What to Do With a House You Can’t Afford to Fix: Tips for a Quick Cash Sale

March 12, 2024
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Owning a home marks a significant milestone but also brings its share of responsibilities. Sometimes, unexpected circumstances leave homeowners with a property they can no longer afford to maintain or repair.

Whether it is due to financial difficulties, structural repairs issues, or just not having the time or resources, there are still some things you can do when you do not know what to do with a house you can’t afford to fix. In this article, we’ll explore what you can do when faced with this predicament and provide tips for navigating a quick cash sale of your home.

Assess the Situation

However, before you take any action, it is essential to assess your current financial situation, your home’s condition, and how to price a house that needs repairs. Start by determining all the necessary repairs and estimating their cost. If the total cost of repairs exceeds what you can manage, it might be time to consider selling your house.

At this step, be realistic about what you can afford and cannot. This step needs to be done honestly because if not, you could run into issues later where you may owe money or not have enough to continue with the sale of your home if you’ve moved on from your initial assessment.

Understand Your Options

When you can’t afford to fix your home and want to know what to do with a house you can’t afford to fix, selling it quickly for cash is often the most convenient option. In this situation, working with a cash buyer, some of whom will typically advertise “we buy houses,” can make the process easier than going through the traditional real estate process.

Cash buyers are investors or companies that buy houses as-is, meaning you don’t have to make any significant repairs, which can be a relief, especially if the repairs are costly. While you can still sell your home through traditional real estate using an agent, this process can be slower and more expensive.

Using the traditional method, you would need to factor in the cost of making repairs, staging the home, and paying the commission and closing costs. All these different factors can eat into your profits from the sale of your home and potentially cause you to owe money after the sale or get less profit.

Research Local Market Trends

Take time to research local real estate market trends in your area. Understanding the current trends and property values can help you sell a house that needs repairs and understand the demand for homes in your neighborhood. This research will help to give you a better idea of what to expect when you start to find and work with a cash buyer when selling your home.

Client meeting with estate agent

Finding a cash buyer is crucial if you decide that selling your home for cash through a quick sale is the best option. Looking in your local area could be beneficial, and searching for a “cash home buyer near me in Kansas City” could be the easiest way to find someone reliable.

Also, look for companies or investors with a track record of buying homes quickly and experience in quick cash sales. Ask for references and reviews online to ensure that you are working with someone you can trust with the sale of your home.

Calculate Cost

As mentioned above, before listing your home for sale, calculate the total cost of repairs, renovations, and any outstanding mortgages or liens. Subtract these expenses from the potential sale price to help determine your net profit after the final sale.

This calculation will help you set realistic expectations and avoid any surprises. When you start working with a cash buyer, the process can go by even faster for a quick sale when you have all of your calculations in order.

Get Multiple Offers

When getting offers from cash buyers, don’t settle for the first one you receive. Reach out and get multiple offers from different cash buyers to ensure you get the best deal. Compare the offers you receive from various cash buyers to confirm that you are getting the best deal, and don’t settle for the first decent offer you receive.

When you look over the offers, carefully consider the sale price, fees, commissions, and the timeline for finalizing the sale of your home. Some reputable cash buyers will have deals or discounts on their websites, so when comparing offers, also make sure to see which has the best deal with any deals or discounts included.

Be Transparent

A crucial tip when marketing your home is to be upfront about its condition. When you start working with a cash buyer, disclose any known issues or repairs needed to potential buyers to avoid any misunderstandings or legal complications in the future.

Negotiate the Terms

Once you have received multiple offers, don’t be afraid or hesitant to negotiate. You negotiate multiple things like sales prices, closing timelines, or any other terms that you find important. A reasonable and reputable cash buyer will want to work with you to find solutions that meet your needs.

However, when negotiating the sale price, remember that buyers will likely factor in the cost of repairs and renovations. Prepare yourself to be flexible and deal with them in good faith. While you may not get the total market value for your home, a quick cash sale can provide a much faster and smoother process to help you move on to your next move.

Prepare the Paperwork

Once you’ve accepted an offer, you’ll need to do the paperwork on the sale. This paperwork includes the sale contract, any disclosures required by law, and any other documents requested by the buyer.

A real estate attorney reviewing the paperwork is a great idea to ensure everything is in order. An attorney can help draft contracts, review offers, and navigate any legal issues that may arise during the transaction.

Close the Sale

Once the paperwork is in order, you can start the sale closing process. This process for a cash sale is usually much faster than a traditional sale, often only taking a few days to a week. After the finalization of the sale, take time to reflect on your financial situation and plan for the future.

Use your proceeds from the sale wisely, whether it’s paying off debts, saving for a new home, or investing in new opportunities. Remember that selling your home is the first step towards a fresh start.

Dealing with a house you can’t afford can be stressful, but it’s important to remember that you have options when you want to know what to do with a house you can’t afford to fix. Selling your home for cash can be the best option for you. At KC Home Buyer Group, we specialize in helping you sell your house for cash in Kansas City, ensuring a quick and seamless home sale.

If you find yourself in a position where maintaining your home is no longer feasible, turning to a cash buyer can significantly expedite and simplify the sale. By adhering to the advice in this blog, you can efficiently navigate the process of selling your home for cash, allowing you to transition smoothly into the next phase of your life.


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