When homes go on the market, they are typically prepped and ready for buyers to come through and inspect with a fine-tooth comb. However, life doesn’t always go to plan, and not all homeowners are in a position to ready their property to the condition that most buyers prefer. For some, financial difficulties led to the inability to continue paying the mortgage. This economic turmoil may carry over into an inability to properly maintain the property and cause further stress due to impending deadlines to sell. When homeowners cannot keep their property inside or out, signs of aging and disrepair eventually show. More minor repairs left unattended are sure to grow into significant problems.
It can be difficult to take your next step in selling your home when you feel overwhelmed with the problems facing you and your distressed property. However, by educating yourself on what steps you can take, you can grab the bull by the horns and take control of the situation, taking the next step towards solving your problems. Read on to discover six things you need to know about selling a distressed property in Chicago.
One of the most important things you need to know about selling a distressed property in Chicago is how to determine the value. By reviewing properties near yours that have sold recently, which are nearest to yours in size, features and proximity, you can narrow in on a value. Then, naturally, you’ll need a general idea of the costs of rehabilitating the property to adjust your asking price accordingly. A direct buyer like those at Chicago Home Buyers will provide you with the numbers showing how much your home would sell for on the market vs. our offer to compare and decide which is best for you.
Another thing you need to know about selling a distressed property in Chicago, if you don’t want to sell at a reduced price, you’ll need to invest in completing any necessary repairs. However, you should be aware that discovering further and more serious issues as you dig into the home while making repairs is always possible. If you’d prefer not to fall into the bottomless financial pit that repairing a house can open, you can leave your concerns about what lies hidden up to the pros by selling your property to direct buyers like those at Chicago Home Buyers.
Before selling a distressed property in Chicago, you should fully understand the laws about disclosure. Now is the time to advise your buyer of all information relevant to the property and hold nothing back; otherwise, you may face a legal battle in court.
When you list a home for sale, a count begins noting the days on the market, and the effect this tally has on your final sales price is another thing you need to know about selling a distressed property in Chicago. The bottom line when it comes to days on the market, the longer the listing lingers, the lower the sales price is likely to be. Unfortunately, buyers often scroll right on by these listings because they prefer move-in-ready homes, causing the days on the market to begin to add up. While rare, some buyers may make ridiculously lowball offers, which can highly insult sellers. On the other hand, you could be sleeping well again tonight by selling your home directly to a direct buyer like those at Chicago Home Buyers who offer a guaranteed closing in just days. If that’s rushing you, at Chicago Home Buyers, we can set a date for closing at your convenience.
Often, financing is not an option which is another thing you need to know about selling a distressed property in Chicago. For this reason, you’ll need to ensure that the buyers you’re working with have the financial backing to carry through with their cash offer. Additionally, for those facing a possible foreclosure, you cannot afford to tie up their property with a buyer only to have the deal fall through and run out of time to complete the sale. When you work with a direct buyer like those at Chicago Home Buyers, we buy homes for cash, and there are no hefty commissions to pay and no hidden fees coming off the top at closing.
Chicago Home Buyers
Selling a distressed property doesn’t have to be a stressful experience. With years of experience, the direct buyers know everything you need to make it easy to sell a distressed property in Chicago. They are happy to answer your questions and address any concerns about the process, with no obligation. The direct buyers at Chicago Home Buyers live and work right here in Chicago; we are your neighbors, and we want you to feel good about your deal long after closing, so we make an offer that you will agree is fair. Contact Chicago Home Buyers today at (312) 300-2043 to learn more!