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3 Pitfalls to Avoid in the Sale of a Distressed Home
Selling a distressed home comes with unique challenges compared to regular home sales. When a property is in excellent condition without any financial or legal issues, sellers can maximize its value by being patient and listing it on the open market to attract buyers using conventional mortgages. However, distressed properties are different. Factors such as foreclosure, vacancy, repairs, and violations pose risks to the houses and require sellers to explore alternative options to the traditional home sale.
Avoid these three pitfalls when selling distressed property.
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Postponing the Sale: When it comes to properties in excellent condition without any pending foreclosure or repossession proceedings, listing on the open market is the ideal approach. However, the truth is that a traditional sale through the local Multiple Listing Service (MLS) can take several months or even years. Distressed homeowners don’t have the luxury of time. Once a homeowner defaults on their mortgage, a countdown begins towards bank foreclosure. Waiting too long can result in losing the home to the bank, and it prevents homeowners from exploring alternative options to foreclosure.
These alternatives include a fast cash sale, a short sale, loan modification, negotiating a payment plan, opting for a deed in lieu of foreclosure, considering lease/rent options, or even bankruptcy. Similarly, unpaid taxes can also lead to the risk of losing your home in a tax deed sale.
Unwarranted delay has severe consequences when a house is distressed by “problem tenants” or squatters. “Problem tenants” and squatters damage the home, resulting in thousands of dollars of repairs. Property damage worsens as time passes. Property is at high risk of squatters moving in if vacancy persists. Homeowners put themselves at risk of lawsuits if they cannot monitor their property for safety hazards. Cities often fine home sellers whose property is in bad condition for violation of local code. Unaddressed fines add up to thousands of dollars (sometimes more than the home’s value). Homeowners that cannot manage the property (due to living far away or other personal reasons) should sell before the property becomes distressed.
Misunderstanding the Value of the Property: Distressed homeowners often face difficulties in accurately assessing the value of their property, leading to unsuccessful sales and costly delays. When evaluating the value of your South Florida house, it’s important to consider comparable properties in the local area, taking into account factors like living area, lot size, number of bedrooms and bathrooms, and so on. However, the typical valuation techniques may not apply to distressed properties. Distressed properties often require significant repairs. Additionally, homes with uncooperative tenants or squatters cannot be easily shown to potential buyers due to restricted access or safety concerns. Regular homebuyers relying on conventional mortgage financing may not qualify for distressed properties, which affects the supply and demand dynamics, driving down the home value. While high sales values can be observed in comparable property listings on platforms like Zillow or Redfin, these values are often the result of patient market exposure over several months—something distressed homeowners cannot afford. Due to these factors, the value of distressed properties tends to be lower than the nearby comparable properties listed on Zillow or Redfin.
Dealing with Unqualified Buyers: It’s important to understand that not everyone is eligible to purchase a distressed property. When selling a distressed house that doesn’t meet the criteria for conventional mortgage financing, home sellers need to find a “cash buyer.” It’s advisable to request proof of funds from potential cash buyers, which 123SoldCash.com always provides. However, it’s essential to note that not all cash buyers are the same. The repairs or evictions associated with distressed properties can often intimidate buyers, causing them to cancel their contracts when they realize they are unable to handle the situation. This can lead to wasted time and money for the seller. At 123SoldCash, we buy homes in any condition, regardless of the repairs or circumstances. When evaluating a cash home buyer’s capability to make a cash purchase, it’s recommended to review their testimonials, directly contact the buyer to inquire about their experience, and ensure that they are local rather than a national “We Buy Houses” chain unfamiliar with your area. Don’t take a risk with an unproven cash buyer. 123SoldCash purchases houses quickly for cash, with testimonials and experience to back it up.
“I cannot say enough about Chris and the team. Look no further! They got everything lined up smoothly and quickly from the beginning to the end. Took them just a few days to get us the cash for the house. I will definitely recommend to call Chris. God blessed you and your family.”
~ Daniel Jackson Fort Lauderdale, FL
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“Great service, quick and efficient work! Loved every second working with 123SoldCash, I heavily recommend to the next people looking to sell their homes quickly. Best part they didn’t hassle me one time when I was still deciding whether to take the offer or not”
~ Josh Beausejour ~ West Palm Beach, FL
We Buy Houses In Florida AS IS In ANY Condition
No Matter The Situation.
Whether it’s probate, inheritance, or unwanted tenants, We Buy Any Houses in Florida. Forget about repairs, fixing, and cleaning. We’ll handle everything. When we say we buy houses as-is we mean it! Take what you want from the property and leave the rest!
Yard full of junk?
Piles of clothes?
Relatives and Tenants and friends?
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We understand it is important for you to know we are legitimate, capable, and honest home buyers in Florida. We have the highest number of 5-star customer reviews, with videos to back up authenticity. There is no doubt we do what we say we will do! We Will Buy Your House In Florida. Any Condition!
We are local and family owner company, fortunately, we are not agents. We are cash buyers. We are the ones actually buying the property in cash. This means we do not rely on bank financing, and you do not need to make any repairs. We buy your house in Florida as is. We make this process completely hassle-free and simple. Simply fill in the form on this page to find out exactly how much we would offer for your house in Florida. No obligation to accept our offer.
Disclaimer: The content presented in articles on 123SoldCash.com is intended solely for general informational purposes. While we strive to offer information in good faith, we do not make any express or implied representations or warranties concerning the accuracy, sufficiency, validity, reliability, availability, or comprehensiveness of the content on our website. For legal advice, always consult with your attorney to obtain personalized guidance.
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