Trying to sell a home with code violations? The thought may sound daunting, but, in reality, there are many options that you and your real estate agent can choose from in order to sell your home profitably and quickly.
While some think code violations may halt all your selling endeavors, the market is extremely favorable for sellers at the moment, so there’s no reason you shouldn’t be able to sell both with minimal stress — despite any challenges that may arise during the sale.
Solve Your Problem Before Moving Forward With the Sale
While there are a few different options — so long as you have enough savings and a flexible timeline — the best way to deal with code violations is to fix the problem yourself.
This route largely depends on the scope of your problem, as simple violations may cost little money and time, while larger problems may not be feasible with your current savings and timeline.
You’ll also have to take the current housing market conditions into consideration. If the inventory is plentiful in your market, buyers will have a plethora of properties to choose from and probably won’t consider buying a home with any code violations.
However, since there is very little inventory in the market right now, you may be able to get away with only fixing a few of your issues and leaving the rest for the buyer.
If you want the best possible price for your home, however, the best option is always to fix the problem before negotiating a price point.
Offer a Credit or Lower the Price
While code violations must be disclosed to buyers in most states, you may still be able to sell your home without coughing up your own money to fix the issue.
However, this may include offering your buyers a credit or simply lowering your price to accommodate for the issue.
In simple terms, code violations ensure the protection of public health, general welfare, and safety as far as construction and occupancy, so many buyers won’t want to follow through with the purchase of a home with certain violations.
However, if a buyer has already fallen in love with your home by the time either of you find out about the code violations, they might be willing to move forward with the sale anyway — so long as they receive a credit at closing or a price reduction.
Normally, you’ll be hard-pressed to find a buyer willing to move forward with the sale once they learn of the code violations, however, due to high buyer demand, you may be able to work with your real estate agent to find a buyer willing to move forward.
In fact, 97% of real estate agents would dub the current market conditions as a seller’s market, while 93% claim home prices are on the rise; this means you might not need to suffer any financial losses for selling your home ‘as is.’
Sell Your House ‘as Is’ to a Cash Buyer
If your biggest priority for selling your home is commanding the best possible price point, the best option for you may be listing your home on the open market with help from your trusted real estate agent.
Since not every seller has the cash reserves or timeline to remedy expensive code violations prior to sale, selling your home ‘as is’ to an internet buyer — whether to an investor, house flipper, or startup company — may be your best option.
HomeGo is another ideal option for those looking to sell for cash in a timely manner. If you’re ready to explore the advantages of a cash sale, contact HomeGo to learn more today.