Being stuck with a home that’s hard to sell is a challenge that no homeowner wants to face, but a property in need of large-scale repair work is a money guzzler that is better off sold to a buyer who has the resources and the will to fix it.
Aside from location, a property’s condition greatly impacts its resale value as well as buyer interest. If your home is in a condition where the only solution is to tear it down, it would be best to get rid of the property by selling it to a house buying company, sometimes also called house flippers or real estate investors.
Here are three types of homes that professional home buying companies are nearly always interested in buying.
Homes in dire need of repairs
A home can be poorly maintained for several reasons. You may have inherited an old property that you don’t want to (or cannot) maintain; your tenants may have wreaked havoc on your house; or you may be facing a cash crunch that stopped you from undertaking expensive repairs, which gradually led to even more problems.
Whatever the underlying reason, cash buyers have no qualms about buying a home with deferred maintenance.
Homes with bad layout
If you’ve been living in a property with a bad layout and now intend to move to a more thoughtfully constructed home, it may take ages before you can find an individual buyer willing to pay a reasonable price. With supply far exceeding the demand for residential real estate, home buyers are spoilt for choice and want the best value for their buck, and anyone purchasing a home for their personal use would not want to invest in a property with poor layout.
Not all badly laid out homes can be fixed with repair and renovation. For instance, problems such as narrow doorways, clustered bedrooms and ill-placed bathrooms cannot be fixed without tearing down the house.
No homeowner would want to spend thousands on fixing such grave issues and would rather sell the property as soon as they can. Professional house buying companies such as iVestHomes in Central Texas buy such problematic homes as they have the resources and expertise to carry out large-scale repairs and remodeling.
Homes damaged by fire, storm or deluge
If you own a property that was damaged by a natural calamity or a fire, you may face a tough time selling it to individual buyers. In such a case when you want to get rid of a property fast without having to spend any money on fixing it for conventional buyers, it’s a good idea to get in touch with a local home buying company that specializes in purchasing damaged homes.
Cash home buyers work with contractors to fix the damage and sell the renovated property at a higher price. While this is their way of making money, as a homeowner it gives you an option to bypass agent commissions and waiting for months to find a buyer.