April 12, 2014
If you are holding a Distressed Property for Sale, first thing you need to know is that the real estate market is an evergreen market, meaning there’s no time you will not be able to sell your property, although there are moments when you might get a better offer, the trick is understanding when the rates are going up and positioning yourself to get the highest rates for your property.
High time to sell in the Midwest.
The Midwest is seeing a spike in purchases in couple owned homes, there is a large inventory of distressed properties available right now and investors are willing to go all in , some are buying properties directly from the banks, most single project investors that are unable to generate that much investor backing to buy properties in bulk are moving on one on one talks with Distressed Property Homeowners before their homes are Foreclosed and enter the bank’s Inventory.
This upsurge of market attention is going well for Homeowners who plan to sell, all the investment in property is raising the average sale value up by incremental values per quarter.
How can I Get a Good Offer for my Property
People who are willing to sell their distressed property will always want the best rate for their homes, the increase in prices form the market upsurge can be used to one’s advantage to get the best offer right now.
To be able to get the best offer from your potential buyers, offer to do minor repairs to the home included with the cost of the sale, and agree on mutually beneficial payment terms which are comfortable for the buyer to work with.
Shall I Sell Through a Realtor?
Yes it’s a good decision to put in a Real Estate Agent out for selling your property, for Two Main Reasons.
Realtor can Provide an Accurate Assessment for your Property
Realtor is experienced in Dealing with Distressed property Businessmen and can negotiate better rates
There is a Cost in Associating with Realtors, but on the other hand realtors are much more experienced in dealing with Distressed Property Buyers, and know how to draw up the paperwork which will save you quite a lot of time.
Also Their Experience will allow for a Reasonable Valuation of the Property, and that comes In handy, Buyers feel much more comfortable dealing with Real Estate Agents that are well reputed as they know that they will offer the most fair value.
What about my Mortgage
The Cost of the Sale will cover the mortgage and give you money left over to adjust yourself for a life on rent or possibly moving into a new house depending on how much mortgage you Owe.
If your Owed Mortgage is around 30% of the Total Value of the Property, you can make a reasonable deal and be able to buy a new home from the price of the sale.
It’s usually a Good practice when you have around a year or less on your Mortgage payments left to plan on a Sale, as the property , if it’s in a good neighborhood could sell for a good rate and give you enough money over the top to move into a possibly nicer home.