You know when I first thought that I need to sell my distressed property in Houston it never occurred to me that it would be a challenge. I have to say I was really surprised when I found myself desperate, still looking for a potential buyer three months later. I kept on asking myself what I was doing wrong because I could see other new sellers sell fast for cash.
One of the very many things I learnt was that the kind of property I had couldn’t be listed on the MLS. Secondly, it needed a lot of money because I had to fix it. Real estate agents in Houston were also so uncooperative. They were stoked when they learnt that I was looking for someone to help me sell my distressed property, but kept on taking me round and round and round once they got the job. They always had an excuse for this or that! Competition in the housing market in Texas is already stiff. Very few buyers are looking to invest in this kind of property.
I eventually sold my Houston home, but after using the following tricks:
- Accentuating the positives
The property is obviously old. You don’t have to be told this! So instead of focusing on the negatives, you need to focus on the positives. These features are the things that will persuade the buyer to make an offer. For example, you can tell the buyer he or she will be getting the deal of a lifetime by purchasing a house with a backyard. After working on repairs, they can sell the property at double the price thanks to the yard. You can never know who’s looking to invest in distressed properties. People have different tastes and needs. We have those that prefer turn-key homes and those that want fixer-uppers.
An investor or house flipper will always want to make an offer regardless of the state the distressed property is in. They know after working on the repairs they can put the house back on the market and find someone who’s ready to buy it at a higher price. Just so you know, this is how they make money and stay afloat. In addition to this, you’ll be able to close when you’re ready.
- Knowing my audience
Buyers will always be different. Listen to what they are saying and work your way around that. You will only be able to appeal to your buyers if you understand the market. The responses will be different, so learn from them.
- Ensuring everything’s in writing
A lot of work has to go into a distressed property before it becomes a home again. Make a couple of repairs and have a detailed report of what else needs to be fixed. Before closing the deal, make sure the buyer has gone through the list and is okay buying the house in that state. By doing so you’ll be shielding yourself from legal issues that might pop up later on. We always take ownership of the distressed property and the repairs within.