subject: Foreclosure Competition [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.
Those out of foreclosure can make the market tough.
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.
When you're planning on selling a home, the most daunting problem that you can face is foreclosures.
Distressed properties make up about half of all home sales.
There are many benefits in the price of foreclosed homes. Prospective buyers have to do a lot of looking for potential with these properties, and sparing them from that task can 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.
Doing a lot of repairs will outweigh the reduction in price. By keeping your home well-maintained, carefully landscaped, clean, and making any updates that are desperately needed - even if it means remodeling you'd rather not do - you can put your listing in the lead. Clean anything that's splotchy or fading.
The bathroom and kitchen will be the first things you should remodel.
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.
