Do you have a residential property in Atlanta that hasn’t been used for a long time, and you’ve decided it’s finally time to sell? Contrary to the impression that unused, almost-abandoned, distressed properties are challenging to sell, there are a lot of buyers out there for properties like these. Don’t worry as well, because if you find it rather dreadful to do all the things required to sell fast on the market, we have a solution that could help you sell quickly off the market.
Before you start looking for your retail buyers, though, it’s important to set some expectations so you can better prepare for the process. Mind you, selling a distressed property is slightly different from selling a property without any issue.
What Is a Distressed Property?
To start, let us recall what a distressed property is. It’s important to categorize your property so you can better inform your buyers in advance. Typically, distressed properties are sold as-is because they’re in a state where the homeowners couldn’t afford to keep them“afloat” under their names. In general, these are the properties that can be labeled as “distressed.”
Houses in Disrepair
As the name suggests, these are houses that have physically deteriorated. Broken foundations, leaking plumbing systems, and damaged structures are some concerns in a distressed home. These homes haven’t been maintained or repaired for a long time. In some cases, these houses have frequent repairs or issues that don’t seem to go away for good.
If you’ve been renovating your home for so long without a clear end in sight, and it’s just eating away your money, then you’ve got yourself a house in disrepair. Take note that if your home is a money pit, people will know. And yes, selling the home would be a more practical solution in this case.
Houses in Foreclosure
When properties are mortgage delinquent — meaning the owner has an unpaid mortgage — lenders have the right to foreclose or sell the property through a foreclosure sale. In a foreclosure sale, the home is sold through a bidding process. Properties in this state are also called real estate-owned or bank-owned properties.
When your home has already been scheduled for a foreclosure sale, you won’t have control over how to sell it, how much you will get from the sale, or who you will sell it to. So, if you’ve missed out on paying your mortgage and received a notice from your lender, it’s time to consider selling the home before the bank seizes it. You still have the right to sell your home during pre-foreclosure as long as you inform your lender about it — this is called a short sale.
In a short sale, the bank can have a say on how much you’ll sell the house for since they’ll consider how much you owe them. You can set your price by sale time as long as it doesn’t go below the bank’s recommended price.
In addition, during a short sale, it’s your choice to list your home on the market or sell off the market. So, you have more flexibility and control over your home sale before it reaches the foreclosure auction date.
Houses Without Owners
In very rare cases, some owners die without identifying an heir. While the law says, “If no will was made, the closest relative would automatically be the rightful heir,” there are still instances when the court cannot locate any close relative. When this happens, the state has the right to take ownership of the property and use (or sell) it to its advantage.
If you know a relative’s home is about to be seized by the state and you weren’t named or contacted as a beneficiary, you can work with a lawyer to file a petition in court. Houses under probate process are given time so liens and possible heirs can come forward and appeal their claims.
Houses Without Residents
When no one has lived on your property for months or years, it can be inhabited by illegal settlers or vandalized by delinquents. Moreover, no residents mean no one is constantly cleaning and maintaining the house, which could result in organisms colonizing the space (e.g., pests, wildlife, weeds, etc.).
You’re lucky if these haven’t happened to your property yet. So if no one is residing on your property, or you don’t have a caretaker to tend to it multiple times a week, then selling it is wise.
Before you sell your property, regardless of why it’s distressed, it’s best to hire a property inspector and lawyer so you’ll know the full extent of possible issues.
You can hire a real estate agent to help sell your distressed home on the market or contact us at Spire Property Solutions. Spire Property Solutions is a professional real estate investor who buys houses in Georgia as is. We are constantly looking for homes we can buy as-is, no matter their condition.
The great thing about selling to us at Spire is that you won’t have to pay any commission because we are a direct buyer, and you won’t have to wait long because we pay in full cash!
Show us your home today, and we’ll make you an offer asap!
Contact us at (678) 318 – 1801.