Sunday 27 November 2022

Selling difficult or "impossible" properties

Whenever possible, the ideal situation is for the seller to fix any problems that may be outstanding on a property. But there are times when it may not be financially feasible for any number of reasons. It is not the end of the world to list a property for sale with issues, but there are two important things a seller must do if they expect to sell at a proper price and in a reasonable length of time.

First is to make sure you are pricing appropriately for the condition of the property. If a buyer can get a similar property at the same price with absolutely no work to do, you’re going to have a hard time competing in the marketplace. Buyers will expect a lower price if they’re going to have to put in time and money to fix things up, especially if they’re significant items like an old roof or leaky basement.

The second very important step, which actually helps with pricing, is to get written quotes from qualified contractors for any major issues. But besides giving you solid numbers to use for deductions from asking price, a written quote will give comfort to buyers and remove the fear of the unknown – what a seller may “know” to be a $2000 repair can easily be blown up into a $20,000 (or more) repair in the buyers’ minds. Written quotes remove the question marks and replace them with solid figures.

1 comment:

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