written by: Lashan Clarke•edited by: Donna Cosmato•updated: 8/17/2010
If you are looking at the best way of selling a house that needs repair, there are many factors to consider such as your choice of real estate agent, or the cost of the repairs versus the price the fixer upper home can be sold for.
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The Choice of Agent
One of the key factors in selling a house that needs repair would be the homeowner's choice of a real estate agent. A seller's agent will offer advice on what minor repairs should be completed to sell the home, and how to sell your house if it needs work. They will also advise the buyer of the likelihood of the home selling in its current condition based on the current economic climate. The type of agent you choose makes a difference. A seller's agent can give the best advice to someone wanting to know how repairs will affect the sale of the home. Ask your agent if they have successfully sold homes that need repair work.
Choosing the right seller's agent in real estate is important, as this is the person who will be representing you, the homeowner, during the sale of the house. The buyer's agent for another individual wanting to purchase the home might use the repairs to sell against the home. Therefore, a really good seller's agent should be able to negotiate with a buyer in purchasing your home, even if some cosmetic repairs are necessary. A seller's agent should be able to "sell" the home and convince the buyer why they should put in an offer.
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The Selling Price
Another area to consider when selling a house that needs repair is the price. A homeowner cannot always expect to receive the price they want for the home, as usually the price of the home is determined by the price other homes in the area are selling for. However, a house in need of repairs might sell faster if the price the seller is looking for is slightly less than other homes selling within the area. Your real estate agent will be able to tell you if your home is overpriced based on the repairs it needs. This is especially true if extensive repairs are needed. Most home buyers know what the homes in their area are selling for, and know if the price the seller wants for a home that requires repairs is a good deal. Spend some time researching what the current price is for homes that need repair work completed.
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The Amount of Repairs
One of the biggest factors in selling a house that needs repair would be in the amount of repairs needed on the home. A home that only needs cosmetic repairs can be easier to sell than one that needs extensive work. Making these cosmetic repairs can help the sale of the home. The seller should do any cosmetic repairs that are advised by the seller's agent, such as painting of certain areas.. This may help convince the potential buyer that they will have less work to do on the house in regards to the number of repairs. This is a great tip to help sell your house if it needs work.