Does your House need Repairs?
How to Sell your Arizona House Fast No Matter the Condition
Major or Minor Repairs Needed? Here are Some Options…
Selling your home can be a hassle. Before even starting the process, you need to figure out what the best option is for you! Paying for repairs can be costly and time consuming, whether they are just cosmetic or structural. You can always sell your house as-is and not worry about the repairs, but in the end that may cost you more than you think. The question you need to ask yourself is “How can I get the most money for my house – will it cost more to fix it or sell it without the repairs?” It may surprise you that selling to a cash buyer can save you more than you think. I was once biased when I saw all those “We Buy Houses” advertisements. I thought for sure I was getting lowballed BUT then I did the math. Let’s take a look at the options to figure out how to get the most money out of your home!
Option 1: Renovating your Home
In order to sell your house fast and for top-dollar, you need to appeal to potential buyers by showing an amazing home. But if you think about it, buyers will usually try to negotiate the price of a home even if it is in flawless condition. So imagine how the negotiations will go if there are noticeable repairs – major or minor. Something as small as the wrong color paint, a spot on the carpet, or even a doggy door can scare off a potential buyer. For some sellers, completing these minor repairs might be helpful, but it doesn’t end there.
Since almost no home is perfect, be prepared for the list of repairs that come after a thorough home inspection. (Remember, this step in the process usually comes after a buyer already saw the house and is ready to purchase. If you already had to pull money out of your wallet to complete repairs to appeal to this buyer, you may have to prepare to spend even more). According to the American Society of Home Inspectors, a standard home inspection report will cover “the condition of the home’s heating system; central air conditioning system (temperature permitting); interior plumbing and electrical systems; the roof, attic and visible insulation; walls, ceilings, floors, windows and doors; the foundation, basement and structural components.” I remember when I bought my first home, our inspector even pointed out when water from the shower head was spraying in the wrong direction. So even if you think your home is as perfect as they come, don’t be shocked when you get a list back from your buyer requesting more repairs.
This is not meant to discourage you but rather to help you make an informed decision if you’re trying to sell your house with needed repairs. Go ahead and ask yourself “What is my home really worth?” Will you save more money completing these repairs yourself or selling as-is?
Option 2: Selling Your House As-Is with a Realtor
For many people, making all the necessary repairs may not be financially possible. So, they believe their only or best option is to move forward with a realtor. Realtors are fantastic when it comes to exposure of your home, but if you need to sell your house with repairs exposure may not be enough.
Often times, your house will sit on the market while you wait for the right buyer to come along. You’ll need to keep your house clean, be prepared to leave for showings, and make your home look the best it can even with the repairs needed – major or minor. In the meantime, while your house is sitting on the market, you still need to pay for the mortgage, utilities, insurance, taxes, etc.
At this point, several things can happen. 1. Your realtor may suggest to lower the asking price to prevent your home from sitting on the market. 2. You may get several offers but they’re below asking price because of the visible repairs. Or 3. Who knows? You could get a decent offer but remember to be prepared for that thorough home inspection. You know that there will at least be the visible repairs revealed in the inspection report, but that only scratches the surface. Ever heard the saying “don’t judge a book by its cover?” With every square foot of your home being thoroughly checked, it is likely that your realtor will receive a list of items that need fixing before the buyer will move forward, or they’ll want to cut off even more from their offer price. Of course, you can always reject it but then the process starts all over again and you’re back in the waiting game.
If you finally find a fair price for your home with repairs that won’t knock you off your feet financially, you’ll still need to prepare to pay the realtor commission fees. Typically, it will total 6% of the sale price (3% to the seller’s realtor and 3% to the buyer’s realtor). Even if you chose to sell your home without a realtor going the FSBO route, you’ll likely still pay the other 3% for the buyer’s commission fee.
Option 3: A Stress-Free Solution
If you’re skeptical like me, you may have been opposed to this stress-free solution at first. But after doing the math and realizing that those other great options weren’t so great after-all, perhaps you’ll see that selling to a cash buyer is a fantastic option if you want to get the most money out of your fixer-upper. Here’s How:
- A Quick Closing – Selling to a cash buyer means you don’t have to wait for their loan to go through. They can skip the mortgage process completely offering a much quicker close. Remember how waiting while your house sits will actually cost you more money in the long run? With this option, you can prevent continuing to pay those mortgage payments, utilities, insurance and taxes because you can often times close in less than a week rather than the standard 30 days.
- Sell As-Is – When it comes to selling your house fast with repairs, worrying about how to pay for everything causes unbelievable stress. Selling to a cash buyer means avoiding breaking the bank and therefore avoiding the unnecessary stress! Imagine not worrying about what will come back in the inspection report? Or not dealing with keeping the house clean so you can rush out for a showing. A cash buyer will buy your home just the way it is.
- Peace of Mind – Finally, cash buyers provide a sureness that other potential buyers can’t provide. They won’t back down because a loan didn’t go through, and they already know that there are needed repairs so they won’t be surprised. Be confident in who you’re selling to so you don’t waste time – because time costs money.
We are Cash Buyers! Get a Cash Offer Today
Luckily, we buy houses in Arizona! We are Home Team Investors, LLC and we specialize in providing the BEST home selling experience. We want to help you get the most out of your home, all the while being stress and worry-free.
See what your home is worth. Get a free, cash offer today. No Charges, no fees. If you don’t like your offer, that’s okay. This is a no-obligation cash offer so you don’t have to accept it.
Give us a call at (480) 588-4841 or simply fill out this form to get started. We look forward to getting in touch!