You can legally sell a property in absolutely any condition. Realistically, though, who wants to buy a home with significant problems? You might be surprised at the answer.
Getting Into the Market at Any Price
Younger homebuyers are often willing to get into the market with the perfect fixer-upper. Wondering why? It’s far cheaper than renting, and whether that means replacing a water damaged bathroom floor or dealing with holes in the siding, younger buyers are sometimes willing to deal with damaged property in exchange for a much lower sales price.
In addition to the younger crowd, real estate investors are also often looking for a great deal on a home, and a house that comes with significant problems, like a need for all new windows or some sheetrock work may be just the investment someone wants to make.
Disclosure is Everything
If you do find a potential buyer for a property that has problems, disclosure really matters. According to the 2008 Consumer Protection Against Unfair Trading Regulations, you are required to let any potential buyer know material information that may affect a consumer’s decision. Whether it’s a boundary dispute, a major defect, or even neighbourhood regulations, you must let someone know before the property is sold. Being vague with your answers may mean problems in the conveyance process, and that could mean a long court battle ahead, even after the home is sold.
A Good Estate Agent Can Help