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How To Sell a House In a Distressed Neighborhood, Tulsa, OK
Distressed neighborhoods are notorious for several reasons. It could be poverty, crime, low-income groups, or a mix of all these that lead to an unfavorable environment. The upside of such neighborhoods is the home value they can fetch for the buyers. Homes in such neighborhoods tend to be priced lower. However, if you are upgrading or someone who has upgraded and needs to sell their homes, such neighborhoods can pose significant challenges to the sale. Listed below are some ways of selling your house that can get you the maximum value:
1. Sell Your House to a Cash Buyer
Selling to a cash buyer saves you from the hassle of repairing and getting the house to sell. Additionally, you will not have to go through a lengthy real estate evaluation, selling or financing process, saving you time. However, because the cash buyer buys as-is, they will price their offer based on the condition of your house. If your house is deteriorating, expect a lower price for it.
If you can’t wait a long time, this option is the way to go. However, keep reading on if you plan to find the right buyer through conventional channels. You may find the following tips very handy when contacting potential buyers.
2. Learn What You Need to Disclose about your House
All states require certain aspects of the properties to be disclosed during real estate deals. When these regulations are bypassed, the act amounts to misleading a buyer and carries a penalty. Make yourself aware of what needs to be declared.
In Oklahoma, sellers are required to submit a “Disclaimer Statement“ or “Disclosure Statement“.The Disclosure Statement shall include identification of items, the improvements included in the property, and the defects if any. A Disclaimer Statement is submitted when the seller has not occupied the property and has no knowledge of any defects.
It is mandatory to disclose all the defects unless you honestly have no clue about any. If your buyer discovers an issue after the sale, they have the right to sue you for damages. Conversely, if the home inspector finds the problem before the actual sale of the property, you could end up dealing with a buyer who has lost trust in your house in a distressed neighborhood. They will now be looking for a deep price cut.
However, there can be honest mistakes. Make sure you communicate with your buyer so they know you have nothing to hide.
3. Hold an Open House for All
An Open House collects many people at a singular location, giving you a chance to pitch your house to a crowd at once. This creates psychological pressure on your buyers – they know they aren’t the only ones looking at your house and that someone might have offered a better price. To leverage the maximum benefit from this setting, stage your house and showcase the best areas of your house and neighborhood. Remove unwanted negative attention so that the house renders a good first impression.
4. Repair the House and Stage It
Before you can do an Open House, you will need to repair and refresh the house. Apply a fresh coat of paint, tend the yard, pull a fence, wash the outdoors and fix the fixtures around the house. This step doesn’t include renovations or large-scale improvements. Large-scale improvements will do little to add to the house’s market value. What you want are cosmetic repairs that enhance its appeal.
The next step is to stage it for your buyers. This will include setting it up to make the house look liveable or ideal. Buyers must imagine what the house will look like once they buy it. Consider hiring a professional to stage your home in a distressed neighborhood if you have never done it before, or you can sell your house as is if it needs repairs.
5. Highlight the Best Parts of Your Neighborhood
You can highlight the best part of your neighborhood by talking about it to prospective buyers. Try to have the surroundings of your property, including any neighbor’s yard, cleaned up. If no one agrees to do it, offer to do it yourself. Highlight the shortest and cleanest routes to your home when guiding buyers. The idea is to project your house in the best possible light before the grimness of the neighborhood can make its impression.
6. Offer Discounts With the Price You Set
The price is where most buyers will either make the deal or leave. Evaluate your neighborhood for what might be affecting the price. Look out for red flags: your house may be in an area that is prone to floods, the schooling system may not be adequate, the quality of construction in your area may not be adequate, and there might be environmental hazards such as proximity to an air or water contamination site among other factors. Depending on each or a mix of these factors, the prices in your neighborhood can fluctuate. Set a price that is seen as competitive. You can ask a broker to help you in the process. Offer discounts to buyers and highlight any repairs you may have made that may affect the price.
7. Seller Financing is an Option
If your buyer can not afford to go through the traditional bank route, you can opt to pay on their behalf and charge them consistently. However, since your risk in this option will be higher than that of a bank, you can charge a higher interest rate from your buyer. To protect yourself from default, hire a lawyer who can put together the loan documents. The house will come back into your possession only in case of a default.
Like every city in the US, Tulsa has its fair share of distressed neighborhoods. However, against many odds, housing in such communities is priced fairly low unless significant development uplifts the community. However, before putting your house up, it would be wise to consider whether your neighborhood falls in a buyer’s or seller’s market to get the best price.
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