How to Sell a Distressed Property
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How to Sell a Distressed Property

You may be thinking … how do I go about selling a distressed property? Like any other home sale, you must present the benefits of the home to a buyer. While there are distinct differences between selling a conventional home vs. a distressed one, there actually are important advantages that distressed properties have above other types of sales.

Knowing Where Sellers are Coming From:

Financial strain is likely a common thread among sellers of distressed properties. Their motivation is to sell their homes quickly to avoid an embarrassing foreclosure. Real estate agents can help make this process smoother.

The bank is a great resource…and could be your biggest client

If your client is facing foreclosure, the lender may be willing to give him a big break on his mortgage payments if you let him know the house is on the market and will be sold soon. If you’re serious about selling distressed properties, take time to network and build relationships with major lenders that have tons of distressed properties up for grabs.

Go with Those Who Specialize

Hire a distressed property expert to get the deals made. Real estate agents who are Certified Distressed Property Experts or Certified Short Sale Agents, etc. Banks will be much more likely to trust experts.

Community reputation

The “Definitive Guide to Distressed Property” suggests being a member in good standing of the local Realtors association can help establish credibility. Realtors must convince the bank that you understand the subject matter in depth, and you understand what their priorities are in property sales.

Don’t emphasize deadlines to potential buyers

If your client is desperate to sell the home, don’t let the potential buyers know that. That only puts them in a stronger bargaining position.

Let the facts speak for themselves…

If you are trying to sell a distressed property that needs a ton of work your emphasis should be on how severely undervalued the property is. It may have fallen into disrepair, but with some basic renovations, the home value will significantly increase.

If you need assistance during any phase of the selling or renovating process of a distressed property, contact LifeCycle Transitions now, or check out our market ready evaluation process!

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