Should You Sell Your Distressed Home?

Sometimes, outside factors mean that you can’t keep up with your property taxes, mortgage, or home maintenance. After you miss several payments, you will likely face the threat of tax liens, foreclosure, and a poor credit rating.

Instead of suffering legal repercussions, consider a cash sale of your distressed home. Some cash home buyers will purchase homes regardless of judgments, liens, or damage.

When To Sell A Distressed Home

It can be challenging to decide whether you should sell your home or not. Several situations can result in a distressed property, and each requires a unique approach.

  • Tax Lien / Judgement Liens

If you have not paid your property taxes, the Florida Revenue Service or the IRS will place a tax lien on your property. However, you don’t need to jump to selling after your first missed tax payment.

The FRS will send you a Notice of Delinquency when you fail to file taxes. If you don’t pay in full after receiving the notice, they will send a Notice of Amount Due. After 90 days, the FRS can file a tax lien if you haven’t paid your bill. If you cannot afford to pay your taxes, you might want to sell your house quickly. You can use the profit to pay off back-taxes and remove the lien on your property.

Judgment liens occur when a creditor sues you for lack of payment in court. In this case, you may have to sell your house to repay your creditor. These types of liens can happen due to failure to pay child support, contractor bills, or other outstanding bills like credit cards or utilities.

  • Divorce

Sometimes, divorcing couples agree that one spouse will buy out the other. However, that isn’t always feasible. You might want to sell your house quickly, so you can finalize your divorce proceedings or use the money to purchase separate residences. In this case, a cash sale is your best option.

Instead of going through a realtor and advertising your home on the open market, consider working with a cash home buyer like Simple Sale. Our simple process will mean less time in a boardroom with your ex and money in your bank account faster.

  • Quick Move

Sometimes, new job opportunities require immediate relocation. In cases where your new job is in another state, you might not have time to find a real estate agent, vet many buyers, and handle all the paperwork while also finding a new place to live and arranging for movers.

Simple Sale is an experienced home buyer and can help you understand all the intricacies of Florida real estate law. You will also receive payment sooner, making any new mortgage applications easier in your new state.

How to Sell a Distressed Property

Now that you’ve decided to sell your home, you need to learn how to sell a distressed house. When selling a home, you can either list it yourself, work with a real estate agent, or find a cash home buyer.

  • For Sale By Owner

For sale by owner sounds easy enough at first glance, but involves a lot of groundwork. You’ll need to learn about applicable Florida real estate laws, do your own advertising, prepare your home for open houses, prepare your paperwork, and vet your buyers.

Especially if you are already overwhelmed with financial problems, divorce proceedings, or a long-distance move, listing your home for sale by owner might be too time-consuming.

  • Real Estate Agent

Working with a real estate agent cuts out much of the work, but comes with several downsides. It can take around 2-3 months for a house to sell. Depending on the market, that number could increase significantly. You will also need to pay your agent a commission and will likely be responsible for closing fees.

  • Cash Home Buyer

If you want to sell a home quickly, a cash home buyer is likely your best option. They offer quick turnarounds, often closing within 30 days or less. They can also afford to pay you upfront in cash. Simple Sale covers all fees, so you will receive their entire offer without any deductions.

Simple Sale will purchase a house regardless of damage or pre-existing legal disputes. However, if you can repair your home, you can raise your asking price.

When choosing a buyer, whether you list your own home or choose to work with a cash home company, you should always confirm their financial situation. It can be hard to learn background information about private buyers. If you want to sell to a cash home company, read online reviews from previous customers on Google and the Better Business Bureau.

Once you meet with your buyer, be honest about any problems. Your buyer will learn about liens or judgments before closing and might choose to back out of the deal if you don’t inform them beforehand.

How to Sell A Distressed Home to Simple Sale

Simple Sale’s process is straightforward, involving only four steps.

  1. Contact Us with information about your property. Simple Sale will return your call to answer questions and schedule a walkthrough.
  2. Schedule a walkthrough. Before your appointment, tidy up the house. Clutter can make rooms appear smaller, and a clean house might result in a higher offer.
  3. Receive an offer. After seeing your home, Simple Sale will offer a fair price. Our experienced team can help you handle any outstanding legal problems.
  4. Receive payment. Within 30 days of initial contact, you will close on your house. Simple Sale handles all fees. If you need to remain in the home for a few days after closing, you can do so.

Contact Us Today

If you own a distressed home in Tampa, Kissimmee, Orlando, Melbourne, Clearwater, or another Central Florida city, contact Simple Sale today to learn more about how our process works. There is no obligation to sell until you sign the contract.

If you have questions about distressed properties, quick sales, or how to sell a house with a tax lien, are facing foreclosure, want to downsize, or are relocating, call Simple Sale at (407) 338-4183.

This article is meant for informational purposes only and is not intended to be construed as financial, tax, legal, real estate, insurance, or investment advice. Simple Sale encourages you to reach out to an advisor regarding your own situation. Please consult with your advisor when making legal or financial decisions.

Image Credits

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