A distressed property may confuse and worry its owners. While most houses or buildings can easily be put on the market for sale, these properties are a different case. Some people may think that these are lost causes and can no longer be profitable. In reality, there are still ways to make money off of these properties by selling them.
WHAT CAUSES A DISTRESSED PROPERTY?
Properties become distressed for a variety of reasons. One way this happens is when a person passes away within the property. When a death occurs inside a house, and they are not found right away, there are specific protocols in place that must be followed.
Homes that were used for hoarding are also another case of distressed properties. These houses become littered with unusable objects, and space can be too cramped or almost nonexistent. In extreme situations, these houses may even contain decaying matter. Whatever the case, these properties can be classified as threats to health and safety.
WHAT SHOULD YOU DO WITH A DISTRESSED PROPERTY?
In handling a distressed property, it helps to have professional services by your side before you put it up for sale. The most important thing you need to take care of is a proper clean-up. Service providers can handle any dangerous chemicals, decaying matter, and other hazardous objects. When they properly dispose of these, they can restore the property to an optimal state.
Once the clean-up is finished, the property will be safe for people to enter.
SOME REMINDERS ABOUT CLEANUP AND RESTORATION
Always look for service providers that deliver quality service. Avoid dealing with crews that are not transparent about their day-to-day operations. Any contact with possibly harmful objects is dangerous and could threaten you and anyone within the area. Ensure that they follow the correct safety measures and protocols.
It is essential to act as soon as possible in dealing with a distressed property. The longer you wait to restore the property, the more it won’t be easy to return it to a presentable state. Also, when the clean-up is over, check for any damage to the structural integrity of the building.
HOW MUCH DO THESE PROPERTIES GO FOR?
Once concerns about restoration are settled, it is time to think about the pricing. Although you might have restored the property to a presentable look, it will still not retain the same monetary value it once had. Still, the clean-ups and repairs will at least increase the value from the distressing condition. When putting a price on the property, make sure to consult an expert.
They will offer advice on how to put a price on the property correctly. People will have second thoughts about fees that are either too low or too high. In the former, people will think it is “too good to be true” and will have qualms about the property before. Pricing too high will likely shun away from any potential bidders.
SELLING OFF THE PROPERTY
Now that you have taken all the necessary steps to restore the property, a sale is now possible. One way to accomplish this is by meeting with professional buyers. These people are skilled in the practice of buying distressed properties and can give you a reasonable price. They make sales more accessible, and it also saves on time and resources since they work fast.
Some professional buyers take care of the clean-up aspect. You can ask if there are any service providers in your area. Another option to consider is an auction. Prices could be increased in auctions if the property was restored to a presentable state. However, auctions can be a gamble because they are not accessible, and bids might be too low.
When the property still has pending payments, the best course of action might be a short sale. Short sales are properties that are sold for prices less than the remaining balance. The remaining amount is paid to the lender over time.
In summary, distressed properties are not lost causes. It is still possible to sell a distressed property for a considerable price, mainly if care is applied in restoration. Making it presentable is vital in accomplishing a sale for the property, as it attracts more potential buyers.
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