Your home is distressed – what are you going to do? You can try to make all the repairs, get caught up on the mortgage, or find a buyer, but that is not as simple as it may seem.
The number one reason for distressed homes is because the owner stumbled upon financial difficulties and was not able to keep up with the mortgage payments. If this is the case, then finding the funds to make repairs will be a challenge, especially if the house has any major issues to be fixed. Finding a buyer can be an even bigger headache depending on your state of residence and its laws. Sometimes, it can take months for lender approval for a distressed home.
Headache Repairs for Distressed Homes
When a home is in distress it usually means there will be a lot of work needed to bring it up to code. Therefore, distressed homes sell at a much lower cost. Some homeowners think they can save money by fixing things on their own, but that is not usually the case. Asbestos removal, for example, usually must be done by a certified professional and that can get very expensive. Termite damage, mold infestation, plumbing and water leaks all will require professional services and will take quite a chunk of money depending on the level of damage.
Homes built prior to 1978 may also have lead paint which will need to be removed and replaced before selling. What about structural damage? Foundations can settle and cause shifting within the frame of the building which may end up causing structural damage that can’t be fixed with just a hammer and some nails.
Selling Your Distressed Home
Many don’t want to work with a real estate agent. The best way to sell your distressed home is through a real estate investment company that has the financial backing and ability to restore the house and property. Too often, lenders turn down loans for distressed homes unless the buyer is paying cash. These types of purchases are considered risky and banks are not in the habit of trying to lose money, so if a potential buyer needs to procure a loan, your odds of selling the property have just been reduced.
LZ Signature Homes, LLC has the experience and expertise working with distressed homes, to help you avoid many of the hassles of selling your home. They will purchase your house for cash, perform necessary repairs and renovations, and resell the house thus eliminating stresses, such as doing your own cleaning and repairs, upgrades and renovation. You will have no commissions and will not have to deal with showings and purchasers who are working with financial institutions and credit issues. Find out how LZ Signature Homes, LLC can work with you to help you transition out of your house quickly and smoothly. Call Rachel at 603-325-2572 today.