You want to sell a house in Maryland that needs work. But you’re not sure what your options are, how to choose the best one, and how to get the most money with the least amount of hassle.
That’s why we wrote this guide.
In this guide, you’ll learn:
- The three most common options you have for selling a house that needs work in Maryland
- The pros and cons of each home selling option
- The costs and benefits of selling a home AS-IS
- How to compare and choose the best option for your situation
By the end of this guide, you’ll know exactly how to sell your house that needs work in Maryland fast and hassle-free.
Hi, I’m Melanie Hartmann, the founder of Creo Home Buyers. We’ve been buying houses in Maryland since 2018, and we’ve seen it all. We’ve bought and sold properties that were in tear-down condition and condemned and houses that just needed a little updating.
So if you want to learn the best way to sell a home in Maryland that needs work, you’ve come to the right place. Let’s get started!
Disclaimer: This blog post is intended for educational purposes only. As every real estate transaction is unique, Creo Home Buyers recommends you consult with a trusted advisor regarding your specific situation.
3 Options for Selling a House that Needs Work in Maryland
When you own a house in Maryland that needs work you may be wondering what is the best way to sell it.
Maybe you inherited a property that has been neglected for years, or maybe you bought a fixer-upper that turned out to be more trouble than it’s worth. Whatever the reason, you want to get rid of this property in Maryland fast and move on with your life.
But selling a house that needs work often requires a different process than selling a house in great condition to a traditional buyer. You’ll have to deal with repairs, formal inspections, bank-ordered appraisals, real estate agents, unreliable buyers, and more.
You may find that you have to spend a lot of unexpected time and money to make your house attractive and functional. Not to mention having to deal with the uncertainty and stress of listing with a Realtor in the real estate market in MD and the whole negotiation process.
So what can you do? Well, three of the most common options for selling a house that needs work in Maryland:
- Option 1: Fix up the house before selling
- Option 2: Sell the house as-is on the open market
- Option 3: Sell your home as-is to a cash buyer
Each option has its pros and cons. Each option requires a slightly different selling process and will have varying results. In this article, we will explain each option in detail to help you choose the best one for your Maryland home selling situation.
Selling Option 1: Fix up the house before selling
The first option is to fix up the house before selling it. This means that you have to make all the necessary repairs and improvements to make your house attractive to the future owners and so that it will pass inspections. Fixing up your property before you selling it can help you attract more buyers and get a higher price for your house.
However, this option also has plenty of drawbacks. First of all, fixing up a house can be expensive and time-consuming. Depending on the extent and type of repairs needed, you might have to spend thousands or even tens of thousands of dollars on materials, labor, permits, etc. You might also have to wait weeks or months for the repairs to be completed. Not to mention the process of vetting and hiring contractors. Phew!
Secondly, fixing up a house in MD does not guarantee that you will get a good return on your investment. You might end up over-improving your house and pricing it out of the market. Or if you end up under-improving the house you could lose buyers to other houses that are in better condition. There are usually unexpected issues or complications during the home repair process that could delay or increase the cost of the project.
Thirdly, many sellers in Maryland unfortunately find that fixing up a house does not guarantee that that it sells fast or smoothly. You’ll still have to deal with the hassle and stress of listing your house, marketing it, showing it, negotiating with buyers, dealing with agents, inspectors, appraisers, lenders, and the list goes on. As the homeowner, you’ll still have to cover the cost of selling. Such as paying commissions, fees, closing costs, taxes, etc. You still have to face the risk of low appraisals, contingencies, financing issues, etc.
Some examples of repairs that might be required for your house are:
- Roof repair or replacement
- Foundation repair
- Plumbing repair or replacement
- Electrical repair or upgrade
- HVAC repair or replacement
- Flooring repair or replacement
- Painting
- Landscaping
- Kitchen and bathroom remodeling
- Mold remediation
- Termite treatment
The cost of these repairs can vary depending on the size, condition, and location of your house. If you decide to fix up your house before selling it, you need to find reliable and affordable contractors who can do the job well and on time.
You also need to find financing options if you don’t have enough cash on hand. Some resources for finding contractors and financing options are:
- Angie’s List: Helps you find local contractors who are rated and reviewed by other homeowners.
