It can be difficult to determine the value of a distressed property, but it’s important to know that dollar amount if you own such a property. A distressed property is one that is either in foreclosure, owned by the bank, in poor condition, or can be purchased below market value for some reason.
Market value means how much the average property costs in today’s market. For instance, the market value of a three-bedroom 1500-square-foot home is based on what similar properties in the neighborhood sell for. If the market value is around $250,000 and a similar property is appraised at $150,000, it could be a distressed property.
The Value of Your Home
If you’re planning to sell your home and you know it needs a lot of work, you may decide to sell it as a distressed property. You may not want to put the work in to make repairs or update the house. You may not have the funds to renovate the property and decide it’s easier to sell it as it is.
Even if you plan to sell your home without any updates, you want to know it’s current value. Otherwise, you could have buyers who will offer you less than what it’s worth. To get an offer that reflects the current value, you’ll want to know how much it would cost to get it in shape to sell at market value. If the market value is $250K and you need $50K worth of updates and repairs, the current value would be around $200K. If someone offers $125K for it, you know you don’t want to make that deal.
Working with a Reputable Buyer
A reputable cash buyer won’t try to take advantage of you. They know how much your property is worth now and in the future. They know how much it will cost to make the updates and repairs – or at least have a good estimate. To get the property, they will make you a fair cash offer.
You want to avoid those cash buyers who try to get properties for pennies. They don’t care about you, the seller. Instead, work with a reputable buyer like LV Cash Buy. We’ve been working with homeowners for years. We have worked hard to build a solid reputation as a fair and transparent cash buyer. We want to make it easy for you to get out of your home with enough money to move into the next phase of your life. When you contact us, we’ll provide you with a fair offer based on the current value of your property.
If you want to sell your home fast and for fair market value, contact us today at (725) 222-0095.