If you’re looking to sell a distressed property in Baltimore, there are a few options available to you. Life can bring unexpected changes that leave you searching for solutions when selling distressed property.
Traditional listings aren’t always the best option for this type of property. They can take a long time to sell and be quite costly in holding costs as you wait for your house to sell at market value.
Homes can rapidly fall into states of disrepair, such as from a natural disaster. Or a homeowner can find that they live in a distressed home after many years of neglecting regular home maintenance. Now the house repairs far beyond any property owner to handle alone.
Houses that are in a state of distress are often caused by events such as death, divorce, illness, or job loss, which can lead to a loss of income or a forced relocation.
There are a few options available for those looking to sell a distressed property in Baltimore, Maryland.
Professional House Buyers Will Buy a Distressed Property
Professional house buyers in Baltimore want to find distressed properties to buy. If you use the services of a professional cash buyer, you can take advantage of the fact that these sales usually close very quickly and you can sell AS-IS.
The sale is final and you won’t have to wait for the right buyer or make repairs. You also won’t have any legal risk, and you’ll save money because most professional buyers pay for closing costs.
Nowadays, cash home buyers who buy distressed properties are taking on all of the risks. All while providing the benefits of cash sales, their proposals are lower than the prices being seen in the current real estate market. A word of advice, be sure to look into who you’re dealing with no matter what type of distressed property you are selling.
Unfortunately, there are dishonest buyers who might try to take advantage of any time or financial limitations they learn about you.
May Need to Sell Your Distressed Property Without a Real Estate Agent
If you’re thinking of selling a house that needs work in Baltimore, you may be considering doing it yourself. After all, as the owner, you’ll be in charge of the entire process.
What this means for you is that you won’t have to pay agent or auctioneer fees, which can reduce the amount of money you make on a sale.
If you’re an expert on marketing and selling distressed real estate, you can save time and money by doing it all yourself.
Selling on their own often leads owners to failure because they are inexperienced in marketing and the legal details.
If they are not careful, not only will they fail to make the most money possible from their property, but they could also end up in a legal nightmare with no way to escape.
Hold a Distressed Property Sale With a Professional Auctioneer
Auctions for properties are not often like art auctions, where amazing prices are seen in movies and on TV. However, one of the good things about auctions is that you don’t have to deal with the hassle of showing your house to people who want to buy it.
Many distressed properties are sold within 30 to 40 days, as-is. This means you won’t need to spend any more time or money repairing or taking care of the property.
An advantage of using a professional auctioneer is that they usually take a 10 percent fee of the final purchase price.
If the bidder is not responsible for the auctioneer’s fee, lower bids will be more common since there is less of a cost associated. If the bidder is responsible for the auctioneer’s fee, they will be less likely to bid as they would have to pay more overall.
Since auctions are based on bidding, there is no guarantee that you’ll be able to sell a damaged house. Low attendance could be an issue.
When a lot of distressed property is up for auction at the same time, it leads to lower sale prices as there is more inventory available.
No matter which option you choose, it is best to learn everything you need to know about selling a distressed property.
Sell Your Distressed Property in Baltimore to Creo Home Buyers
Would you like to learn about how we can help you sell a distressed property in Baltimore? We buy distressed houses in Maryland!
Just call Creo Home Buyers today at (410) 870-9228 or send us a message any time!