If you need to know how to sell a distressed property in Nashville, we’ll cover the options you have available. Traditional listings, or Agent listings, for this type of property are not suggested since they don’t tend to attract most buyers, take too long, and are too costly for most owners.
Life can bring unexpected changes that leave you searching for solutions. Homes can fall into states of disrepair that are far beyond the owner’s capacity to handle.
Let’s dive into some of the options to sell a distressed property in Nashville
Professional Buyers
There are always two sides to everything and this holds true when considering how to sell a distressed property in Nashville.
Cash Buyers: Due to the nature of cash sales, you’ll benefit time-wise because of the ability to perform extremely quick closings.
Cash Buyers typically purchase the property as-is, leaving minimal downtime waiting for the right buyer. This eliminates any requirements to make further investments of your time and money in repairs. Most professional buyers pay all of the closing costs, saving you even more.
Now, because the professional buyer is taking all of the risks, and offering the advantages of cash sales, their offers are below the prices being realized in the current real estate market. A word to the wise, do your research on who you’re dealing with. Regrettably, there are unscrupulous buyers who may try to take advantage of time or financial constraints they learn you’re up against.
Do-It-Yourself
Selling a distressed property in Nashville on your own may sound appealing because you’re in charge. Additionally, you won’t be responsible for an agent or auctioneer fees, which can negatively impact your bottom line on the sale. If you’re knowledgeable on marketing and all of the legalities involved, you can save money by handling everything yourself.
Conversely, if you are inexperienced in marketing and the legal details, selling on your own often leads to failure. Not only do you miss out on high profits through errors, but owners could also end up in a legal nightmare with no way out.
Professional Auctioneers
Property auctions rarely imitate art, where fantastic prices are realized in movies and on television. Avoiding the headaches of showing your property is one of the favorable aspects of auctions. Additionally, these properties close within 30 to 40 days and sell as-is, so you won’t need to continue to pour time and money into repairs and upkeep of your distressed property in Nashville.
While there are advantages to using a professional auctioneer, keep in mind the usual fee for their service is a rather high 10 percent of the final purchase price. Should the bidder be responsible for the auctioneer’s fee, lower bids overall are incentivized. Otherwise, you’ll be responsible for their fee, absorbing additional costs.
Due to the nature of auctions, the outcome isn’t guaranteed, you may be up against the issue of low attendance. There is also the innate competition when a high volume of properties is up for auction at the same time, leading to lower bids.
No matter which you choose, make educated decisions by taking the time to understand all of your options. Would you like to learn more about how we can help you sell a distressed property in Nashville? Just call Foundation House Buyers today at (615) 669-3444 or send us a message any time!