If you own a run-down or damaged property in Chicago, you can feel stuck or obligated to a property that isn’t doing anything for you. Maybe you think nobody would want to buy the property or that one day you will finally get all the repairs done to make the house liveable. However, there comes a point when you have to decide if the money you are spending on your house with code violations is worth it. Between the repairs, taxes, vacancy costs, and other routine maintenance, owning an unoccupied home can be very expensive. If this sounds like your situation, it’s important to consider a different option for the property.
Find The Right Buyer
Selling the house will free you from the property and the stress that comes along with it. But not every buyer is up for the challenge of repairing your house with code violations in Chicago. You will need to find the right buyer who will pay you a fair price and who is up for the challenge. This often means working with an investor who will see the potential in the property and have the ability to fix it up at a more economical price than your average buyer would be able to. By selling in this manner, you will be able to sell quickly, without sinking any more money into the property than you have to.
We have purchased properties where the owner is overwhelmed by their current situation. The municipalities can be very tough depending on where you are doing the renovation and we have enough experience to be able to navigate.
Set Your Expectations
When selling a damaged property you have to realize that it is not going to fetch the same prices as the houses you see for sale on the MLS. There is work that needs to be done, and someone has to foot the bill. Once again, by working with an experienced professional buyer, you will be able to sell to someone who is able to fix it up at a more economical price, thus giving you the potential to receive a higher offer. Keep in mind that when you work with a direct buyer, you won’t be spending money on commissions either. Commissions can run about 6% of the sale price when working with a Chicago real estate agent. Without commissions or agents fees, you will be able to keep thousands of dollars in your pocket.
Not doing so can get you in some hot water down the road if something should go wrong. You need to be upfront about all you know in regards to the property, even if the damages cannot be seen. If you fail to disclose something that becomes a problem in the future, you could find yourself paying for even more repairs or having to deal with lawsuits or court battles. It is never ok to hide damages or problems with a property, either ethically or legally. If necessary, create a checklist so you can easily identify different problems with the property, ensuring you have reviewed the house from top to bottom.
Make It Look Nice
Even if there is a portion of the house that needs major repairs that you aren’t prepared to deal with, you can still make the rest of the house look as appealing as possible. Highlight the positive features of the property and use items to stage the house if necessary. The goal is to show people what the house truly can be once the repairs are made. Show them that there is more to property than just the needed repairs. You can also spend some time on the yard. Great curb appeal will have an effect on your potential buyer’s first impression, thus making them more likely to make an offer despite the needed repairs.
Don’t Sell Yourself Short
Just because the house is old. ugly, or run-down doesn’t mean you have to give it away. The right buyer will see the beauty and potential of your house. They will be able to fix it up at an affordable price, creating a winning situation for all parties involved. If you want to sell your house with code violations in Chicago, take a look at all of the options available to you. You might be surprised at how many people are looking for a property just like yours!
Selling your house with code violations in Chicago may seem impossible, but it can, in fact, be done. Knowing how to market the property, who to market it to, and what to expect will make the transaction a quick and easy one. Windy City Solutions specializes in helping Chicago homeowners sell their properties with code violations or many other problems. If you own a house in need of major repairs, we would love to talk to you!