When a loved one passes on, an inheritance will often be provided to some of their relatives. This could be money, household goods, and in some cases, what you inherit might be a house. But if the heirs already have a home, the right choice for them might be to sell the inherited property.
But what if the home is in poor condition? Do you need to fix it up perfectly in order to have a chance of selling it? The answer is no. You can sell the home “as is” and this is an increasingly popular way for people to sell their home quickly, and without having to put a ton of work in.
With that in mind, this article is going to serve as a guide to help you sell an inherited house in poor condition.
Know the Buyer
The first thing is to ensure you know who will be interested in buying this home. By selling as-is, those looking for a move-in-ready home likely won’t be interested, so there is no point trying to reach out or entice them.
As a result, you need to know who to target and how to write your ad/description to find the right buyers. Those interested in buying as-is homes are generally home buying companies, flippers, property investors, and those who aren’t afraid of a little work.
By knowing who is most likely to buy your home, you can ensure you highlight things that are important to them. You can check out the House Heroes options for selling your house to help learn a little more about the process, and how to vet buyers, when selling as-is.
Set the Right Price and Know Your Lowest
Pricing is always something to think about when selling a home, and this is no different when selling as-is. You need to price the home properly and in a way that reflects its quality. If you ask for too much, the home can sit on the market forever and never get any interest.
In addition to pricing fairly, be willing to negotiate. Always work in a little wiggle room into your asking price, as most buyers of as-is homes will want to negotiate.
Because it can take a while for a home to be sold, it is also a good idea to know the lowest price you would be comfortable with. If you are constantly going back and forth with the buyer on price because you don’t know what you’re comfortable with, the home selling process can be dragged out for months.
Another important part of selling a home, as-is or not, is to be honest throughout the entire process. Any issues with the home should be brought up, and you should not make an effort to hide or cover up major problems.
If there are many undisclosed defects in the home that you knew about, you could find yourself in a lot of trouble. Always make an effort to answer questions as honestly as possible, and let potential buyers know the extent of damage and the repairs needed.
We hope this guide has been able to help you sell an inherited home that might not be in the best shape.