There are several reasons why a homeowner would catch themselves in the middle of a renovation project and not be able to complete it. For some, it could be insurance money running out before repairs from an accident or emergency disaster are finished and the homeowner doesn’t have the funds to cover the rest of the work. For other homeowners, it could simply be that the work was taken on as an adventurous DIY project and the scope of the work just became too big. Or maybe they need to relocate quickly for work or another reason and don’t have time.
Whatever the reason, a homeowner may find themselves needing to sell a home they can’t complete. It can be challenging to sell a home that is in the middle of unfinished remodeling.
Selling a Home with Unfinished Work in Lebanon
Re-evaluate the Condition
When considering selling a home in Lebanon with unfinished work you first want to make sure you are well aware of the scope of what needs to be done to the home. Making a list of tasks you know are needed to get the home in safe livable condition is a good plan.
This will enable you to give important information to potential buyers and understand a close estimate of what the remaining work will cost to help you decipher the current fair market value of the property. It may be good to consult with a home inspector or contractor for a precise valuation.
- “Know What Your Home Is Worth: One of the best ways to ensure you are receiving a fair offer on your home is to know how much your home is worth. It can be tricky to arrive at an exact market value without professional help, but it can be done. If you are unsure about finding the value of your home paying an appraiser to assess the value of your home may be worth the cost to know that you have a solid account of the value of your home“.—Previous OfferPA Blog
Know the Home’s Potential
When communicating the value of an unfinished house Showcase what the home can become when the work is done. Sharing the renderings of the finished project if you have them can help potential buyers to visualize instead of stretch to imagine what the home could become.
Be Open and Honest
The home is in need of work and you know this. It is in your best interest to disclose every detail of the current condition of the home that you are aware of. Make sure you are open and honest if there are structural issues you uncovered while getting into your project. This not only builds trust with the buyer it helps to protect you from being held liable for not communicating something.
Capture a Target Audience
While any buyer is welcome to purchase your home, most often the interested buyer might be a home investor or house flipper. Someone who takes on project homes for a living and knows the scope of the work and possible issues that can pop up. They can get to work with resources they already often use to finish the project.
Sell the home with the understanding that it is subject to completion. This means that the buyer knows and understands the work needing to be finished will not be finished by the current homeowner (you) and agrees to take on the work after they purchase the property.
Consider a Cash Buyer
A cash buyer is a home investor you can contact at any time. They take an interest in purchasing properties as-is. Sometimes this means homes that are in the middle of unfinished renovations. Contacting a cash buyer could eliminate a lot of the hassle and headache of marketing to and finding just the right homebuyer to take on a challenge.
When you contact a cash homebuyer in Lebanon they will make an appointment to see the home. Ask questions about the home and the work that is unfinished. Ask if there might be any work liens from contractors and other questions to get the full story on the property and then if the home meets the buying criteria they will make a fair all-cash offer in writing.
If you are interested in selling your home read the offer carefully and you pick the closing date if you choose to accept. You could have your Lebanon home sold in as little as seven days.