Why can’t I just fix up the property and sell it myself?
Selling a house that needs repairs is possible. Honestly, you will make more money selling your home retail—if you can easily get it back in pristine condition. If you have to make minor repairs, like fixing one leaky faucet, then your best choice might be going through the traditional model. If, however, you have a laundry list of major repairs like getting a new roof, laying a new foundation or recovering from fire damage, then the retail model might be more trouble than its worth.
A seasoned house flipper will be able to evaluate what exactly needs to fixed in order for the house to sell, and what improvements are unnecessary expenses. Their experience and understanding of the cost to flip a house will make them able to make an (albeit small) profit on the sale of the fixed up home.
An inexperienced or first-time house flipper can easily overspend on repairs because they don’t know how to do basic repairs themselves and don’t have partnerships with local contractors. They can also forget to account for basic costs like insurance, house contractor prices, inspections, utilities and taxes. This can quickly eat into whatever profits you were hoping to make. If you don’t know how to flip houses, you are likely to lose money on completing major repairs yourself.
And before beginning any repairs—especially if you do them yourself—you need to make sure you understand disclosure laws in your area. While disclosure regulations vary from state to state, your best bet is to proactively disclose to potential buyers every repair or problem you experience with your home, even if you did a DIY repair without a permit. Purposefully withholding information can result in legal trouble down the road.
Bottom line—unless you know what you are doing, it will likely cost you more in fix up costs, commissions and holding to get your house to a condition where it can be sold retail price than it will to just sell it to Wren Realty at a wholesale price. And Wren will take care of any disclosure paperwork or issues so you don’t have to.
If selling a house that needs repairs to Wren seems like the right decision for you, feel free to chat with us about what problems we can solve for you.