If your Minnesota property needs quite a bit of work either from years of delayed maintenance because tenants trashed the place or the house is on the verge of being condemned, selling it as-is would be very beneficial. Repairs can be costly and time-consuming, and if you need to sell right away or just can’t afford to do any work to your place right now, then this option may be for you.
Selling your home in any condition is really easy, that is if you work with a “we buy houses Minnesota” company. But before you call a number posted on a bandit sign at a busy intersection, you need to know who the reputable companies that buy houses in Minneapolis are.
Below we’ll cover all you need to know about selling your house as-is and who the legitimate home buyers are in your area so that way you can sell your house in no time! So let’s begin!
Why Should You Sell Your House As Is?
A good place to start is answering why it would be a good idea to sell your house as-is? If you own a home in poor condition or that is run down, getting the property to a sellable state will take a lot of time, money, and effort on your part. So the benefit of selling your house in any condition is that it gives you the opportunity to move on without investing any more into a home you’d like to sell. Instead, the next homeowner can pay for repairs and deal with construction, hidden issues, and months of work. Sounds nice right? But you’re probably wondering “is there a downside to selling as-is?”
Yes, the downside is that you likely won’t get top dollar for your home and will probably get below market value. However, the advantage is you won’t have to come out of pocket or take out a personal loan to make all the necessary repairs.
Related Article: Should You Fix Up Your House or Sell it As-Is in Minneapolis?
But let’s back up for a second, why are repairs so important to a home sale? One, because the majority of buyers aren’t looking for fixer-uppers but rather move-in-ready houses. Two, the mortgage lender may not be open to the idea of lending money to a buyer if the house isn’t in good condition. According to My Mortgage Insider, “a property must meet certain minimum standards before a lender will approve a loan. If there is evidence of major deferred maintenance on the property, the mortgage will likely be declined”.
This is why selling to a company who buys houses in any condition would be ideal for this situation. Companies that buy houses as-is, pay in cash, and don’t need bank approval so not only would you avoid making any repairs but you wouldn’t have to worry about finding a buyer with funds either.
If you’re still on the fence about the idea of selling your place as-is, below we’ll break down what some repairs could cost and see if it’s worth making house repairs first, so stay tuned.
Companies Who Buy Houses in Any Condition
If selling your house as-is sounds like an option you’re interested in, you’ll want to search for a reputable home buyer to purchase your property. There are several companies who buy houses in any condition, so to start your search to find the best home buying company, you’ll want to look for these key elements.
✔ They are a local home buyer in Minneapolis
✔ They have a professional website
✔ They have positive reviews from actual clients
✔ They advertise that they’ll buy your house as-is, no repairs or cleaning required
✔ They can make you a free no-obligation cash offer for your home
✔ They can close on your schedule at a reputable title company
✔ They won’t charge you realtor commissions
✔ They’ll pay closing costs
✔ They answer all your questions and will put everything in writing
If you’re able to find a home buyer who offers this and more, then you’re one step closer to selling a house in any condition in Minnesota.
Related Article: How To Find The Best Home Buying Company In MN
Is It Worth Making House Repairs First?
Curious to find out if it’s worth making house repairs first? Below we’ll break down what some common repairs could cost and how long they would take to complete if you were to do the work before listing your Minnesota home.
|Repair Type||Estimated Cost||Timeframe to Complete*|
|New Shingle Roof||$6,512-$8,398||2-3 days|
|Foundation Repair||$2,010-$10,000+||Less than a week|
|Water Damage Repair and Restore||$1,188-$5,057||1-2 weeks|
|Mold Removal||Small Job: $500-$1,500Large Job: $3,000-$6,000||2-3 days|
|Asbestos Removal||$1,109-$2,871Whole-home abatement: $15,000-$48,000||1-5 days|
|New Furnace||$1,795-$6,290||1-2 days|
|Update Electric Panel||$500-$4,000||1+ days|
|Update Electrical Wiring||$2,000-$9,000||Single room: 1-2 days2,000sqf house: 1-3 weeks|
|Replace Old Carpet||$2-$8 per square footdepending on the carpet type, material, and labor rates||1-2 days|
|Replace Hardwood Floors||$6-$18 per square footMost spend around $2,500 – $7,500 for the project.||10-15 days which includes 7 days for acclimation|
|Replace Old Siding||$5,400-$15,500||3-4 days longer if rotten wood needs to be replaced|
*These timeframes are based on if the crew is available and materials are in stock. A reputable contractor or repair company could be booked out for weeks or months, and supplies could be limited.
This information doesn’t go without saying that repairs can cost thousands of dollars and could take several weeks or months to complete. Even after all the work is done there is no guarantee your house will sell quickly and you may just break even on repair costs.
This also doesn’t include agent fees (5-6%), staging the property, adding curb appeal and closing costs. You could potentially save a little bit if you were to sell by owner but you still may need to pay a buyer’s agent’s fee (2.5-3%).
All of these things add up which is why selling to a company who buys houses in any condition starts to make sense.
Related Article: How You Sell a House Without a help of a Realtor in Minnesota
Make Sure You Research the Value Of Your House First
Given the condition of your home at this point, repairs would only maintain the value of your property, not increase its worth as upgrades would. But if you’re not sure what your house is worth, you can always have an appraisal done to the property. The actual value of your home could be helpful information to have from an unbiased source. You can also use this information when negotiating with a home buying company on property price.
Just remember the home buyer will be considering the cost of repairs and how long it will take to do them for resale purposes. The trade off is that you can get an offer for your house within 24-hours, close in as little as 7-days, sell your house as-is, not pay any realtor commissions, or closing costs and walk away with cash in your pocket.
Sounds like a great way to sell a house that’s in poor condition!
As you’ve discovered, selling your house in any condition to a home buying company can be an easy way for you to sell and move on. It’s important though to find a real estate investor that you feel comfortable working with and meets the criteria mentioned above.
If you’re ready to work with a local home buyer in Minneapolis, contact Mill City Home Buyers today. They are a family-owned business and focus on helping homeowners like you find solutions for your problem whether you’re going through a foreclosure, can’t sell your property, or just need to sell for other reasons. Feel free to visit their website for more helpful information like how it works and more about their company, or if you’d like to request a cash offer for your house give them a call at (612) 260-5577. Mill City Home Buyers is here to help!