Not every house is a Grand Designs success story or a cover of House Beautiful. The reality is that if you own a home that is in a state of dilapidation, it can be very challenging to sell. Maybe you inherited a property that was not maintained well. Maybe you suffered a financial loss and let repairs and improvements fall by the wayside as you struggled to cover other basic essentials. Maybe your house was in the path of a severe storm, experienced significant subsidence or has otherwise fallen into disrepair.
Whatever the reason – and they are as varied as the people who live in or are responsible for these properties – you may not have the sky high budget of a popular home improvement show or the time and experience to make repairs and improvements on your own. Selling might be the best answer for you. But how? Who wants a house that is in less-than-optimal (or even very poor) condition?
Rest assured, virtually every property has some value. It may not be what you would hope to recoup when you sell, but you can find a buyer who will give you a fair price.
Dilapidated House: Sell Fast
Sure, you can find the money and time to make repairs and improve the state of the house so it is ‘market ready.’ You need to appeal to typical buyers (i.e. those who require a mortgage in order to make a purchase) – but you also need to appeal to their lenders. Even if a would-be homeowner is willing to take a risk on a ‘fixer upper,’ their lender is almost certainly not. For most conventional loans, a house must meet certain standards.
For instance, if it is not habitable, then it’s typically a no-go from lenders. If there is severe damage to the roof or foundation, as another example, they may deem the property ‘derelict’ or ‘partly derelict’ and thus refuse to provide financing.
This puts you in a tremendously difficult position if you cannot afford to fix up your house enough to live comfortably and safely – or enough to sell it to a conventional buyer.
Fortunately, there are other options you can pursue. One of the most advantageous from a seller’s perspective is to work with a cash house buyer. There are several reasons why this can be just the solution for which you have been searching:
It Is Fast. Time may be a pressing issue for you. After all, every day you own your house, the more it costs you – and the worse its state of disrepair comes. A cash house buyer does not require a mortgage, and thus they have the flexibility to make investments based on their own criteria. Again, the vast majority of properties have value of some kind. Investors can see potential where typical buyers only see problems. Because they don’t need financing, the process is much more streamlined and fast. You can complete a sale in days as opposed to months (or longer).
- It Cuts Costs. With a cash house buyer, you can forgo some of the many (many!) costs associated with selling a house. From paying an estate agent and staging your home to instructing valuations experts and solicitors, the buyer takes on these obligations. They generally offer between 80 and 85 per cent of total market value – and this is all money that goes into your bank account.
- You Can Sell As-Is. This is a huge burden and pressure off your shoulders. Cash buyers are willing to take on properties in a variety of conditions. You have heard of ‘We Buy Any House’ companies? This is true. They will make a fair offer for your property.
- Cash for You. As mentioned, with a cash buyer you can complete a sale much more quickly, and money will be deposited directly into your bank account. This allows you to make plans for your next move – literally and figuratively!
If you have a dilapidated house, sell fast. The right buyer is out there. They see beyond the problems – the water damage, the mould infestation, the subsidence, the faulty wiring – to see the potential that a property can hold. When you target this kind of buyer, the impossible task of selling your house becomes very much possible.