For starters, we’re sorry for your loss. Financially, that is. Buying a lemon is bearable when it comes to a car but when it’s real estate it’s a hard pill to swallow.
Whether you bought the house directly from the seller without a back-out clause, from an auction, or from an unethical Realtor you’re left with a money pit and an uphill climb that you may never fully recover from, at least without some help. Today, we’re going to step in with a look at your options so that you can make a more educated choice (this time) about how to move forward.
3 Options for Getting Out of a Money Pit When You Have No Recourse Against the Seller
Invest More to Renovate
We know you don’t want to hear it, but we’d be remiss to not address this option. A comprehensive renovation may be the only way to take a bad house and make it livable for your household or for renters (if you bought the home as a pure investment), or to bring it up to code to put back on the market (given that you now want nothing to do with it).
Of course, there is a considerable investment required to make this happen. If you have a knack for (or connections in) carpentry, plumbing, electrical wiring, and other essential services required to make the home functionally and aesthetically pleasing then this route may work without dumping significantly more equity into the property. But if not, you may want to keep reading.
Find a Realtor / Agent Willing to Sell It
Your next instinct may be to find someone to help you sell the house. After all, just because you don’t deem it livable doesn’t mean other buyers will feel that way, right? That said, it clearly has problems, and a Realtor/agent promising to help you sell despite those problems can compound them.
For one, even if they magically pull off a sale, they’re probably going to convince you to sell it far below market value (you take a hit) and then take their commissions (you take another hit) and potential get you with hidden fees (a final blow). Alternatively, they make big promises and give you false hope, listing your property without affording you the same marketing tools they provide to their “preferred clients” which then (based on your contract) prevents you from getting rid of it on your own should an opportunity present itself. Heck, working with a Realtor or agent on a typical home sale comes with its set of concerns, but when it comes to a run down house, it opens up a whole other can of worms. View more on why you should not use a Realtor or agent to address this issue with your bad address. And if you already locked in with one, here’s how you get out.
Now let’s get to the solution.
Sell the Bad House Now, Right Now
There is one surefire way to get rid of your headache. Sell the bad house now, at fair market value, and get cash in hand for it within the week. Too good to be true? Usually. But not in this case because you have found yourself in the hands of 5 Day Cash Offer. We will take the property off of your hands (again, for fair market value) no matter the mold, asbestos, bad wiring, lead piping, risk of radon / carbon monoxide, or even psychotic neighbors, ghosts, or aliens. And no, we don’t take commissions or hide fees behind our well-intentioned handshake. This is a legit offer and we encourage you to call with your questions and concerns. We’re more than happy to have a friendly, noncommittal conversation at your convenience. Call us at 204.222.0022 when you’re ready.