Entrust Homebuyers | Real Estate Solutions | Servicing Tennessee

6 Tips for Selling a Distressed Property in Tennessee

By Kellen Harris

Selling your home can be a stressful process. It can be hard to keep track of all the necessary tasks to close the sale (and get money in your pocket), especially if your home requires some extra TLC before it’s ready to sell.

Here are 6 tips for getting your distressed property in Tennessee to market and cashing that check.

Tip #1: Be Honest

If your property is distressed, be upfront with potential buyers about your concerns regarding the distressed parts of the home or property. Trust is a big part of the real estate process, so you’ll want to give your buyer the complete picture of what they’re taking on so they can make the best decision. Honesty now can save you the worry of a lawsuit down the road.

Tip #2: Do Your Research

There is a large market for flipping distressed properties in every major city, especially in the Greater Nashville area. Finding buyers or investors interested in distressed real estate requires research. It’s up to you to determine the best marketing channels in your area and put together good copy and images to entice potential buyers. Facebook, Craigslist, or similar online platforms offer DYI marketing possibilities without a real estate license. The right buyer will see your distressed property as an opportunity, not a liability.

Tip #3: Plan on Paperwork

Selling your property yourself is a complex business. Fill out the wrong form or complete the proper forms incorrectly, and you could be dealing with a lawsuit. If you’re selling through a Real Estate agent, they will cover all your paperwork. Otherwise, do your research, generate a list of documents, insurance, and other required info you’ll need.

Tip #4: Know the Value of your Distressed Property

Calculating the selling price of your distressed home in Tennessee can be tricky. As a rough starting point, research the asking prices of properties in your area with similar square footage, then subtract the fair cost for updates or serious repairs your property requires. It’s essential to calculate all maintenance, cosmetic issues, and renovations. Overpricing a distressed property may cost you prospective buyers, so be honest about your home’s actual value as-is.

Tip #5: Don’t Rush into a Sale

Patience is essential during the home selling process. Initial bidders will likely offer you less than your asking price; they may even try to undercut you further if you seem desperate to sell. If you’re firm on your asking price, don’t be afraid to turn down offers until you feel secure in the deal.

Tip #6: Have a Backup Plan

If you’re struggling to sell your distressed property, you may need to adjust your expectations. Could you rent out your home as-is? While operating as a landlord has its challenges, renting could give you the money and time to make repairs, find the right buyer — and possibly turn a profit.

Another option to sell your distressed property is to contact a professional homebuyer. If you’d like to avoid the headache of dealing with marketing, paperwork, repair costs, and risk, we can help.

Entrust Homebuyers is a trusted Professional Home Buying company. We’ve been buying homes for cash in Nashville, Tennessee, since 2015. We buy houses as-is from people in all kinds of situations, including distressed properties. We can close quickly and pay you in cash, often in as little as 7 days!

Give our team a call today at 615-338-5578. There is no obligation, and all our consultations are free.

Even if you are not interested in selling at this time, call us. We can help you know the Cash Value of your property so that you can make an informed decision when the timing is right for you.

This article is not legal advice.

 

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