Selling a home with code violations? While your first instinct may be to panic. In reality, there are a number of options. Discuss with your real estate agent can discuss to still sell your home both quickly and profitably.
Building codes are generally meant to ensure public health, general welfare, and overall safety. It’s always a good idea to face these problems head on before selling. If you’re unsure what to do, always trust an experienced real estate agent. Professionals at Level Up Realty, Solari Group will walk you through the entire process seamlessly.
The ban news? In most states, code violations must be disclosed to your buyers prior to sale. Even in states where that’s not required, you may end up with a lawsuit if you fail to disclose this information to your seller. Generally, it’s always best to be up front about any problems you discover in your home during the sale process.
The good news? Buyer demand is so high at the moment that you may not have to face a much lower sale price for your home even with those violations.
In fact, 93% of top real estate agents around the country claim home prices are on the rise in their respective markets. This means you might not need to suffer any financial losses due to your code violations. Even if you have to lower your price for a potential buyer or spend the money out of pocket to fix the issue yourself, the overwhelming seller’s market conditions and high home prices will ensure you’ll still come out on top.
The best option? Fix the problem yourself.
This may mean taking money out of your own pocket initially to fix the issue. While you’ll come into money once your home sale processes, you’ll still have to cough up the initial funds to solve the issue first. If you’re in the financial position to do so, this option will ensure you the best possible price for your home during the sale.
Another option is to offer your buyers a credit or lower the price altogether. The amount of the price reduction or credit usually depends on the extent of your issue. While this route will get your home off your hands sooner, you may not attain the same profit. You might consider trying to fix the violations up front.
Your last option is to sell your home for cash. Investors, house flippers, and start-up real estate companies may put in cash bids on your home. That’s another great option for getting the best price on your home without coughing up the initial funds to fix the violations. Talk to your real estate agent to see which of these options for selling a house with code violations will work best for you!
You’ve got questions and we can’t wait to answer them.