How to Sell a Damaged Home for Cash in MN (Quick Guide)

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February 26th, 2019 0 comments

Is your MN house damaged beyond repair? Are you ready to start fresh in a new home, but don’t have the time, money or patience to renovate? Are you on the verge of a foreclosure and want to sell your damaged house for cash, but don’t have the funds to fix it up?

If this sounds like you, you might want to consider selling your damaged home for cash in MN.

It’s easy to think that nothing bad will ever happen to the home you buy. It’s also easy to think that you’ll always have money to pay your mortgage and bills.

But the truth is, sometimes life has different plans for us and we find ourselves needing to sell our homes quickly – without making any repairs.

Whether it be fire, weather-related, vandalism, or even natural aging, houses are susceptible to all kinds of damage. And when you realize your home is in desperate need of some TLC, it can be overwhelming. This is especially true if you’ve decided selling your house and moving is your only answer.

If you’re in a position where you have to sell your house right now, but can’t afford to deal with repairs, keep reading to find out how you can sell a damaged house for cash in MN.

But first, let’s take a look at the most common ways your home can be damaged and helpful prevention tips you can use on your next home.

 

Damage That Can Happen to Your MN Home

According to a study performed by Travelers Insurance, here are the main ways your home can be damaged.

 

1. Wind

Wind is the most common source of damage that happens to people’s homes. Strong gusts of wind can uproot trees, damage roofs, tear down walls, and send patio furniture flying through windows.

Prevention: Prune trees and brushes, strengthen the structure of your home, replace the roof when needed, and store outside furniture on windy days.

 

2. Water Damage

Non-weather related water damage can wreak havoc on your MN home. And the repairs can become very costly. The most common culprits of non-weather related home damage include dishwasher, washing machine, and toilet leaks.

Prevention: Know where all sources of water to your home originate from and inspect them regularly for leaks. If you plan to be away from your home for a long time, turn off the main water valve.

 

3. Hail

Hail can happen in all parts of the country, so avoiding it is nearly impossible. That said, if you live in an area that experiences a lot of hail, you can expect damage like broken windows, damaged siding, and ruined landscaping.

Prevention: Remove weak branches that may break and damage the exterior of your home or break the windows. Also, invest in hail-resistant roofing, use storm shutters, and shelter outside furniture.

 

4. Weather-Related Water Damage

Heavy rains and flooding can cause a lot of damage to both the exterior and interior of your home. For instance, you might have roof damage, interior flooding, floor damage, mold growth, and more.

Prevention: Inspect your roof, replace old and worn shingles, clean rain gutters, and direct downspouts away from your home.

 

5. Theft & Vandalism

According to the FBI, a property crime occurs in the United States every 3.9 seconds. This includes burglary, larceny-theft, and motor vehicle theft. When these things happen to your MN home, there’s always a chance that serious damage will be done in the process.

Prevention: Use motion sensor lights outside, install a security system (with a camera), dead bolt doors, and always lock all points of entry, including windows. Also, if you’re going on vacation, have someone keep an eye on your home.

 

6. Fire

Though fire didn’t make the top list of things causing damage in Travelers’ report, it did rank as the number one most expensive type of damage. Electrical issues, improper cooking, and even wildfires have the potential to ruin your home.

 

 

Of course, these 6 sources are not the only types of damage that can wreck your home. They just happen to be some of the most serious causes of damage that plague homeowners.

In fact, an aging home with nothing in particular wrong with it might end up costing you a lot in repairs when you try to sell:

  • Bathroom remodel $20,338
  • Minor or major kitchen remodel $22,201-$64,138
  • Roof replacement $25,646
  • Siding replacement $14,173

In the end, no matter what kind of damage your MN house has, it has the potential to be very expensive to repair. And if you’re in a situation where you need to sell your house fast, you most likely can’t afford to fix the damage.

That’s why finding someone to sell your damaged house for cash in MN is such as appealing solution.

 

Target Buyers When Selling a Damaged Home for Cash in MN

If you want to sell you damaged house as-is for cash, start by identifying your target buyers. Your target buyers will be people that are looking to buy homes that are in need of renovation. They will be okay with paying cash.

 

1. Flippers

Flippers are those that buy homes with the intention of fixing them up and selling them for a profit. They understand that the homes they’re buying will need repairs and may be severely damaged. Because of this, they don’t expect you to make any repairs. They are also willing to pay cash for your home.

The key to making the most money possible when selling to a flipper is to know the true value of your home before negotiations start. Just because your house has damage, doesn’t mean you should undervalue it.

 

2. Auction Bidders

Selling your house at an auction is a great idea if you’re looking to sell fast. Homes sold at auctions can go for as much as 75% of the market value.

If you’re worried about your dilapidated home not appealing to traditional homebuyers, don’t be. Auctions bring in all types of buyers looking for a deal. And the best part is, everything sold at auction must be paid for quickly and in cash.

 

3. Deal Hunters

Deal hunters are those that want to live in a very specific location but can’t afford the average listing price in their desired area. So, they look for deals on homes that may need some renovations located in the area they like.

Deal hunters know that they’ll need to invest a lot of time and money into a damaged house that’s being sold at a low price. However, spreading the cost of repairs over time is often more affordable than the upfront costs of buying an expensive house.

People who hunt for real estate deals also know that over time, as they repair the home, it will increase in value and appreciate.

 

4. Remodelers

Much like deal hunters, remodelers are those that want to live in a specific location. The difference is, they can afford to buy a home that isn’t in need of repairs in the area they like. However, they prefer to get a deal and remodel according to their vision.

Remodelers know that prime real estate can be competitive. On the other hand, damaged homes are not for every buyer. With a damaged home, the competition is lower, the purchase price is lower, and the freedom to remodel is there.

 

5. Real Estate Companies

There are many real estate companies in the business of buying houses as-is for cash. For instance, at Homestead Road, we aim to buy homes that are in need of repair that have the potential for restoration.

We believe that a home that was once great can be great again. All it needs is a little bit of extra attention.

The type of people that will benefit from services such as ours include the following:

  • People behind on their mortgages facing a foreclosure
  • Anyone with a tax lien on their house that cannot afford to make payments and stay
  • Someone who has an old house that wants to move but not renovate anything
  • Families that have experienced a serious tragedy, such as a fire, and need to move elsewhere fast
  • Anyone that wants to avoid repairing, cleaning, marketing, and showing their home

 

Final Thoughts

If you want to sell your damaged home for cash in MN, contact us today and see how we can help. We guarantee the highest all cash offer, the quickest turnaround, and the least amount of stress possible.

We will provide a free, no obligation assessment of your home, offer you an all cash price, and have you sign a few documents if you agree. From there, you’ll be able to move forward with your life, never having to worry about your damaged home again. And you can rest assured that the home you sell to us will be remodeled and sold to a family that needs a place to call home.

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