money buy funding repairs and attempting to keep your distressed property in Little Rock in good condition.
With these advantages of using a professional auctioneer, please remember that there are fees associated with an auctioneer. The typical fee for their service is 10% (fairly high) of the final purchase price. If the final buyer has to absorb the 10% fee, you will typically see lower bids. If the buyer is not responsible for the fee, then you will be left with the cost.
The sale of your distressed property in Little Rock at an auction is not always guaranteed. You may be up against a high inventory or homes OR there could be low attendance. Please keep these factors in mind.
No matter which you choose, make educated decisions by taking the time to understand all of your options. Would you like to learn more about how we can help you sell a distressed property in Little Rock? Just call Sunny Day Homes LLC today at (501) 400-0505 or send us a message any time!