For those who need to know how to sell a distressed property in Los Angeles, we’ll cover the available choices you have. Traditional listings for this type of property are not suggested as they don’t attract most buyers, take far too long, and are too costly for most owners of a distressed property.
Life could bring unexpected changes and leave you searching for solutions. Homes can fall into states of disrepair far beyond the owner’s capacity to handle. There could have been death, divorce, illness, or job loss, leading to lost income or a forced relocation at play.
Here are some of the options to sell a distressed property in Los Angeles
There are always two sides to everything and this holds true when considering how to sell a distressed property in Los Angeles. Explore using the service of a professional cash buyer when you’re selling. Due to the nature of cash sales, you’ll benefit time-wise because of the ability to perform instant closings.
In addition, the sale is as-is and there won’t be any downtime waiting for the right buyer. Nor will you be required to make the investment of your precious time and money in repairs. Another advantage is you’re not having any legal risk, you”ll save even more as with selling on your own and since most professional buyers pay all of the closing costs.
As of the moment, the professional buyer is taking all of the risks and offers the advantages of cash sales, their offers are below the prices being realized in the current real estate market. A wise piece of advice, do your research on who you’re dealing with. Regretfully, there are dishonest buyers who take advantage of time or financial constraints they learn you’re up against.
Selling a distressed property in Los Angeles on your own may sound appealing because you’re in charge. You won’t be responsible for an agent or auctioneer fees, which can negatively impact your bottom line on the sale. If you’re well informed on marketing and all involved legalities, you may need to invest a great deal of time, and by handling everything on your own you can save money yourself.
Inexperienced in marketing and the legal details, often owners can lead to failure on selling on their own. Not only don’t they realize the highest profit on their property through their mistakes but could also end up in a legal nightmare with no way out.
Property auctions rarely imitate art, where fantastic prices are realized in movies and on television. Avoiding the headaches of showing your property is one of the favorable aspects of auctions. In addition, these properties close within 30 to 40 days and sell as-is, so you don’t need to continue to stream time and money for repairs and upkeep of your distressed property in Los Angeles.
While there are using a professional auctioneer, be sure that the usual fee for their service is a rather high 10 percent of the final purchase price. Should the bidder be responsible for the auctioneer’s fee, lower bids overall are incentivized. Otherwise, you’ll be responsible for their fee, absorbing additional costs.
Due to the nature of auctions, the outcome isn’t guaranteed, you may be up against the issue of low attendance. There is also natural competition when a high volume of properties is up for auction leading to lower bids, at the same time.
No matter what you choose, make the best decisions by taking the time to understand all of your options. Would you like to learn more about how we can help you sell a distressed property in Los Angeles? Just call Mrs. Property Solutions today at (310) 658-8252 or send us a message any time!