How to Sell a Distressed Property in New Jersey
Listing a distressed home for sale can be tiresome and overwhelming. New Jersey state laws, paperwork, agents, putting your property on public display, nosy neighbors and delays in the closing process are all working against you. Some people find that utilizing an agent is more convenient for them. Others would rather save the money and do it themselves. With Property Buyer Connect, you can both save your money while also having a professional team sell your home for you.
Your distressed property could be pre-foreclosure, in forbearance, a potential short sale, a bad tenant situation, or an unmaintained property. If you cannot afford to pay for the house, creditors will attempt to put a lien on your property and take it away. An uncooperative tenant could turn into thousands of dollars of missed rent and property damage.
The first step is identifying that you have a problem and that you want to fix it. Many homeowners or landlords think that the problem will fix itself or just go away. Or they don’t want to spent time dealing with it.
The second step is consulting with someone to help you decide how to fix the problem. You have a few different options.
Sell It Yourself
You could decide to sell it yourself. Here is a list of some, but not all things, you need to consider when selling a house yourself:
- Staging & Photos
- Drafting of legal purchasing agreement
- Transferring the deed
- Marketing the property online
- Finding a viable buyer for the property
- Property disclosure notices
- Fair Housing Law considerations
- Nosy Neighbors
Depending on where exactly you live in New Jersey and who you speak with, you will be advised to utilize a lawyer or a title company to handle the transaction itself. A lawyer can help with making sure the legal agreements make sense and the title company can help to make sure the closing goes smoothly. All the rest of the work listed above will need to be done on your own.
Sell It With a Real Estate Agent
A real estate agent can help guide you along in the process and get your property to settlement. They will take care of marketing your house, negotiation, paperwork, and all the not-so-fun stuff. However, they come at a cost – a commission. Currently, the average agent commission in New Jersey is over 5% of the sales price! Also, agents are typically looking for higher-dollar value and presentable properties to sell. It is not worth their time and effort to sell a house in disrepair for a below market value price. Why spend all the time and energy on something when they could make a larger commission elsewhere?
Sell it to Property Buyer Connect
You get the best of both worlds when selling your house to us. We will market your home, make sure it gets sold, and take care of all the paperwork and headaches. But we won’t take a commission! We make money by connecting with investors who are interested in distressed properties in South Jersey that are willing to purchase your home.