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January 18, 2021

How To Sell A Home That Needs Renovations

Selling a home that needs renovations isn’t easy. You should make sure that the home is at least functional. Also, you may want to work with a real estate agent who has experience selling “as-is” properties. Selling your home for cash is another option. We have more info on what you should be aware of.

Selling a home that needs repairs or renovations can be quite the frustrating experience. After all, handling renovations is becoming more expensive every year. And renovations aren’t easy to get done during the Covid-19 pandemic. But if you are determined to finish renovations in order to sell your home, there are a few things you need to know. Let’s take a closer look into what you should prioritize if you are selling a property that needs renovations before it goes on the market. 

Choose Function Over Aesthetics

When thinking about renovations, people often prioritize aesthetics. But the truth is that they should be prioritizing function. If you have to choose, you want to make sure that the doors and windows are functional and that the plumbing and heating systems work. That is more important than putting down new carpet or painting a new wall. After all, many of the people looking at your property may already be aware that they’ll have to put some work into it. But they are more likely to be interested if your home is at least functional. They can deal with a new coat of paint themselves.

Understand What Not To Fix

This comes from the last point. If your home needs renovations, make sure that you understand that you don’t have to fix everything. The same goes for minor repairs that are needed. Fixing everything can be prohibitively expensive. You don’t need to fix every single appliance, or paint over every blemish. There are buyers who are looking to fix up properties like yours themselves, and they probably have their own ideas about which kinds of aesthetic changes they’d like to make. 

Work With A Real Estate Agent Experienced With Selling As-Is Properties 

Talk with a real estate professional who has experience selling all types of properties. They can give you a better idea of which renovations and repairs to focus on when selling a property as-is. Understand that your real estate agent probably knows more about the process than you do. So you should take their suggestions to heart when thinking about selling your property. Their recommendations on what to fix may be able to help you get additional value out of your property that you didn’t even know existed. 

Worrying about repairs and renovations can be an exhausting exercise. Handling the repairs yourself can be even more stressful. You don’t want to have to go through that process if you don’t have to. And you don’t. You can sell your property to 4 Brothers Buy Houses for cash and avoid worrying about repairs altogether. Give us a call and our team will provide you with a free, no obligation quote. All you have to do is contact us and we’ll get to work getting you the value that you deserve for your property.

September 23, 2019

The 4 Real Estate Terms That You Must Understand

When selling your property, it is important to understand several real estate terms. If you aren’t a real estate industry regular, than these terms may seem unfamiliar to you. That is okay–as long as you are familiar with these terms, you’ll be able to successfully navigate the sale of your property. You want to make sure that you understand things like escrow, equity, and due diligence. You probably already understand what showcasing (your property to new prospective buyers) means. You also probably understand what renovation means.

So let’s dive into the more complicated real estate terms.

Appraisal

An appraisal is when a professional determines the market value of your home. Typically, before you can take out a mortgage, the mortgage lender will send an appraiser to the property. The appraiser will determine if the property is worth the value of the loan, so that all parties are fully protected during the transaction. Appraisals are absolutely critical to the home sale process, and you need to understand how they work.

Escrow

When your offer to buy a home is accepted, then you’ll need to send a portion of the money to escrow. Escrow is a third party, which is often unbiased, which holds the money until a transaction is complete. Once the transaction is finalized, the money is released and the deed is transferred. Escrow agents often hold other documents as well, such as loan documents, and title insurance. 

Equity

Equity is a critical term for sellers and buyers. The equity you own in your home is the market value of the property less any existing obligations. Thus, if you bought a home for $300,000, and your mortgage has been paid down to $100,000, then you have $200,000 in equity. The more equity you build, the stronger your financial options will be. More equity allows you to finance loans for repairs or renovations.

Closing

Closing is the finalization of the home sale process. During the closing period, homebuyers typically do due diligence on things like home inspections. All the paperwork is finalized during this period as well, and the two parties will exchange the deed and the keys of the property. All money in escrow is released at this point, and the sale process effectively ends. Closing also entails certain costs, such as taxes and loan fees.

 

Worried about going through the traditional selling process? Worried about how you are going to showcase your home to new buyers, or how you are going to handle all of the aspects of repairing and renovating your home? The good news is that you don’t have to worry about any of this. You can sell your property to 4 Brothers Buy Houses and get the cash you need right away. Avoid the expensive and lengthy traditional selling process and sell your property on your terms. You can get a free, no obligation quote at any time. Call us today.