Selling A House That Needs Repairs

It’s not uncommon for homeowners to find themselves ready to sell a property but realizing the list of repairs has gotten a little overwhelming. Maybe its a property that has some deferred maintenance or it could be something major like a plumbing or roof damage. Regardless of the specific repairs, you can sell your home as-is without doing any repairs. Cash Home buyers will purchase the property in its current condition. For professionals, the repairs are cheaper and easier to take care of when you have a full time time crew like we do. It’s always worth getting a quote on a cash offer so you can have a baseline of what you could walk away with WITHOUT doing any repairs.

Let’s say you own a home free and clear and receive a cash offer on your property in its as-is condition for $200,000. Then you go out and get a quote from a contractor to do the repairs for $50,000. And let’s say similar homes that are fixed up are selling for $275,000. Keep in mind you will pay at least 6% in fees when you sell the house on the market. In this scenario if you were to sell the house for $275,000 you’d actually walk away with about $258,000 after paying realtor fees and closing costs.

So you lets recap both options.

Option 1: You sell the house as-is and walk away with $200,000 and only have to wait 2 weeks for escrow to close.

Option 2: You pay a contractor $50,000 to complete the repairs which take about 2 months, then you list the home on the market, have open houses, field offers, accept an offer, complete requested repairs while in escrow and probably have to pay your contractor another couple grand ($2,000) to do some minor repairs and after all is said and done your house officially sells and you walk away with $256,000.

If you chose option 2 instead of option 1 you would have walked away with an extra $6,000 however you would have had a lot more to deal with and A LOT more time invested in the process.

My honest opinion here is if you have the time, are savvy with construction and rehabbing homes, and don’t an immediate use for the money, it might be best to sell your home the traditional way because you might get a few more grand out of it. If a couple thousand dollars is not worth your time and dedication to the project then it is probably worth it to consider selling your house as-is. That’s where a company like Sea Cliff Liquidity can come in and offer you that liquidity and cash you out of your home without lifting a finger or putting another cent into the property.

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