4 Things You Need to Know About Selling A Rundown Property in Richmond

3 Things You Need to Know About Selling A Rundown Property in Richmond

Selling a rundown property in Richmond can seem challenging, overwhelming, and stressful for homeowners and investors alike. Should you make repairs and what types of repairs make sense? Should you take the time to fix it up yourself or hire a contractor to do the repairs? Or should you try to sell your house as-is or is there an in-between strategy that may work better? Many homeowners and investors in this situation don’t realize that there are actually many options available and the process can be simple, stress-free, and rewarding. Here are a few things you need to know about selling a rundown property in Richmond.

You May Not See a Return on Your Repairs

Yes, that’s right. You May Not See a Return on Your Repairs. Some homeowners are tempted to spend a fortune fixing up the house, hoping to get their money back when the property sells. But before you pull out that credit card, think about how much you have already spent on the home. Also, keep in mind that some repairs simply don’t offer an equal return. For example, spending money replacing a worn carpet may sound like a good idea, until you scare all of your buyers away with your green shag. In some cases, you may be leaving some things as-is, allowing your potential buyer to modify them according to their taste. The are certain repairs in certain markets that produce varying results. How does your home compare in it’s condition versus other home that have sold in your area in the past year or so. There are also some repairs that you will not recover your money spent and there are even some improvements that may decrease the value of your home.!

You’ll Need to Disclose Everything

To avoid future headaches, You’ll Need to Disclose Everything. Do not ever attempt to conceal problems that may affect the home’s value or the quality of living for your buyer. You will need to be upfront about any problems the home has or you may find yourself on the hook for damages. You can have a homeowner come back and ask for damages and may hire an attorney you are are not cooperative. Even if you are not responsible, you could end up paying a large amount in attorney fees just defending yourself. Depending on where the property is located and state laws, a few common things you may need to disclose include…

  • The appearance of toxic chemicals or lead based paint in the home, particularly in older homes
  • A death or violent crime that took place in the home or surrounding area
  • Any health hazards in or around the home or in the neighborhood
  • Mold, water or fire damage even if it is not readiness noticeable
  • A list of needed repairs to the main systems and areas of the home
  • A summary of any neighborhood problems, nuisances, or past issues
  • Prior inspection reports that you may have had done

Not disclosing problems can be a violation of the law, and puts you at risk of being sued for fraud or breach of contract. It will also put your home inspector on the spot as these are problems that should have been noted in their report. When selling a rundown property in Richmond, make sure you are telling your potential buyers everything you know about the property. It will help you avoid problems down the road and give you a clear conscience when you go to sleep at night.

You’ll Need to Find the Right Buyers

A rundown property isn’t going to appeal to everyone who is looking for a property on the MLS. Almost always, a first time home buyers does not have the money or foresight to take on the challenge, no matter how good of a deal it seems to be. It takes a special person to want to buy a house that needs work. Listing on the MLS isn’t always the best route as it is filled with pretty pictures of move-in-ready homes that can be compare to your home. A rundown home is likely to get overshadowed by the competition, meaning you’ll be on the hook for holding costs for a longer period of time. When marketing a rundown home for sale, you’ll need to appeal to those looking for a fixer-upper. RVA Home Buyers can help you do that via a listing or a direct sale. By finding the right buyers for your unwanted property in Richmond, you will be able to sell in less time and for more money. You will be selling the property “as is” which end up lessen your headaches and potential liability in the futures. These types of buyers understand and are comfortable with these types of properties so You’ll Need to Find the Right Buyers.

There Are Options Other Than Listing

The most important thing you need to know is that you do not need to list your house on the MLS in order to sell it. In fact, there are ways that can be more beneficial to homeowners other than a traditional listing. RVA Home Buyers helps our clients by offering listing services and assisting if they would prefer a direct sale. A direct sale is simple…

  • First, we will discuss your property, letting you know a ballpark price based on the condition
  • Then we will make an appointment to view the home in person and any work that needs done
  • From there we will put together a formal offer, without any hidden costs or fees
  • Finally, we will facilitate the property closing on the day of your choice – you won’t have to wait for your money, nor is there any pressure on you to move out right away

Dealing with a rundown property is stressful enough and can present potential costly unknowns. Our goal is to help you evaluate your options so that you can sell your house in the best way possible. There are many ways to sell a property in Richmond. RVA Home Buyers not only provides traditional listing services to our clients, but we also offer ways to sell directly. Our creative solutions will help you sell any rundown property while experiencing a straightforward and stress-free home-selling process.

Do you need to sell a rundown house in Richmond? If so, RVA Home Buyers can help. We offer many ways to help Richmond homeowners sell their unwanted property. Give us a call today to learn more about us and the creative solutions we can offer homeowners. We are happy to answer any questions you have about selling a rundown property.

Call us at (804) 420-8515

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