Even in an active market, a house that needs work can be tougher to
sell. Let your buyers know they have financing options that include the
funds necessary to make a "fixer upper" into a dream home.
There is almost nothing you can’t do with a renovation loan, since this is one of the rare cases where as long as the market value is supported, we will consider the value of the home to be the purchase price PLUS the cost of the work to be done.
Hundreds of additional buyers would consider buying homes that need work if they knew they could purchase, renovate and finance the improvements with one loan. Think of the possibilities in marketing homes in older neighborhoods as “Eligible for Renovation Finanicng”. Paint the picture for them, what would this look like with an updated kitchen, bathrooms, new carpet and paint. The possibilities are endless. You just have to show them how it can be done.
We can help. We are happy to counsel any of your buyers on the benefits of renovation financing. It will open their eyes to a whole new set of possibilities.