subject: Competing With Foreclosures [print this page] If you're planning on selling your home, one of the most daunting problems you can face is the number of foreclosures in your area.
Distressed properties make up about half of all home sales.
The prices of foreclosed homes can be appealing. Making it so the new owners will not have to do anything else will put your home ahead.
Foreclosure rate is one of the most daunting things you can face when trying to sell a home.
Distressed properties make up about half of all home sales.
As anyone who has ever looked at a foreclosed home can tell you, there may be benefits in the price tag, but there's a trade off. Sparing potential buyers from repairing everything will put your home ahead.
The sense of disrepair is the biggest problem with foreclosures. Houses deteriorate over time if they lack attention. Not only will the dust and dead insects accumulate and the lawn get overgrown or be damaged by a contract mower who wants to limit his trips, but there could be broken windows or exterior damage from storms or vandals that wouldn't have happened or would have been repaired quickly had the home been occupied.
Also if a home needed repairs to leaky plumbing, broken fixtures, or anything else, a homeowner facing the possibility of foreclosure wasn't likely to do that work. Updating appliances would not be bothered with. Stained carpets would not be bothered with either.
While it may offer a big reduction in price, a home buyer will benefit less from having to do a lot of repairing. Keeping your property landscaped and cleaned, you can keep your listing in the lead. Be sure to clean carpets and flooring and make any needed repairs, repaint fading, dirty or peeling areas, and, if you're planning on new appliances after the move, consider buying them now if they'll fit your kitchen as they'll make it look more modern, even if you take them with you when you move.
If you're considering remodeling projects, the bathroom and kitchen are the areas most likely to add to home value and the ones home buyers aren't going to want to tackle.
Another advantage you'll be able to offer over a distressed property is the possibility of a quicker closing. Paperwork can take months to go through on a foreclosed home. So the buyer can move quickly, prepare a 30 day closing date.
