Selling Your Distressed Property in Fargo…
Selling your distressed property in Fargo? Here’s what you need to know.
In the past, we’ve talked about instances when you shouldn’t sell your distressed property. Distressed property buyers all around Fargo will pop up and tell you why it’s such a great idea to sell your property to them, right now, without exploring your other options.
And, in that sense, we want to stand apart from the competition, because we want to help Fargo as a whole — not just by buying up and flipping property that needs fixed, but also by making sure Fargo residents down on their luck don’t make decisions that will further hurt them financially.
With that said, we’re going to give you specific tips about selling your distressed property in Fargo. First, of course, review our article on the foreclosure process so you understand all of our your options.
Tips for Selling Your Distressed Property in Fargo
1. Get a Rough Idea of How Much Your Property is Worth (But Keep in Mind It’s Not That Accurate)
From the Zillow “Zestimate” to Chase Bank’s Home Value Estimator, there are lots of ways of getting a rough idea of how much your house is worth.
But we emphasized the word “rough,” above because those online services might give you an overinflated idea of how much your house is worth, depending on the quality and condition of the property. If you’ve been unable to make your mortgage payments for some time, there’s a good chance there’s some deferred maintenance you also haven’t been able to afford.
In other words, your house (more than likely) isn’t up to par. Maybe the basement flooded and it took you a couple days to notice and get someone to clean it out. Maybe there are some issues with the HVAC, with the electricity, or with the plumbing.
Whatever it is, if the other homes in your neighborhood are in good (or average) condition, and yours needs some work, expect to get significantly less money for your house than what those calculators say.
Even when your house is listed in a more traditional manner, the “Zestimate” can be wildly off-base. Take, for example, when Zillow CEO Spencer Rascoff listed his home. The “Zestimate” said it was worth $1.75m, but he sold for only $1m.
And that guy owns Zillow.
Still, though, even if those home value estimators give you an inaccurate idea of how much your house is worth, it will still give you some idea. A lot of Fargo distressed property buyers want you to stay in the dark regarding the value of the property so they can give you a lowball offer.
2. Realize Time is Not on Your Side
It helps to act quickly.
Right now, property values in Fargo and the United have hit all-time-highs because of all-time-low interest rates.
If your lender recently sent you a notice of default, you have — at most — three months to work something out before the bank puts your house up for auction, and eventually evicts you.
While you might want to make repairs, hire a realtor, and put your house up for sale, you also need to realize that you might run out of time before you’re able to complete those repairs. That’s not to mention the repairs could come in way over budget, or you could end up making a costly mistake that either wastes some of your materials or damages another part of the home.
If you’re not experienced in DIY and you’re under a time crunch, distressed property buyers can alleviate a lot of your problems. On the other hand, if you sit on your hands and do nothing, your situation won’t improve.
3. Understand that Distressed Property Buyers Act Quickly — And You’re Paying for That Convenience
If you own a distressed property, how many people do you know who would buy your home in an instant?
The chances are it’s zero — or at least not many. The market for distressed properties is much smaller than the market for turn-key properties.
It’s harsh to say, but it’s basic economics: products with diminished demand don’t attract high prices. Furthermore, when you’re looking for someone to buy your house on a limited timeframe, you don’t have as much time to field offers and increase competition.
So, while selling with a distressed property buyer like us, as-is, might not get you as high a price as you like, understand that it might be in your best interest to get back at least some of the money you’d otherwise lose.
Conclusion: Selling Your Distressed Property in Fargo
If you own a distressed property, you’re under a time crunch. You don’t have as many options as you might think, but that doesn’t mean you should sell to the first person who sends you an offer.
We want to help you explore your options. If that means you end up selling to us, that’s a scenario that we’ll work hard to make sure is a good decision for both of us.