Delayed Maintenance Not Good Fit for MLS
So, you want to sell a house with delayed maintenance? What’s the best method of selling your house? In reality it depends on a number of factors.
Listing houses on the MLS is the traditional method of selling a home. The MLS and Realtors are the first thing that pop into the mind of most sellers and for good reason. The overwhelming majority of houses that are sold on the market go through a Realtor and are listed on the MLS. Selling on the MLS will often bring top dollar for the house, but it can undeniably come with a unique set of headaches especially if your house isn’t in top condition and has delayed maintenance issues. Most people that buy through the MLS are owner occupied buyers or property investors purchasing “rent ready” houses that need little to no updates or repairs in order to house a tenant.
What happens if your house isn’t in top condition? Homes that have delayed maintenance or have unique structural issues can sit on the market for weeks, months, or even years.
Culver, IN house scheduled for renovation starting September 12, 2020.
Why would a house sit on the market for so long?
Houses that have delayed maintenance or structural issues won’t qualify for financing through banks. The majority of owners (especially first-time home buyers) rely on FHA, VA, or USDA loans which can have a very stringent list of requirements. Simple items such as missing hand rails, minor plumbing issues, or electrical problems can cause a house to be rejected from financing consideration through these programs. Houses with significant issues must either be repaired before sale, typically at the owner’s expense. After sitting on the market for extended periods of time the listing often runs out or are sold through “cash only” deals. In other words, a buyer must come to the closing table with enough money in hand to buy the property outright.
LVL Beam added to open up between living room and kitchen.
Ultimately at the end of this an agent get 5-7% of the sale price which take a significant chunk out of your profit.
I specialize in making cash offers for houses that have delayed maintenance and don’t qualify for financing. Yes, I buy houses at a discount from retail purchase price, but that’s for good reason. Almost all of the houses I purchase need significant updates or repairs in order to be sold as retail properties. We do hold some of the houses we buy and make them into short or long term rental properties.
Many of the houses I purchase get significant updates. Occasionally I will make updates myself, but I will often hire a contractor to make these repairs. I screen each house on a case-by-case basis and make the following repairs.
- Updated Kitchen – Including new cabinets, sink, backsplash, and appliances
- Updated Bathrooms – New vanity, toilet, and tub
- Updated Flooring – Standard flooring is either engineered hardwood flooring, or luxury vinyl plank flooring
- New Doors and Trim – Either three or six panel doors with square or rectangular trim throughout the house
- HVAC – Forced air heat and air conditioning
- Water Heater – Gas or electric
- Updated Wiring – If applicable
- Recessed Lighting – Living space typically receives can lights with dimmer switches
- Roof – Dimensional shingles
- Siding – Various available
- Windows – Replacement windows
If you are having difficulty selling your house through the MLS or you are concerned your house may not sell through standard agent transactions please contact me. I can be reached through phone or text at (317) 500-4409 or you can simply complete the online contact form which will notify me of your interest in a no-commitment consultation. I look forward to hearing from you. Best of luck!
Best Regards,
Justin Carmack
(317) 500-4409