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3 Options to Sell a Distressed Property in Baltimore

For anyone who needs to sell a distressed property in Baltimore, we’ll cover the options you have available to you. A traditional listing for this type of property is not suggested as they do not attract many buyers, take far too long, and are too costly for most owners of a distressed property.

Life can bring unexpected changes that leave you searching for solutions. Homes can fall into a state of disrepair that is ofter far beyond the owner’s capacity to deal with. There could have been a death, divorce, illness, or job loss that led to a loss of income or a need to relocate.

Let’s dive into some of the options you have to sell a distressed property in Baltimore

1. Professional Home Buyers

There are always two sides to everything and this holds true when considering how to sell a distressed property in Baltimore. Let’s explore using the service of a professional cash buyer when you’re selling. Due to the nature of cash sales, you’ll benefit time-wise because of the ability of the buyer to perform extremely quick closings.

Additionally, the sale of your property is for “as-is” condition, plus there won’t be any downtime waiting for the right buyer. Nor will you be required to make the investment of your precious time and money in making repairs. Another advantage is that you’re not carrying any legal risk, as with selling the house on your own.  And since most professional home buyers pay all of the closing costs, you’ll save even more money.

Now, because the professional home buyer is taking all of the risks and offering the advantages of a cash sale, their offers are typically below the prices in the current real estate market. A word to the wise, do your research on who you’re dealing with. Regrettably, there are unscrupulous buyers out there who may try to take advantage of your time or financial constraints that you may be up against. 

2. Do-It-Yourself Sale

Selling a distressed property in Baltimore on your own may sound appealing because you’re in charge. Additionally, you won’t be responsible for an agent commission or auctioneer fees, which can negatively impact your bottom line on the sale. If you’re knowledgeable in marketing and all of the legalities involved, you can save money by handling everything yourself. But it will require a large investment of your time.

Conversely, people who are inexperienced in marketing and the legal details who try to sell on their own, often result in failure. Not only do you not realize the highest profit on their property, but they could also end up in a legal nightmare with no way out.

3. Professional Auctioneers

Property auctions rarely imitate art, where fantastic prices are realized in movies and on television. Avoiding the headaches of showing your property is one of the favorable aspects of auctions. Additionally, these properties close within 30 to 40 days and sell as-is, so you won’t need to continue to pour time and money into repairs and upkeep of your distressed property in Baltimore.

While there are advantages to using a professional auctioneer, keep in mind the usual fee for their service is a rather high 10 percent of the final purchase price. Should the bidder be responsible for the auctioneer’s fee, lower bids overall often result. Otherwise, you’ll be responsible for their fee, absorbing additional costs of selling your property.

Due to the nature of auctions, the outcome is not guaranteed and you may be up against the issue of low attendance. There is also the innate competition when a high volume of properties is up for auction at the same time, leading to lower bids.

No matter which option you choose, try to make an educated decision by taking the time to understand all of your options. Would you like to learn more about how we can help you sell your distressed property in Baltimore? Just call Maryland Home Buyers today at (410) 657-2523 or submit your property information any time!

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