If you need to know how to sell a distressed property in California, we’ll discuss the options you have. We do not recommend traditional listings for this type of property because they do not attract most buyers, take too long, and are too costly for most owners.
Unexpected changes can leave you searching for solutions. The condition of a home can deteriorate beyond what the owner can handle. A death, divorce, illness, or job loss might have led to lost income or a forced move.
Here are some options to sell a distressed property in California.
Professional Buyers
When considering how to sell a distressed property in California, there are always two sides to every story. When selling, consider using the services of a professional cash buyer. As a result of cash sales, you will benefit time-wise since you can close extremely quickly.
In addition, the sale is as-is, so there will be no downtime waiting for a buyer. You will not have to spend precious time and money on repairs. As a result, there’s no legal risk involved, unlike when you sell yourself, and since most professional buyers pay the closing costs, you’ll save even more.
Now that the professionals buy at discount prices and take on all the risks, their offers are below the current market prices. Make sure you research the company you’re dealing with. Unscrupulous buyers will try to exploit your time constraints or financial limitations when they learn you’re under pressure.
Do-It-Yourself
You may find it appealing to sell a distressed property on your own in California because you’re the one in charge. Additionally, you won’t have to pay an agent or auctioneer fee, which can negatively impact your bottom line. Even though you may need to invest a lot of time, you can save money by handling everything yourself if you are knowledgeable about marketing and all of the legalities involved.
However, owners who are inexperienced in marketing and the legal details often fail to sell on their own. In addition to not realizing the highest profit on their property, they could also wind up in a legal nightmare with no way out.
Professional Auctioneers
A property auction rarely achieves the same kind of price as an art auction, where fantastic prices are achieved in movies and on television. One of the advantages of auctions is that you do not have to show your property. Furthermore, these properties close within 30 to 40 days and sell as-is, so you won’t need to spend time and money on repairs and upkeep of your distressed property in California.
However, keep in mind that a professional auctioneer will usually charge a high 10 percent of the final purchase price for their services. Lower bids overall are incentivized when the bidder pays the auctioneer. You’ll absorb any additional costs if you don’t.
As auctions aren’t guaranteed outcomes, you may face the issue of low attendance. When a large number of properties are put up for auction at the same time, there is innate competition, resulting in lower bids.
This guide for selling your distressed property in California applies to all cities in California State including, Lodi, Modesto, Stockton, Sacramento, Turlock, Valley Springs, Salida, and Oakdale.
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 California? Just call MCB Homes Inc. today at (209) 743-0602 or send us a message any time!