For those who need to know how to sell a distressed property in Austin, 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.
Let’s dive into some of the options to sell a distressed property in Austin
Professional Home Buyers
There are always two sides to everything and this holds true when considering how to sell a distressed property in Austin. Let’s explore using the service of a professional cash home buyer when you’re selling. Due to the nature of cash sales, you’ll benefit time-wise because of the ability to buy your house fast for cash.
Additionally, the sale is as-is and there won’t be any downtime waiting for the right buyer. Nor will you be required to waste any of your precious time and money in repairs. Another advantage is you’re not carrying any legal risk.
Now, because the professional home buyer is taking all of the risks, and offering the advantages of a fast cash sale, 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.
Selling a distressed property in Austin 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.
Property auctions rarely imitate art, where fantastic prices are realized in movies and on television. Avoiding the headaches of showing your property is one of the favorable aspects of auctions. Additionally, these properties close within 30 to 40 days and sell as-is, so you won’t need to continue to pour time and money into repairs and upkeep of your distressed property in Austin.
While there are advantages to using a professional auctioneer, keep in mind the usual fee for their service is a rather high 10 percent of the final purchase price. Should the bidder be responsible for the auctioneer’s fee, lower bids overall are incentivized. Otherwise, you’ll be responsible for their fee, absorbing additional costs.
Due to the nature of auctions, the outcome isn’t guaranteed, you may be up against the issue of low attendance. There is also the innate competition when a high volume of properties is up for auction at the same time, leading to lower bids.
Learn more about how we can help you with a distressed property in Austin? Just call Vista Ridge Properties today at 512-456-3410 or send us a message any time!