Cheat sheet for selling distressed property

Let’s face it: selling your home when it isn’t in the best shape is an uphill battle. Most people aren’t ready for the commitment and time required to see the potential in a distressed property, but there are ways to help the situation.

1. Mention the price, and then the price, and oh, the price is just fantastic!
No, really. Easily, the best thing about a distressed property lies in the pricing. With the costs of repairs and the possibility of having to bring the entire home into modern code, the price must be low. So low, in fact, that it’s almost unbelievable. Surely, the land itself is worth more than that? Well, sometimes, but more often than not, all you’re actually paying for is the land the building stands on. That’s right, you get a free building. On top of that, more often than not, a distressed home is priced so low that the repairs and possible changes to it will more than pay for themselves in property value increase. Which brings me to my next point:

2. Discuss the potential of profit in the home.  
Money talks, which is why the first two items on this cheat sheet are all about those greenbacks. Home-flippers may be often ruthless negotiators who watch the bottom-line like a hawk, but they also pay for their homes and absolutely love distressed property. Tear down a wall here, update a kitchen and bathroom there, lipstick and mascara the rest of the house, and then sell it at a profit. If you have ideas for the property that you don’t have the time or finances to accomplish, be sure to talk about those ideas with potential buyers. Who knows? Maybe one of your ideas is exactly what they need to get to the right frame of mind.

3: Never underestimate the underdog.
Sometimes the handiest people look the most disinterested. You may notice them staring off into space with a stern look on their face. This is often called the “how hard will this be to fix?” face. Some people will buy a home and spend years repairing and re-designing it, buying one wall’s worth of material at a time, paycheck to paycheck, until they’re satisfied with the outcome. For these people, the cost is a draw, but also the location and design of the home, which brings me to my final bit of advice.

4. Show off the perks of the property as it stands.
Close to a good school? Know of an amazing restaurant nearby? Are the neighbors the best people in the world? Does it have a stunning view from the roof? These are all things you can use to sell a distressed property to someone who can see past the peeling paint and ruined yard. Play up the strengths so that they might forget, for a moment, the weaknesses.

With these tips and a bit of luck, you might be getting rid of that distressed property sooner than you thought.

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