Distressed property may be a property that is either in an advanced state of disrepair, which is obvious, and may also have landscaping that has grown wild and is potentially damaging structures or the foundation or facing an impending foreclosure procedure. Although listing and selling your home is a complicated and stressful process during the best of times, these problems become exacerbated by the pressures of time or financial stress. Should you have a distressed property in Phoenix, read on to learn what it may mean to you.
Time Marches On
If you have a distressed property in Phoenix because you’re facing a foreclosure, you’ve likely started receiving notifications from the lender, now is not the time to stick your head in the sand. If you’re dealing with more significant problems with the house than you can handle, physically or financially ultimately, the longer you wait, the more expensive and extensive the repairs are becoming by the day. Another issue with listing your home for sale on the market with a distressed property is the additional reduction in price caused by the property lingering on the market because buyers prefer homes in ready-to-move-in condition so that you may get little interest on the MLS. Properties listed for a more extended period than the average listing give buyers pause when scrolling through properties and can further delay your sale. A direct buyer like those at Cowley Home Buyers will make you an offer with a guaranteed closing date within days or set to the day that’s convenient for you.
Using a Real Estate Agent
The traditional marketplace and listing process aren’t always suitable for a distressed property in Phoenix. Understanding that you’re not in the best of positions for bargaining if you’re working under time constraints or have serious concerns about passing the inevitable inspection, you’re likely aware the offers you get, if any, will be far less than fair. In addition to the real estate commissions, fees and closing costs can quickly eat away at your remaining profits. On the other hand, a direct buyer like those at Cowley Home Buyers doesn’t charge commissions.
Listing Your Property Yourself
Much like listing with a real estate agent when you have a distressed property in Phoenix, you’ll face all of the same expenditures, less the commissions. Your emotional and financial investment in the home can make negotiations difficult, especially when the offer is insultingly low. A direct buyer will lay out precisely what your home would earn through the listing and the expenses you would pay vs. accepting our cash offer, which comes with no out-of-pocket costs and is the amount you’ll receive at the closing. You can sell your house as-is to a direct buyer when you have a distressed property in Phoenix. The direct buyers at Cowley Home Buyers don’t hide any details about the amount of our offer, which you’ll agree is fair.
Summary: Distressed Property Can Be More Than You Bargained For
Distressed homes offer a unique buying opportunity for real investors, but the average home buyer should probably look elsewhere. You may end up biting off more than you can chew and would be better off taking a traditional route to purchasing a home.
Buying A Property As-Is
The biggest risk of buying a distressed property is that the home is often sold as-is. It’s hard to inspect distressed properties before the sale, particularly if they’re sold at auction.
And even if you do get the opportunity to explore the property, the seller doesn’t have any money. So, there’s no room to negotiate for repairs.
If you’ve never bought a distressed property before, you may be surprised by how long the process actually takes. The sale is not as straightforward as buying a home from someone who’s current on their mortgage.
Cowley Home Buyers
At Cowley Home Buyers, there are no pressured sales; we are upfront about everything because we want you to make an educated decision based on the numbers and the problems you face. By working with a direct buyer like those at Cowley Home Buyers, you can avoid the commissions and closing costs, making repairs, and all of the other typical out-of-pocket expenses and hassles of listing your home. The direct buyers at Cowley Home Buyers will stop, taking the time to listen carefully to you, understand your concerns, and answer your questions thoroughly, with no obligation whatsoever. We do this because at Cowley Home Buyers, we want you to be certain that you made the best choice out of all options available for your situation. Contact Cowley Home Buyers today at (480) 744-5941 to learn more!
While it takes 6 – 8 weeks to close on a traditional home, it can take 6 months to a year to close on a distressed property. That’s because you’re usually dealing with the lender, and they don’t always care how long the process takes. Plus, there may be a lot of hoops you have to jump through to finalize the sale.