For those who need to know how to sell a distressed property in Southwest Michigan, we’ll cover the options you have available. Traditional listings for this type of property are not suggested as they don’t attract most buyers, take far too long, and are too costly for most owners of a distressed property.
Life can bring unexpected changes that leave you searching for solutions. Homes can fall into states of disrepair that are far beyond the owner’s capacity to handle. There could have been a death, divorce, illness, or job loss, leading to lost income or a forced relocation at play.
Let’s dive into some of the options to sell a distressed property in Southwest Michigan
Professional Buyers
There are always two sides to everything and this holds true when considering how to sell a distressed property in Southwest Michigan. Let’s explore using the service of a professional cash buyer when you’re selling. Due to the nature of cash sales, you’ll benefit time-wise because of the ability to perform extremely quick closings.
Moreover, selling your property as-is to a professional buyer offers several benefits. Firstly, there is no need to wait for the perfect buyer to come along, as the sale is guaranteed. This eliminates the downtime typically associated with selling a property, allowing you to move on to your next venture quickly.
Furthermore, by selling your house as-is, you avoid the hassle and expense of investing your precious time and money into repairs and renovations. This can be especially advantageous for those who may not have the resources or desire to undertake such a project.
Another advantage of selling to a professional buyer is that you are not exposed to legal risks that can come with selling a property on your own. Professional buyers have the knowledge and experience to handle all aspects of the transaction, including legal paperwork and disclosures.
Finally, when selling to a professional buyer, you can save on closing costs, as most reputable companies cover these fees. This can result in significant savings and provide a more streamlined and stress-free selling experience. Overall, selling your property as-is to a professional buyer can provide numerous benefits, including convenience, cost savings, and reduced legal risk.
Now, because the professional buyer is taking all of the risks, and offering the advantages of cash sales, their offers are below the prices being realized in the current real estate market. A word to the wise, do your research on who you’re dealing with. Regrettably, there are unscrupulous buyers who may try to take advantage of time or financial constraints they learn you’re up against.
Do-It-Yourself
Selling a distressed property in Southwest Michigan on your own may sound appealing because you’re in charge. Additionally, you won’t be responsible for an agent or auctioneer fees, which can negatively impact your bottom line on the sale. If you’re knowledgeable on marketing and all of the legalities involved, while you may need to invest a great deal of time, you can save money by handling everything yourself.
Conversely, inexperienced in marketing and the legal details, selling on their own often leads owners to failure. Not only don’t they realize the highest profit on their property through their errors, but they could also end up in a legal nightmare with no way out.
Professional Auctioneers
Artistic portrayals of property auctions often depict unrealistic prices, unlike their real-life counterparts. One of the benefits of auctions is that you can avoid the hassle of showcasing your property. Another advantage is that the properties usually sell within 30 to 40 days and in their current state, so you don’t have to spend more time and money on fixing up your distressed property in Southwest Michigan.
It’s important to consider the costs associated with using a professional auctioneer. While they offer benefits such as expertise and experience in conducting auctions, their fees can be quite high, usually around 10% of the final purchase price. If bidders are required to pay the auctioneer’s fee, this may discourage them from bidding as high, leading to lower overall bids. On the other hand, if you’re responsible for covering the fee, you’ll need to absorb additional costs, which can impact your net proceeds from the sale. Weighing the benefits and costs of using a professional auctioneer is essential to determine whether it’s the right choice for you.
When it comes to auctions, there’s always an element of uncertainty, and the outcome isn’t guaranteed. One of the challenges you may face is low attendance, which could affect the level of interest and competition for your property. Additionally, if there’s a high volume of properties up for auction at the same time, this can create innate competition and drive down bids. It’s essential to be aware of these potential challenges and to have a solid strategy in place to maximize your chances of success.
No matter which you choose, make educated decisions by taking the time to understand all of your options. Would you like to learn more about how we can help you sell a distressed property in Southwest Michigan? Just call I Buy SW MI today at (231) 392-3262 or send us a message any time!