- HomeAdvisor: Helps you find local contractors who are screened and verified by HomeAdvisor.
- Thumbtack: Helps you find local contractors who are matched to your specific needs and budget.
- LendingTree: Helps you compare multiple loan offers from different lenders.
- SoFi: Helps you get personal loans with low interest rates and no fees.
Fixing up your house before selling it can be a good option if you have the time, money, and skills to do it or if your house only needs minor repairs and improvements. However, if your house needs major repairs and renovations that can cost a lot and take a long time, you might want to consider other options.
Selling Option 2: List your house as-is on the open market
The second option is to sell the house as-is on the open market. This means that you hire a Maryland real estate agent or use a flat-fee listing service to list your house for sale on the open market without making any repairs or improvements. You disclose known defects and the overall condition of your house to potential buyers and let them decide if they want to buy it or not. This option can help you save money and time on repairs and sell your house faster.
As with the first selling option, this one also has some drawbacks. First of all, selling a damaged house in Maryland on the open market can result in a low sale price and limit your pool of potential buyers. Most future homeowners are looking for houses that are in “move-in ready” condition. They might not be interested in buying a house that needs work or they might offer a low price to compensate for the cost of and time for repairs. You might also face competition from other houses that are in better condition but outdated and priced lower.
Unfortunately, selling outdated property or one that needs renovations on the open market does not eliminate the hassle and stress of the traditional home sale process. Research and comparison are essential for pricing and marketing your house as-is on the open market. You need to find out how your house compares to other similar houses that are sold or listed as-is, and what the market conditions and demand for houses in your area are. Based on its condition and value, you need to price your house realistically and competitively, and highlight its positive features and potential.
Having a Maryland Realtor list your home as-is on the public marketplace can be a good option if you want to avoid spending money and time on repairs and potentially sell your house faster than you would selling it yourself. It can also be a good option if your house only needs cosmetic repairs and improvements that can be easily fixed by the buyer. However, if your house needs major repairs and renovations that can lower your price and limit your buyer pool, you might want to consider other options.
Option 3: Sell the house as-is to a cash buyer
The third option is to sell the house as-is to a Maryland cash buyer. This means that you sell your house to a company or an individual who pays cash for your house. When you sell your house in Maryland to a cash house investor you won’t have to make any repairs or improvements, deal with any agents, formal inspections, appraisals, lenders, etc. You just accept their fair cash offer and close the deal.
This option has many advantages. First of all, selling your house as-is to a cash buyer can lower your home selling costs and save you a lot of time. You don’t have to wait for weeks or months for the repairs to be done or for the buyer to get financing. You can sell your house fast, sometimes in as little as 7 days, or on your preferred date.
Secondly, selling a house in need of repairs to a cash buyer can eliminate the hassle and stress of the traditional sale process. You don’t have to deal with the uncertainty and risk of the market and the negotiation process. You don’t have to worry about low appraisals, contingencies, financing issues, etc. You just get a fair and competitive cash offer based on the current market value of your house.
Thirdly, selling a house in poor condition to a cash buyer can give you more control and flexibility over the sale process. You don’t have to follow any rules or regulations imposed by agents, buyers, lenders, etc. You don’t have to show your house to multiple strangers or deal with their feedback or demands. You just choose the best time to sell your home in Maryland and how you want to sell.
If you want to sell your house as-is for cash, don’t forget to request a free, no-obligation offer from Creo Home Buyers in Maryland.
How to Choose the Best Way to Sell a Damaged House in MD
Now that you know three of the most commons ways to sell your home that needs work in Maryland, you might be wondering how to choose the best one for your situation. After all, every house and every homeowner is different and what works for one person might not work for another.
The best way to choose the best option for your situation is to consider your goals and priorities, and compare the costs and benefits of each option. Here are two steps you can take to help you do that:
1. Consider your goals and priorities in selling
The first step is to evaluate your goals and priorities when selling a house that needs work. You need to ask yourself some questions, such as:
- How much time and money are you willing to invest in repairs?
- How fast do you need to sell the house?
- How much control do you want over the sale process?
- How important is it to get the highest possible price?
