You
have done your research and have decided to sell your house AS-IS. You want to
attract investors to your property because your home needs a lot of work. You
don’t have the capital to do the work, but you begin to wonder if there are
occasions when even an investor won’t buy your house fast. The following issues
may keep homeowners from selling their property as quickly as they want to.
1. Your
price is too high. Even investors have a limit on how much they
are willing to spend. If the repairs needed to your home is extensive and the
price is too close to the top of the market in your neighborhood, it won’t
attract investors. However, the homeowner might have a mortgage balance that
keeps them from being able to reduce the price.
2. Water
damage is present. Investors have to be
assured that their capital will be turned into a profit at the end of the day.
If a home has a lot of water damage, the cost to repair the structure might
make the investment not worth it to pursue. Water damage can be caused by flash
flooding, an appliance mishap, sewer backup, etc. If you want to sell your
house fast, you should make sure you don’t have water damage.
3. Mold
is present. If you have water damage, you may
have mold and mildew. Both of these organisms will make the resale difficult
and can be a remodeler’s nightmare.
4. You
have termites. The insects that need wood to
survive scare owners, investors and real estate agents alike. They can cause
serious damage. If you are worried about termites, you should get an
exterminator to treat your property to stop the spread of these insects.
Replacing sections of drywall is something that most investors won’t balk at,
however live termites may cause a potential sale to fall apart.
5. Your
foundation is cracked. Foundation issues are
extremely common, especially in properties that may have been sitting vacant
for a while, such as inherited homes. Also, houses are especially prone to
problems in states like Texas where the soil has a large amount of clay. They
become extremely problematic when they are bad enough that moisture starts to
seep into the crevices. Foundation issues tend to concern investors because it
leads to a domino effect of other repairs such as plumbing.
6. You
have a leaky roof or an old one. Roofs should be
replaced about every 20-30 years. If your home is older than 20 years, and it
has the original roof, you might make investors to shy away from your property.
Replacing an entire roof could cause the rehab budget to skyrocket, and
therefore the investor is not able to pay what you desire for the property.
7. Electrical
and plumbing aren’t up to code. Every era had
its own electrical and plumbing codes. While the codes change over the years,
the homeowners rarely bother with updating their electrical and plumbing. This
is especially true if you want to sell your house fast in
Denver, where a high percentage of older homes still have corroded galvanized
pipes.
If
your home falls into one of these categories, you might not be out of luck.
Some companies, such as Whitestone Acquisitions, have extensive experience
handling all of these problems. Whitestone Acquisitions is willing to take on
these remodeling challenges. As the homeowner, it is always advised that you
get your own bids for the repairs so that you are prepared to negotiate the
price with investors.
