Sell a house that needs repairs

Sell a house that needs repairs
Alex:
Hi guys and girls, this is Alex from Coastal Edge Homebuyers. I wanted to explain what your options are if you have a house that needs repairs and you need to sell it. We’re Coastal Edge Homebuyers. We are local in the Hampton Roads area, and we buy houses anywhere in our area, primarily in the seven cities, which includes Virginia Beach, Norfolk, Chesapeake, Suffolk, Portsmouth, Hampton, and Newport News.

In some cases, we’ll go a little bit outside of that area, but this is the primary coverage for our business. So when you have a house that maybe was inherited, or maybe you’ve had it in the family for a long time, maybe was rented out and the house has not been updated for years. And the time has come for you to sell it, maybe you’re ready to retire or maybe downsize your portfolio, whatever the case may be. It comes down to this. You have a house, it needs repairs. And now what do you do? What’s your options? Well, number one is, and this is the primary one, which many people know about, is to fix up the house, put it up on the retail market. You’re going to get top dollar for it.

What people may not realize is that this method works obviously, but it takes a lot of time and money. Now it’s 2022, it’s summertime and basically you’re looking at today’s prices. Imagine this, if you have a house which is about 1500 square feet, it may cost you anywhere between $35,000 to $65,000 to rehab it completely, depending on how much work does it need. So a lot of people don’t realize this, but prices, especially this year, they’ve shot through the roof. And it’s been the case over the last couple of years almost.

So it is very time consuming and financially exhausting to actually repair a house, rehab it all the way, put it up on the retail market. When you see a price on one of those popular websites out there, and you see the prices of houses around you. In many cases, the prices you see is for a house that is already totally rehabbed. It does not reflect your house. Even if your house is pulled up there by the address, the price you see would not be realistic.

We get a lot of calls from people that ask the same question. “Hey, should this house be worth that much? That’s exactly what I would prefer to get.” The reality is if the house was recently rehabbed, that retail price you see online may make sense, but if it wasn’t or if it was partially rehabbed, or more than five to seven years ago, you will not get even near that price on the market because you’re competing with houses that were recently rehabbed.

So what are your options? So obviously, number one, you can rehab the house, hire contractors, do project management, work with them for one to four months or so, spend a good amount of money to fix it all the way up. And you’re going to get top dollar for it. You’re going to list it probably with an agent. You’re going to get a retail buyer and that’s it. Now, what are your other options? Well, you can always keep the house, maybe as a rental. That’s an option, it’s always been there and it will be for a near foreseeable future. But basically when you’re renting a house out, you have to deal with tenants, contracts, repairs. If you don’t want to deal with some of that, you can get help from property management company for a fee, obviously.

So it is not as hands off as some people think it is. Especially if your house is getting older. So what else can you do? Well, you can sell the house direct through a home buying company like us. We’re Coastal Edge Homebuyers and we buy houses locally. We buy in any condition as is, no repairs, no cleaning, quick closing.

So why would you choose that option? Because of the speed and convenience. If you need to sell a house, and if you have a tighter timeline, we may be your best choice. Otherwise, you can always put it up on the retail market. You’re going to pay agent commissions and so on. And of course, most people are aware of that method, but in some cases, this may not be your best way to sell it. If you’re tired already with dealing with tenants, or if the house needs a significant amount of repairs, if it’s not something that you would like to show off with multiple showings through a real estate agent, you can always sell to a direct home buyer like us. You’re going to get the speed and convenience of a cash deal.

In fact, cash is not the only deal we make. We make some other types of deals with payments, that can get you even more money. If you call us, we’re going to go over all these options for you and recommend the best one in your situation. So this is what we specialize in. We specialize in buying houses that need work, or when the owner has a tighter timeline to sell. In a nutshell, this is exactly who our ideal customers are and who we love to help. So if you have a house anywhere in the Hampton Roads area that needs work, and you don’t want to go through the route of fixing it up, cleaning, repair, staging, put it up on the retail market or paying agent commission, call us.

There is no agent commissions with us. There’s no lowball offers. We’re going to give you a fair price based on the current condition of the house. So, if you have any other questions, just reach out to us, we’ll be happy to help you out. This is what we do all day long. It doesn’t matter if we buy your house or not, because we don’t really buy every house we see, but at least we can look at your situation, give you advice, completely free of charge. We can take a look at the house inside and out if that’s what you prefer. And then we can give you a fair, all cash offer, among several other options for you. So you can pick the best thing, for your situation with our help. So for more questions, just call us. Or if you have a house you want to sell now, give us a call. We’re Coastal Edge Homebuyers and you can reach us at 757-414-7117.
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