These questions will help you determine what matters most to you when selling a house in need of repairs. For example, if you have a lot of time and money, and you want to get the highest possible price, you might prefer to fix up the property before selling it. On the other hand, if you have little time and money, and you want to sell your house fast and hassle-free, you might prefer to sell your house as-is to a cash buyer.
2. Compare the costs and benefits of each home sale option
The second step is to compare the costs and benefits of each option based on your goals and priorities. You need to do some calculations and scenarios for each option, and consider some factors, such as:
- The current market conditions and demand for houses in your area
- The extent and type of repairs needed for your house
- The potential return on investment and net profit from each option
- The time frame and convenience of each option
These factors will help you estimate how much each option will cost you and how much each option will benefit you. For example, if the market is hot and there is a lot of demand for houses in your area, you might be able to sell your house as-is on the open market for a good price. On the other hand, if the market is slow and there is little demand for houses in your area, you might have to lower your price or wait longer to sell your house as-is on the open market.
To help you compare the costs of each option, here are some examples of calculations and scenarios for each option:
Option 1: Fix up the house before selling
Let’s say your house in Maryland is worth $200,000 as-is, but it needs $20,000 worth of repairs. You decide to fix up your house before selling it. You hire a contractor who charges you $20,000 for the repairs. You also pay $12,000 in commissions, fees, closing costs, taxes, etc. You list your house for $240,000 and sell it for $230,000 after 3 months.
Your net profit from this option is:
$230,000 – $20,000 – $12,000 = $198,000
Your return on investment from this option is:
($198,000 – $200,000) / $200,000 = -1%
Option 2: Sell the house as-is on the open market
Let’s say your house is worth $200,000 as-is, but it needs $20,000 worth of repairs. You decide to sell your house as-is on the open market. You don’t spend any money on repairs. You pay $12,000 in commissions, fees, closing costs, taxes, etc. You list your house for $180,000 and sell it for $170,000 after 2 months.
Your net profit from this option is:
$170,000 – $12,000 = $158,000
Your return on investment from this option is:
($158,000 – $200,000) / $200,000 = -21%
Option 3: Sell the house as-is to a cash buyer
Let’s say your house is worth $200,000 as-is, but it needs $20,000 worth of repairs. You decide to sell your house as-is to a cash buyer. You don’t spend any money on repairs. You don’t pay any commissions, fees, closing costs, taxes, etc. You contact Creo Home Buyers and they make you a cash offer of $160,000. You accept their offer and close the deal in 7 days.
Your net profit from this option is:
$160,000 – $0 = $160,000
Your return on investment from this option is:
($160,000 – $200,000) / $200,000 = -20%
As you can see, each option has its own costs and benefits. You need to weigh them carefully and decide which one suits your situation best. There is no one-size-fits-all answer. The best option for you depends on your goals and priorities, and the market conditions and demand for houses in your area.
Why Sell Your House AS-IS to Creo Home Buyers in Maryland?
Selling a house that needs work to Creo Home Buyers in Maryland is the best option if you want to sell your house yourself fast and hassle-free. Creo Home Buyers is a local company that buys houses in any condition and any situation in Maryland. They have been in business since 2018 and have many homeowners sell their houses quickly and with little hassle.
When you sell your house as-is to Creo Home Buyers, you can enjoy many benefits, such as:
- Saving money you’d have spent on repairs, commissions, fees, closing costs, taxes, etc.
- Selling your house fast, in as little as 7 days or on your timeline
- Avoiding the hassle and stress of dealing with flaky buyers, agents, inspectors, appraisers, lenders, etc.
- Getting a fair and competitive cash offer based on the current market value and condition of your house
- Having more control and flexibility over the sale process
Selling your house as-is to Creo Home Buyers is easy and simple. You just need to contact them by phone or online and provide some basic information about your house. They will evaluate your house and make you a no-obligation cash offer within 24 hours. If you accept their offer, they will handle all the paperwork and closing details. You will get paid in cash at closing.
If you are interested in selling your house as-is to Creo Home Buyers in Maryland, don’t hesitate to contact them today. They will be happy to answer any questions you might have and make you a fair and competitive cash offer for your house. You have nothing to lose and everything to gain by selling your house as-is to Creo Home Buyers in Maryland.