In a real estate market as competitive as Virginia, , You can sell a home with structural problems is a huge challenge. The buyers are not attracted to buy a house that needs loads of repairs; as it’s an immense expense in time and money.
Though, mending and repairs are a regular work in residential properties, however if your house has defects in structure and foundation then it’s definitely not a favorite ordeal for homebuyers. Before moving forward, you need to know the Virginia state laws about how to sell a home with structural problems in Virginia Beach.
Worried to sell your house with structural defects?
Don’t give up nor think that nobody would buy it. Depending on its true condition you may have limited options in the type of financing a buyer can offer.
If the roof has less than 5 years left on it, or floor covering is missing and it’s concrete or sub flooring, or the electrical system is messed up then you can go for sale against cash or hard money. The point is that I have not met a house I couldn’t sell!
Virginia’s Disclosure Law
You wanna know what are your options as a house owner here? Sell it without revealing the defects? Naa! You better know Virginia’s Disclosure Law first: the seller has to reveal the defects and current condition of the house in the disclosure agreement.
Some people think that’s not the case if you are selling the house, “on cash” or “as is”, and above all “at a lower market price”. Never make the mistake to hide the defects in the disclosure agreement. Because, irrespective of the structural problem, there is always a willing buyer.
What defects are counted as structural problems in a house?
Although the list of house defects can go on and on, you need to disintegrate the minor building defects from structural ones. On average the following are some serious defects counted as structural defects in a house. (As per Virginia Disclosure Law)
- Sagging Roofs & Roof Leaks
- Wall and Ceiling Cracks
- Timber Rot
- Crumbling Concrete
- Cracked flooring and walls
Your options to sell your house with structural problems
Although the seller is obliged to reveal to the buyer the structural defects in the house, either way it’s always wise to know your options well. You would be surprised to know that there is a buyer for every home, regardless of the damage. One man’s trash is another man’s treasure.
Go for house inspection
Homeowners think that presenting and signing the disclosure agreement is enough for the buyer to know about the defects the house has. However, if you go for a house inspection and ask for a detailed report, it can help to sell your house even easier and probably quicker.
First there are specific real estate agents that will be interested. Secondly, the buyer already knows if they can afford to buy the house with said defects. Yes, it will cost you inspection money, but the report can help you decide if you want to spend money on repairs or sell ‘as is’.
List Your Home With Cheap Market Value
This obviously goes without saying; your house has structural problems, you are in no mood for repairs. Well you have the option to sell it in the current condition. The only compromise is lowering your demand in price.
Buyers upon disclosure of the faults, can decide if to buy the house. Obviously, the interested ones will ignore the structural defects, once they see a fall in the price.
Use the FSBO Approach
The “For Sale By Owner” (FSBO) method is listing your house for sale directly on the market without the assistance of a real estate broker. You will be fully involved in the selling process because it is done alone. Among the numerous tasks involved in selling a property are setting the price, negotiating, giving house tours, listing on marketing platforms for advertising, and more.
Also, to attract purchasers, you might have to undertake minor repairs or sell your house for less than its true worth. Not only is it a laborious procedure, but there is no guarantee that you will close a deal, (especially if you have time limitation).
Work With a Real Estate Agent
Your best option is to consult with a real estate professional and determine if they feel anything needs to be done. If there is more work than you can afford to do, “as is, where is” subject to any and all defects. Disclose what you know to be fact and get moving. They have tricks of the trade to close the deal within a given time.
Sell “as is”
Usually “structural defects” in your house is a bad situation for you, if you don’t fix it. It may even get worse, for instance a leaky house will destroy the insides and lose value too.
But the good news is there are people who buy houses for land value and will tear down the existing house in some neighborhoods.
There are also people who specialize in fixer-uppers, that is they buy a house cheap because it needs updating and then spend thousands doing repairs and upgrades. Then sell it or “flip it” at a much higher price that more than covers their original investment and the time plus money spent remodeling it. These people often advertise, as “buyers of ugly houses”.
You may not get a new house or neighborhood average prices with such a house, but it will be off your hands and you get cash. Your house is in the hands of someone who is interested in doing something with it other than just ‘letting it get worse’.
Sell for cash
I have bought a home with a foundation issue. The home was in foreclosure and it cost me $11,000 to fix the issue. This was the dream investment. I paid $133,000 cash for the four bedroom one bath, three blocks from the beach in Virginia BEACH. I put $68,000 into the home and I rent it year round to a wonderful tenant.
I am now refinancing for $200,000 and it will still cash flow around $560 a month after paying off all costs. Now off to my next purchase. So in a nutshell, you will find companies, investors, or any sort of buyers who are interested in buying your house for cash.
It saves you time and cost on repairs; even a lot of stress about paperwork is shed off. Wanna sell a home with structural problems in Virginia Beach? Contact HR Property Doctor.
Sell your house with structural defects to HR PROPERTY Doctor – Virginia
Years of experience and a wonderful team of real estate experts is what makes HR PROPERTY DOCTOR the best in the business. Want to sell a home with structural problems, in Virginia Beach? Contact us for a free quote and further information or process. We got your back!