Do you have a house that needs repairs? Think it will be impossible to sell? You might be surprised what it’s worth “as is”
It’s easy to spot a house that is in need of repair. It may have peeling paint or the shingles on the roof may show evidence of extreme wear. You might think it’s hopeless listing your house for sale. The reality is far different, and if you own such a house it is possible to receive fair offers on it.
If the house needs extensive repairs, homeowners might struggle to sell the traditional way with a real estate agent. Banks won’t lend on houses that are in need of extensive repairs so these houses will need to be purchased with cash.
Most buyers are looking to buy a house as their primary residence and don’t want to deal with making repairs. You will need to target a different buyer. That’s why so many homeowners in these situations reach out to Lakeshore Home Buyer, a professional property buyer with years of experience making fast and fair offers on all types of homes.
So what are “extensive repairs” anyway?
- Peeling Paint. Peeling paint on the interior or exterior is a red flag for inspectors and won’t even pass FHA Inspection. It’s not just as easy as painting over the peeling paint.
- Old or Leaky Roof. Depending on where you live or the quality of shingle used, roofs will last 15-25 years. If your shingles are showing signs of wear or if the roof has already started leaking it’s time to replace it.
- Heating & Cooling Systems. Furnace, AC or ductwork that needs repair or replacement can be a big expense.
- Foundation or Structural Problems. Older houses can have foundation issues from cracking and settling. Depending on the extent of the damage this could cost a few thousand or tens of thousands of dollars.
- Water Intrusion. Whether it’s a leaky roof or water getting into the basement, moisture inside a house can lead to all sorts issues including mildew, mold and eventually rot.
- Termite Damage. Termite inspections prior to selling a house are common in some areas or if the buyer suspects termite damage. If the problem was left untreated for many years, the damage could be severe.
- Well and Septic. Here in Michigan it’s a requirement for a septic inspection in many counties prior to selling a house. If the septic system or drain field are in need of repair this will need to get settled prior to closing.
- Kitchens & Bathrooms. While an outdated kitchen or bathroom won’t always deter a buyer- cabinets, appliances or fixtures that don’t function properly could result in the buyer asking for repairs or a lower price.
- Asbestos & Lead Paint. Not as common as it used to be, but if you own an older home that has seen little to no renovations in the past 50 years it’s possible you may have asbestos or lead paint present that will need to be removed.
Do homeowners need to make repairs before selling?
The answer is, it depends. If you are looking for top dollar then yes, you will want to make any of the repairs listed above and also make cosmetic improvements. Cosmetic improvements include: new paint, new flooring, new countertops, new light fixtures, replace any damaged trim, door knobs, etc. Basically anything that is old and outdated should be replaced.
While it might be tempting for a homeowner to make an investment in their house, repair a few things and increase the selling price, this isn’t always the ideal solution. It can cost a significant amount of money and time with no guarantee you will get the return you had hoped.
Luckily, there are still buyers for houses in need of repair…
What is the best way to sell a house that needs repair?
Sure, you can advertise you are selling your house “as is” but many buyers don’t know exactly what that means or the extent of the repairs. Many buyers won’t even consider buying a house “as is” and your list of potential buyers will shrink drastically.
If you are lucky enough to get an offer you are happy with, the buyer will hire a professional inspector to come out and evaluate the house during the escrow period. If the inspection comes back with a long list of repairs and the buyer is getting a loan, their lender may require the repairs to be made or sales price lowered, especially if the house doesn’t appraise high enough. The reality is, the more work your house needs, the less likely you are to get a price you are happy with from a retail buyer.
Cash is King!
The best way to sell a house “as is” that needs repair is for cash. Cash is king! Plain and simple. You can close fast, no banks, no appraisals, no inspections, no fuss.
So, how do you find a legitimate cash buyer? Let’s face it, there are a ton of “We Buy Houses for Cash” people out there. You’ve seen the signs littering hundreds of intersections all over Michigan. It all sounds too good to be true. And many times, it’s just that.
Here is why Lakeshore Home Buyer is different. We know West Michigan. The owner, Ryan, was born and raised in Grand Rapids and has called West Michigan home for 30+ years. We are not out of state investors looking to waste your time. We don’t make low ball offers like others and we genuinely care about the people in our community and revitalizing neighborhoods.
In most cases, we can put more money in your pocket because there are no repairs, fees, commissions or closing costs. Did you know the average home seller pays 8-10% or $19,000-$24,000 in closing costs? Crazy, right!?
You should never have to pay that much money just to sell your house!
Our process is extremely easy and straightforward. Best of all, we can close fast. If you are in a real hurry, we can close in 7-10 days. If you need more time, that’s fine too.
If you are serious about selling your house, we are serious about speaking with you and making you a fair offer. We offer a straightforward approach and have a proven track record of closing deals all over West Michigan. Lakeshore Home Buyer is accredited by the Better Business Bureau and we have an excellent 5-Star rating on Google.
Give us a call at 616-202-6498 or fill out the form below to get started on your offer. It’s free and there is no obligation whatsoever. We’ll send over your offer in 24 hours or less.
We are looking for a small cottage, about 500 square ft with lake frontage. It should be no more than an hour and a half from Kalamazoo. It will be used as a week end get away for our family and not for rental. Some repairs are ok. We will pay cash and would like to keep it 100 k or less.