If you need to sell a distressed property in Long Island, NY, a non-traditional listing may be your best bet, as it is less costly and time-consuming than a standard traditional one.
There will come a point in our lives when we will be faced with unexpected hurdles. These problems and challenges can spring up out of nowhere and leave you looking for answers, affecting your entire life. Homes may deteriorate to the point where they are beyond the owner’s control. There could have been a death, divorce, sickness, or job loss, resulting in missed income or a forced move.
Let’s put together some of the methods you can utilize to sell a distressed property in Long Island, NY.
Hire Professional Buyers
As with most things, you will find pros and cons in every situation – even selling a distressed property in Long Island, NY. One option you have is to use the services of a professional cash buyer. With this option, you’ll be able to save time with quick closings, as is the nature of cash sales.
Once a sale is finalized, you won’t have to spend any more time or money on your property. You also don’t need to think about legal risks, as most professional buyers will take care of closing costs. Consequently, you’ll be able to save even more money in the long run and use those savings to start fresh in a new town.
The cash buyer is the one who takes on all of the risks by offering the benefits of a direct sale. Because of this, the prices they offer will usually fall under market rates. Before you jump into any transactions or speak with someone who claims they can sell your property, do your homework. Research the person you’re dealing with, their background, and professional history. Unfortunately, unscrupulous buyers are always seeking to take advantage of your time or financial constraints to scam you.
Do-It-Yourself
While being in charge of the sale of your distressed property in Long Island, NY sounds appealing, the time investment is high, and you lack the expertise of agents or auctioneers. If you feel comfortable handling legalities and marketing the property yourself, you can surely save more cash if you go through the process alone.
On the other hand, when owners are inexperienced in marketing and the legal processes of a sale, attempting to sell on their own frequently leads to failure. Not only do they miss out on the highest profit possible on their property due to mistakes, but they may also wind up in a legal tangle with no idea how to get out of it. A professional would still be able to sell a distressed property best because of their years of experience in the market and their knowledge of the area where your property is located.
Participate in Professional Auctions
Although art auctions (like those in the movies or on TV) often show expensive items being sold, property auctions rarely produce such high values. One of the benefits of auctioning your property is that you don’t have to deal with showing it to potential buyers. Furthermore, these properties usually close within 30-40 days and sell as-is, meaning you won’t need to continue spending time and money on repairs/upkeep for your distressed property.
Although using a professional auctioneer has its advantages, keep in mind that the typical cost for their service is about 10% of the final selling price. If the bidder is responsible for the auctioneer’s fee, lower bids are more in line with their interests. Otherwise, you’ll be on the hook for their fee, adding again to your expenses.
Auctions aren’t always a guaranteed success, and so attendance might be lower than expected. There is also more competition when a high volume of properties is up for auction at the same time, potentially leading to lower bids.
So before you decide to sell your property, make smart decisions by researching all of your options carefully. Want to learn more about how we can assist you in selling a foreclosed property in Long Island, NY? Simply call Local Investor right now at (516) 286-2536 or send us an email anytime!
