Selling a Home That Needs Work? Here's What You Need to Know

By Andrew Duncan

Andrew Duncan is the Founder, CEO and Co-Owner of Tampa’s Best Real Estate Agent Team, The Duncan Duo, the Host of The Duncan Duo Real Estate Show Sundays at 10am on 970AM WFLA. As the team’s Founder, CEO & Co-Owner, Andrew’s focus is on the growth of the company, marketing and promotion initiatives as well as motivating and coaching the team’s agents and leadership.

Are you hesitant to put your home on the market because it needs some work? Don’t worry! In this article, we will share three valuable tips to help you successfully sell your home, even if it requires repairs. With the right approach, you can attract potential buyers, qualify for financing, or explore alternative options. Let’s dive in!

1. Price it right. The first tip is simple but crucial: rip the Band-Aid off and put your home on the market. The key here is pricing it appropriately. While your home may need work, there are plenty of investors, rehabbers, remodelers, and do-it-yourself enthusiasts looking for fixer-uppers. By accurately reflecting the condition of your property in the price, you can generate interest and attract potential buyers. Remember, pricing it right is the first step to selling your home in any condition.

“Selling a home that needs work doesn’t have to be a daunting task.”

2. Analyze repair costs. To ensure your home qualifies for financing, it’s important to evaluate the necessary repairs, especially those that may disqualify it from traditional loans. Collaborate with a knowledgeable real estate agent, such as one from the Duncan Duo, who can guide you in determining the repairs needed to make your property eligible for financing. Identifying these items and addressing them strategically will increase the chances of securing a buyer who can obtain a mortgage.

3. Explore joint ventures or renovation loans. If you’re open to alternative options, there are two routes you can consider. Firstly, you can seek a joint venture with someone willing to perform the necessary work to get your home market-ready. In this arrangement, they would be compensated at closing. Secondly, you can search for a buyer who is interested in purchasing your home with a renovation loan. These loans allow buyers to include repair costs in their mortgage, making it easier for them to afford the property. While interest rates on renovation loans may be slightly higher, they enable buyers with limited upfront funds to own a home while making the necessary improvements.

By following these three tips, you can increase your chances of attracting buyers, securing financing, or exploring alternative options. If you prefer a hassle-free process, you can also explore instant cash offers for your home. Reach out to DuncanDuo.com to receive an instant cash offer, or ask us any questions you may have.