As an Investing Realtor in Tucson, I have had over 23 years experience in dealing with the issue of how to sell a house needing repairs in Tucson. As a matter of fact, through much of my career, I have worked for banks, selling their investment properties to local Tucson investors over the years.
Because of this, I have become aware of exactly what it takes to sell a house needing repairs here in Tucson. While some principles are universal.. and could be used in San Diego to Washington DC, others are specific to the Tucson area, and those are the ones I would like to talk to you about today!
There are typically four questions that come up whenever the topic of how to sell a house needing repairs comes up. I’d like to address them in a logical order! Let’s take a look!
Can You Sell Your House If It Needs Repairs?
Absolutlely! The truth about real estate is “they aren’t making any more of it!” So for the right price, and the right terms, you can sell just about any property regardless of its current condition. Even if it has been damaged by flood, fire, hail, or crazy ex spouses.. a house or land has value to someone!
The question then comes up, If I can sell it.. should I sell it? And at what price?
This issue is more complicated.. and it largely depends on the level of the damage to the property. If for example, the damage is cosmetic in nature; (i.e. carpets, paint) then clearly the value won’t be too signficantly affected.
However, if the damage is more extensive; or requires more specialized workmanship than is required, than it can affect your bottom line for your property. After all. The entire purpose of trying to sell your your home “as-is, where-is” is to try to make as much money as possible.. not spend all the profits on workmen, time, and lost opportunities!
Is It Worth Fixing Up House To Sell?
This is where the rubber really meets the road. For some homeowners, this becomes a question of time, frustration, and convenience. Over the past 23 years, I have had customers who have valued the three of these more than the potential profit they might have made over fixing up and selling the home themselves.
For some people, the thought of grabbing a paintbrush, a screwdriver, and getting to work on a project seems like a fun, creative use of time.
For others even the thought of waking up early on a Saturday to rake leaves… much less paint is abhorrent!
It is all about individual tastes, preferences, as well as your own tolerances for time, money, and missed opportunity! When you are deciding to do any amount of repair to your property prior to putting your home on the market, remember this…
Tucson’s Real Estate Market Is a “Price War.. In a Beauty Contest!”
Karl Krentzel
Can I Sell My House As A Fixer Upper?
You bet! If you have decided to sell your home, especially as a fixer upper, then you need to understand a few basic facts. First, properties typically aren’t sold “As-Is, Where-Is”. They are sold subject to an inspection.
This is to ensure that the buyer is fully aware of what they are buying and what needs to be repaired. Typically, a Title report is performed by the Escrow company to ensure that the title is free from defects.
Once Title has completed their inspection of the title, then Escrow is generally ready to close. However, the Buyer still must complete whatever inspections they have agreed to with the Seller. Here in Tucson, I typically require just a one or two day period typically to inspect your home. I can close within 7 days!
What To Do With House You Can’t Sell?
Understand that there are two different types of Buyers when you are selling your property here in Tucson. A Retail Buyer, Who will be intending to live in the property. With the amount of homes on the market at the moment, the best of the best are selling for top prices.
Every other property that needs repairs is taking a “second place” to those properties that need no repair. Many retail buyers lack the amount of capital needed to perform even the most basic repairs after close of escrow, much less massive remodeling projects!
The other side of the coin is the investor crowd. They are able to buy properties, but understand, that the price cannot be a retail price! The entire purpose of buying a property “as-is, where-is” , to take the risk, to pay the higher capital gains tax, to go through the trouble , is to make a profit. Unfortunately, there is only so much profit for both the Homeowner, as well as the Investor! This is why it is critical to price your house needing repairs properly
Tucson Cash Home Buyer!
Do you have an unwanted property here in the Tucson that is causing problems? Do you have a house needing repairs here that you simply don’t want to deal with? Get a fair, fast, cash offer by either texting, or calling me today at (520) 403-6227 or using the form below !
Thank you, and have a great day