3 Tips To Sell an Old House Fast
Sometimes, you just want to sell a property fast. But when it’s an old house, it often comes with a lot of problems. From ugly wallpaper to cracks in the walls, there are issues that older homes have that newer homes don’t. How can you sell your home quickly when it has so much competition?
1. Resolve Any Issues With Tenants and Residents
If you’re selling your own home, do you already have a place arranged? If you have tenants in the property, has their lease already been terminated? When you’re looking to sell a house fast, you often need to resolve issues of tenancy first. Tenants on a current lease still have rights, and these rights can complicate things when a new owner wants to take possession.
Most people don’t want to purchase a home with tenants in it (though there are some rare exceptions). If there’s still an active, fixed term lease, the new owner will need to honor that lease until it expires. It’s also hard to show a property with tenants around, as you need to notify them first and make sure that the property is presentable.
There are some buyers who are interested specifically in properties with tenants. These are usually investor buyers, who intend on renting out the place regardless. However, this is rare; most investor buyers want to be able to choose their own tenants from the outset, to avoid issues with evictions and delinquencies.
And there’s also another option: companies that specialize in purchasing old homes or purchasing homes in cash. These companies are often experienced with tenants and willing to work with them and around them.
2. Be Realistic About Your Price Point
What’s the number one thing that holds up home sales? It’s absolutely price. If you’ve priced your property too high, it’s going to take a long time to sell. It may not sell at all. You need to be realistic about your price point: about how much your property is really worth.
But you also don’t want to undersell your property. There are many buyers who are turned off by things as simple as paint color or flooring: things that aren’t structural and can be easily changed. If you’re trying to sell to the general public, you may find yourself getting bids substantially under your listing price — due to solely cosmetic defects.
A purchasing company is going to overlook these superficial issues and will be able to value your property correctly, so you capture as much of its value as possible. An individual home buyer, on the other hand, may just move on; if the house is old and looks like it needs work, they may not be willing to pay as much as it’s truly worth.
So, how can you price your property properly? First, you need to look at “comparables”: these are properties that are similar to yours that are currently on the market. Look for properties that are in the same area, the same square footage, and the same age. This will give you a baseline range to compare your property to. Make sure to look at what the properties sold for rather than what they were listed for.
If you’re working with a real estate agent, your real estate agent will be able to give you more information about what you can expect from your home. But keep in mind that your home is unique, too: a detailed appraisal may be necessary if it has any unusual features.
3. Contact a Company That Specializes in Old Houses
By far the fastest, easiest way to sell an old house is to contact a company that specializes in old houses. A company that specializes in old houses isn’t going to require any modifications or repairs; they’re going to give you the fair valuation of the property as it is.
Companies that specialize in purchasing old houses don’t make their money by “buying houses cheap”: they make their money by making repairs and modifications to that house with a very low overhead, and selling it when it’s been improved. That means they can offer you a fair price.
Companies that specialize in old houses will often purchase any home that you have, and they can make the purchase in cash. If you need to sell your house quickly, you want a cash buyer. Cash buyers can close as soon as the payment is made. Buyers who have mortgage loans need to wait until the loan has been cleared to purchase the property, and their loan can sometimes fall through.
Ultimately, working with a company that specializes in buying homes is likely to be the fastest, most lucrative way of selling a home. Trying to sell to a private buyer is likely going to take longer, and require more by way of repairs and renovations.
You Have Options for Selling Your Home
Don’t worry: even if your home is old, you can still sell it fast. You just need to find the right buyer. With older homes, you can spend a lot of money updating it and modifying it, but this money won’t necessarily be returned to you during the sale. There’s no reason to put $50,000 into selling a home if the home isn’t going to be priced at $50,000 more.
Are you interested in this no-hassle option for selling your Philadelphia property fast? If need tips for selling my house as is in Philadelphia, we’re ready to help. To start your sale quickly, fill out this contact form or call us at (267) 224-9163.