Selling Distressed Real Estate in Regina


To make a market, there must be many different types of property for sale. Million dollar homes, vacant lots, first time buyer homes, investment homes, move in ready homes and distressed homes. Being on the low end of the home value spectrum is okay, the market wouldn’t exist without those homes. How does a person sell distressed real estate in Regina and net the most profit?

15% of real estate in Regina is made up of homes valued between 0-100K.
33% of real estate in Regina is made up homes valued between 200K-300K.

 

By distressed real estate in Regina, I mean the homes that sell for less than average in their neighborhood because they either need to be completely renovated or they have major structural defects. These homes could be rentals that were poorly maintained or homes that the owner could never afford to upgrade. This type of real estate in Regina makes up much of our market and there is a sure way to sell these homes for more! 

1. Fully disclose everything 

Just because you state the home is sold in “as is” condition doesn’t remove any of your responsibility to the buyer. You are still required to disclose any known defects in the home. If you know the basement is moving, disclose it. If you are aware of mold, disclose it. The buyer will find it and either negotiate it off the purchase price or they will come back in 6 month’s with a lawsuit.

Disclosing all of the known defects up front helps the buyer understand your property more and ultimately, they will know if they can afford to purchase it.

People don’t like surprises.

 

2. Have your own home inspection

Having your own home inspection makes you more prepared when it comes time to negotiate. The buyer will work hard to pay as little as possible and it’s best you fully understand the problem/defect before you allow them to negotiate lower.

Having a home inspection of your own allows you to graciously recognize if there is anything majorly wrong and price accordingly. For real estate in Regina, it’s common for the seller to get quotes for renovations and leave them out during showings. This example is seen a lot if the basement needs to be braced. Buyer’s like to know how much that initial cost is and then can properly decide whether they can afford the home. 

 

3. Take professional photo’s

Despite the fact that you may have an 80’s style kitchen or shag rug in the basement doesn’t mean your home is not valuable. Taking professional photos of a distressed home will still enhance its likeability and get more showings. Having professional photos will allow buyer’s to see how spacious the rooms are, how awesome the layout is or how a simple paint job would make it look much better.

Photos are very important for marketing and getting people in the door. 9/10 buyer’s look to photos FIRST while looking at real estate in Regina online so do not let your real estate agent take crappy cell phone photos just because it isn’t a million dollar home.

 

4. Have patience

Of course, all buyers want a brand new home with quartz counter tops and no out of pocket costs. That’s just not how the world works. Selling a distressed home takes time. There is only one buyer for every home and the right one for you will come along. If you aren’t willing to dramatically reduce the price to encourage a quick sale then you must have patience and let the market do its thing. 

 

Treat Distressed Real Estate In Regina Like Any Other Real Estate

Just because the home needs work doesn’t mean it doesn’t hold value. These home’s still need online marketing, professional photos, Realtor® open houses and much more. Distressed homes have a strong place in the market and they sell regularly.

If you want to know more about selling this type of property contact me by phone at (306) 552-7047 or fill out my online contact form!

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